MUMBAI : Namita Thapar, the Executive Director of Emcure Pharmaceuticals and a shark on Shark Tank India, made a calculated decision to partially withdraw her investment in Rare Planet, resulting in a 3.5 times return on her initial investment. This move has drawn notice from the business community.
Based on the American business reality TV show, Shark Tank, India debuted on Sony Entertainment in 2021. Shark Tank made its debut in the Indian market with its first season, which included seven sharks who actively engaged in and found a variety of investment deals. The show provided a significant platform for a varied range of entrepreneurs to promote their businesses.
Seven sharks were featured in the inaugural season of Shark Tank India. One of the success stories was Rare Planet, a business that Ranodeep Saha created while pursuing his BTech degree and that Vijaya Kumar TR later co-founded. The sharks Namita Thapar, were enticed in by their compelling pitch at the start of their adventure. During the first season, Namita invested personally in Rare Planet after being impressed by the company's commitment to social responsibility.
In two years, Rare Planet has thrived and saw the first Shark depart, with Namita Thapar achieving an incredible 3.5x return on investment.
Rare Planet's success tale arose with a five-fold rise in revenue and a significant double-digit gain in profit after tax (PAT). The company's influence on the livelihoods of more than 10,000 artisans demonstrated the possibility of combining capitalism and social impact, establishing a new benchmark for long-term growth in the Indian market.
Following the first investment and Rare Planet's stunning Shark Tank India debut, the business experienced rapid growth, going from being present at five airports to operating in over 37 airports and having 50 outlets across the country. Namita Thapar agrees, saying that this expansion is an example of how companies can prosper and support social objectives.
On social media, Namita Thapar, whom the founders lovingly called "Namita Maa," praised Rare Planet's accomplishments. She underlined the significance of helping Indian artisans and outlined the company's remarkable rise in sales from 75 lakhs to 4 crores each month. Thapar drew attention to the difficulties that the artisan community has, such as a lack of funding, a lack of knowledge about contemporary design, problems with pricing, and a restricted online presence.
She wrote, “The reason @rare.planet needs to be highlighted and celebrated is not just because it is the largest success story of Season 1 (up from 75 lakhs a month in sales to 4 crores a month) but because it has proved that doing good and being a highly scalable and profitable business can coexist. It has demonstrated that social impact and capitalism can go hand in hand.The founders @ranodeep_saha & Vijaykumar went from empowering 5000 artisans last year to currently 15000, and they won’t stop till they have impacted lakhs more, they say! Here are some hard facts on why we need to support our Indian artisans like Rare Planet does so beautifully. The key challenges of this sector/areas we need to address are a lack of capital and credit, poor expertise in modern design, pricing, and a lack of know-how on how to standardize and mass-manufacture. They have low to no online visibility in India & globally.”
Season three of Shark Tank India premiered on January 22, 2024. Shark Tank India Season 3 saw the return of several well-known sharks from previous seasons, including Vineeta Singh, CEO of Sugar Cosmetics, Peyush Bansal, co-founder and CEO of Lenskart, Aman Gupta, cofounder of Boat, and Namita Thapar, executive director of Emcure Pharmaceuticals Limited.
Amit Jain, the CEO and co-founder of Car Dekho, Ritesh Agarwal, the founder of OYO, Azhar Iqubal, the co-founder and CEO of Inshorts, and Radhika Gupta, the CEO of Edelweiss Capital, joined them on the panel. Ronnie Screwvala, a film producer, just joined the program as well.
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Credit- Pinkvilla
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