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Smart Bag Start-up Strikes Unique Deal on Shark Tank India Season 3

In a recent episode of Shark Tank India Season 3, viewers witnessed the unveiling of a groundbreaking innovation in the form of a smart luggage company that left the judges in awe. The company presented a revolutionary line of smart luggage equipped with cutting-edge technology, ultimately striking a deal with Shark investor Anupam Mittal.

The highlight of the pitch was the demonstration of the smart luggage's unique feature: the ability to ride on it using navigation technology called 'follow me technology.' The founders emphasized that their innovative product was supported by the Ministry of Electronics and Information Technology (MeitY), adding credibility to their offering.


Alongside the flagship smart luggage, the founders showcased a range of complementary products, including smart wallets with navigation technology, handbags with cameras, and bags featuring fingerprint technology. The company proposed a deal of Rs 45 lakh in exchange for 1.5% equity, valuing the company at Rs 30 crore.


After a thorough trial and evaluation of the product, the Sharks were astounded by the company's impressive annual sales figures. From Rs 75 lakh in the year 20-21, the company's sales surged to Rs 5 crore in 23-24, indicating remarkable growth over the years.


While some Sharks raised concerns about the complexity of the product and the need for technological updates, Anupam Mittal saw potential in the company's sales trajectory. He offered a unique deal of Rs 15 lakh for 1% equity, along with an additional Rs 30 lakh as debt at 18% interest for two years. The founders countered with Rs 20 lakh for 1% equity and Rs 25 lakh as debt at the same interest rate.


However, Anupam Mittal proposed a condition for his investment: the company must secure a deal in Dubai. Despite this stipulation, the founders agreed to Anupam's terms and conditions, ultimately sealing the deal with him.


While other Sharks opted out due to various concerns, Anupam Mittal's faith in the company's sales growth and his strategic investment offer paved the way for a successful partnership. This unique deal on Shark Tank India Season 3 highlights the potential for innovation and entrepreneurship in the Indian start-up ecosystem.


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