A couple pitched their indigenous doll company The Good Doll on a recent episode of Shark Tank India season 4. Founders of the company — Suhas and Sunita — sought an investment of ₹50 lakh for 5 per cent equity.
During the pitch, the couple mentioned that they raised ₹40 lakh from Zerodha founder and CEO Nithin Kamath. They also mentioned they decided to quit their corporate jobs, leave their capitalistic lifestyles behind and move to the mountains.
The couple even claimed that they left their families, friends, and worldly possessions behind and built their new home with their own hands. They said that they got the idea to start the doll company by interacting with local communities.
Despite their lofty goal of empowering 20,000 rural women by producing inclusive and sustainable dolls, their numbers were not at all encouraging.
Suhas and Sunita told the ‘sharks’ that they are projecting sales of around ₹1.5 crore this year. They also said that this is the first time in four years of operations that they have cracked the ₹1 crore mark.
Further, they admitted their customers are not interested in dark-skinned or male dolls. They also said that they have not invested anything on marketing or on their website, due to which they don’t have much of an online presence.
After this, Emcure Pharmaceuticals executive director Namita Thapar said they could consider storytelling as a marketing tool which, however, is time consuming.
Thapar declined to make an offer saying: “This is not an investable business, simply because the scale is too small and what you’re asking for is too high. As an investor, it’s too early right now.” After this, Aman Gupta backed out as well since he thought this was not a business at all.
“You can get grants from foundations, but I can’t invest and make money from this business as a ‘shark’.” Vineeta Singh, on the other hand, told the founders that they have simply too much on their plate.
She explained that it is difficult to achieve sustainability, inclusivity, and women empowerment together. Singh further said that they might not be able to empower 20,000 women if they are not able to scale the business online because of how the dolls look.
While he liked their story, Kunal Bahl refused to invest in the business. Bahl, however, said that he is willing to assist them. Thus, the business backed by Nithin Kamath got nothing on Shark Tank India season 4.