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MUMBAI: Sachin Joshi and Uttam Banerjee, owners of Zerodor, a waterless urinal, were featured in a recent Shark Tank India season three episode. The two delivered an amazing pitch, stating that their goods will give 'CPR' - 'Conserve, Protect, and Restore' - to India's sanitation systems.
(Also read: Exclusive: Shark Tank India season 3 to wrap shooting for the show on December 16?)
The owners stated that they have over 700 clients in India and have installed 30,000 waterless urinals since 2013. The two further stated that the market for their goods was larger than Rs 16,000 crores. They then sought sharks for Rs 1 crore in exchange for 3% of their company's equity.
However, when queried about their sales and profits, the founders stated that they made Rs 1.96 crore in 2017-18, followed by Rs 2.1 crore and Rs 1.6 crore during the two-year lockdown period. Their sales in 2021 and 2022 were Rs 2.1 crore and Rs 2.8 crore, respectively. They also revealed that their net profit for the previous year was Rs 18 lakhs. This shocked sharks.
Radhika Gupta questioned the owners about their low sales and profits, claiming that something was wrong with their firm. She then pulled out of the deal. Vineeta Singh accepted but did not make an offer to the pitchers. “If you have taken Rs 2 cr from an investor and it is now seven years, surely there is something amiss?" she asked. Aman Gupta has also backed out.
However, Peyush Bansal decided to make an offer. He stated that he was willing to give Rs 1 crore but wanted the makers to focus solely on waterless urinals. The pitchers asked if he could provide 1.5 crore for 10% or 1 crore for 6.50%, but Peyush declined. “Ek hi offer hai for this cause and mujhe lagta hai aap yeh kar sakte ho." The founders thanked Peyush for the offer but declined it. "That is your choice," Peyush said.
(Also read: Shark Tank Season 3 : The Sharks get into a debate as the discuss the interiors of the new season)
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Credit- News 18
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