Rishika Nayak Shetty is the founder of The Sass Bar brand. She’s from Mumbai. She did a soap-making course. She came to the Shark Tank India seeking ₹40 Lakhs for 8% of her company. This gives her company a valuation of ₹5 Crores.
Rishika gave every shark her product. Which is basically a soap but looks like food. Speaking of food, I’m hungry already. Let me grab some quick snacks.
OK, I’ve eaten something.
As soon as the Sharks saw the soap bar, they started eating it. NOT REALLY.
The Sass Bar mainly creates soap bars that look like food. Rishika wanted to make this a gift brand. So that one can gift someone a piece of soap as a gift, which looks nice and smells nice.
She started this business back in 2019. Since then she’s working on it to make it bigger and bigger.
Sharks were initially confused about whether it was a soap company or a gifting company. But Rishika made it clear that she wants to become a gifting company.
Not only soaps, she has other products in the pipeline as well, which people are purchasing and gifting to their friends and family. Sales in fiscal year 2021 – 2022 was ₹30 Lakhs.
Ghazal Alagh was really impressed because the soap ingredients were very natural and healthy.
Vineeta Singh was the first one to go out. She didn’t give any offers because she feared Rishika was making too many products and not being focused on a single thing. Which can cause a problem in the future.
Peyush Bansal was also out. He thought Rishika didn’t have any clarity of the business.
Namita Thapar was out of the deal. She didn’t provide any offer.
Anupam Mittal & Ghazal Alagh both felt Rishika was spreading too much. They both wanted to make an offer together but at the same time, they gave a condition that Rishika needs to work on Body soap only and can’t divert from this path.
The combined offer from Anupam Mittal and Ghazal Alagh was ₹40 Lakhs for 40% of the company. Which gives the company a valuation of ₹1 Crore.
|Anupam Mittal & Ghazal Alagh – ₹40 Lakhs for 40%|
Rishika gave a counteroffer. She wanted the equity to be 30% instead of 40%. But the sharks didn’t budge.
She asked the sharks what they would bring to the table. Smart lady.
Ghazal said she can help skyrocket the sales of the soaps and Anupam said he can help position the product in such a way that the market becomes bigger for the soap bars Rishika is creating.
She thought for a while. There wasn’t much to think about as this was the only offer on the table. She said Yes. And the agreed deal was ₹50 Lakhs for 35% equity in her company. Now the company valuation is ₹1.43 Crore.
Not the best deal for the founder I would say. But then again, it’s better than going empty-handed. She now only has 65% of the company to herself.
|Company Name||The Sass Bar|
|Founder||Rishika Nayak Shetty|
|Asked Amount||₹40 Lakhs for 8%|
|Final Deal||₹50 Lakhs for 35%|
|Sharks||Anupam Mittal & Ghazal Alagh|
|Current Net Worth||₹1.43 Crore|
|Company Status||In Business|