What is Magic Lock?
Magic Lock is a safety device. It automatically shuts down the LPG connection in case any leakage happens. It automatically identifies the gas fluctuation and turns off the connection within a fraction of a second.
India has more than 45 Crores of LPG connections. In case any leakage happens in the cylinder, there will be a fatal catastrophe. More than 800 domestic accidents are happening in India every year.
Currently, Magic Lock has 7 SKUs,
- Z Plus Domestic
- All new Z plus
- Gold Suraksha hose pipe
- Commercial 360 shield
- Anti-leak high-pressure adaptor
- Magic lock nano device
- Commercial safety device
Who is the Founder of Magic Lock?
Magic Lock Before Shark Tank India?
Magic Lock has sold more than 100,000 devices. It’s currently available in India, Sri Lanka, Thailand, Bangladesh, Nigeria, Zambia, Nepal & Zimbabwe. You can also get a warranty for the product on the website.
Dhananjay did 2 years of R&D to create the product. Later he tested the product and applied for the patent.
According to the Indian government, you can’t attach anything extra on top of your cylinder.
How much money did they ask for on the pitch?
They came to Shark Tank India seeking ₹1.2 Crore for 8% equity in the company Magic Lock. Which gives the company a valuation of ₹15 Crores.
They needed the money as well as shark support to reach the Indian government and make this thing big.
With the money, they want to reach more people and do proper marketing of the product.
How to get Magic Lock?
You can get all the products on their main website.
Unit Economics of Magic Lock
|Magic lock making cost
What are the Annual Sales of Magic Lock?
They are getting a lot of queries from the B2B side. This year they made ₹14 Lakhs.
Which shark gave Magic Lock an offer?
Ashneer Grover was out. He advised them to make a safer version of this where the magic lock is pre-installed in the pipe.
Namita Thapar was out. She didn’t understand the product or technology.
Aman Gupta was out. He thought this was a business that could do well with the help of the government. It wasn’t a consumer-faced business. Here Aman could not add any value.
Anupam Mittal was out. He couldn’t add any value to the company.
Peyush Bansal was out. He wanted to help them. He asked them to contact him outside the show once the product was field-proven.
What deal did Magic Lock get in Shark Tank India?
Magic Lock didn’t get any deal in Shark Tank India.
|Tejas Shah, Zubin Dhananjay Bhatt & Dhananjay Bhatt
|₹1.2 Crore for 8%
|Company Net Worth
What is the net worth of Magic Lock?
The net worth of Magic Lock is ₹15 Crores.
Is Magic Lock still in Business?
Yes, Magic Lock is still in the LPG safety business.