Education is really important for the growth of any nation in the world. It is 2023 and having a laptop is really important these days.
But only 1 out of 10 kids in India have access to the Internet, which is very sad if you ask me. There are almost 23 Crores people in India who haven’t used laptops in their entire life. That’s a more sad news.
Laptops are really expensive. So, it’s quite difficult to purchase a new laptop for a kid. On the other hand, the laptop’s operating system is Microsoft Windows. It doesn’t come with Android applications.
Primebook is a laptop startup that makes affordable, easy-to-use laptops. Everyone can afford these laptops and bring their A-game on the market.
Also, to make it more unique, it doesn’t operate on Windows. They have developed their own operating system called PrimeOS. This operating system has been downloaded more than 3 million times from 140 countries.
They’re already seeing the response from buyers as they’ve sold to different NGOs and some Edtech companies. Primebook comes with a vision that everyone in India will use Primebook and no one will be left behind.
Aman Verma, Pankaj Rawat, Umang Leekha, & Chitranshu Mahant are the founders of Primebook and they came to Shark Tank asking ₹75 Lakhs for 1.5% of the company. Which gives the company a valuation of ₹50 Crores.
Chitranshu is the CEO, Umang is the CTO, Pankaj is the Business Head & Aman is the COO.
Chitranshu & Aman holds 20%, Umang has 15%, and Pankaj has 5% equity in the company. ESOP is 10% and the remaining 30% holds the investors.
Anupam asked the reason behind their vision. Why did they want to reach every student in India?
The CEO replied very smartly. He said that in the first wave of computer evolution, only Scientists used laptops, then in the 2nd wave of computer evolution, business owners started using laptops, now this is the 3rd wave happening and this wave is basically all the students using laptops.
So, they want to catch this wave and make the most affordable laptops for students so that they don’t face any problems in their education.
The USP of PrimeBook is the Android app ecosystem. Students mostly use Android apps for their education purposes, so this laptop perfectly fits their needs.
Also, the price-to-performance ratio. Even with a low budget, the laptop’s performance won’t fall down. The price of the laptops starts from ₹15k.
Specifications of the Primebook laptop.
- 4G-enabled Android laptop
- 11.6 inch HD screen
- 12 hours battery life
- 4 GB Ram
- 64 GB internal storage expandable up to 200 GB
- All necessary ports
- 4G SIM Connectivity
Primebook also has its own unique Play Store, which holds 10,000 applications. Students can use these apps with ease on this laptop.
Namita Thapar asked why would someone choose their laptop when they could get a better laptop by only adding a few extra thousand. They answered their laptop comes with Android applications which students are more comfortable using.
Vineeta Singh asked what they would do if Jio started making laptops.
- They would partner with another telecom company
- They would raise more capital
- They would create a network effect in the stores.
In the future, they can lower the price of the laptop if needed.
Peyush Bansal was worried about the hardware’s reliability. But the founders assured him that they have 350+ service stations in the country right now. They are serving 21,000+ pin codes through these service stations.
All the parts come from China and are assembled in India. So far there’s no need to worry about the hardware department.
In this quarter they’ll sell 3000 laptops to different NGOs and EdTech companies. They also got a purchase order for 10,000 OS.
They raised money in 3 rounds.
- 2018 – ₹1 Crore @ ₹6 Crores Valuation
- 2019 – ₹1 Crore @ ₹14 Crores Valuation
- 2020 – ₹1.5 Crore @ ₹25 Crores Valuation
Currently, they have 1 Crore in their bank account. They don’t have any burns per month at the moment.
Aman Gupta gave the first offer. He offered ₹75 Lakhs for 4% equity in the company.
Vineeta Singh gave the 2nd offer. She offered ₹75 Lakhs for 3% equity of the company.
Peyush Bansal gave the 3rd offer. He offered ₹75 Lakhs for 4% equity in the company.
Anupam Mittal gave the 4th offer. He offered ₹75 Lakhs for 3% equity of the company.
Vineeta and Anupam both gave them offers on their previous valuation which was ₹25 Crores.
|Offer 1||Offer 2||Offer 3||Offer 4|
|Aman Gupta – ₹75 Lakhs for 4%||Vineeta Singh – ₹75 Lakhs for 3%||Peyush Bansal – ₹75 Lakhs for 4%||Anupam Mittal – ₹75 Lakhs for 3%|
Namita Thapar was out because she felt the price needed to be 5000 – 6000 in order to become successful in the long run.
The founders discussed and came back with a counteroffer. They offered ₹75 Lakhs for 2.5%.
|Founders||Aman Verma, Pankaj Rawat, Umang Leekha, & Chitranshu Mahant|
|Asked Amount||₹75 Lakhs for 1.5%|
|Final Deal||₹75 Lakhs for 3%|
|Sharks||Aman Gupta & Peyush Bansal|
|Company Net Worth||₹25 Crores|
|Company Status||In Business|
Aman Gupta & Peyush Bansal both agreed. But the founders wanted them both. At last, the deal was closed on ₹75 Lakhs for 3%. Each shark gets 1.5% equity in the company.