A pair of brothers from Delhi introduced their telescope brand, Pie Matrix, on Shark Tank India, impressing the investors with a live demonstration. The moment their pitch began, Anupam Mittal couldn’t contain his excitement. He jumped from his seat and rushed outside to take a look at the moon through their telescope.
The entrepreneurs shared their vision of expanding India’s interest in astronomy. They sought ₹1 crore for a 3% stake in their company. Their primary focus, they explained, was on schools and institutions, with an eventual goal of securing government contracts. They also emphasized the importance of fostering a community, revealing that over 15,000 astronomy enthusiasts actively engaged with them.
To keep customers interested, the founders said they send daily notifications about celestial events visible each night. Their product range starts at ₹4,000, while the most advanced telescope costs ₹2 lakh. They also showcased an automated telescope, priced at ₹75,000, capable of tracking planetary movements throughout the night.
Currently, the Indian telescope market is dominated by foreign companies. The founders pointed out that these international brands do not prioritize India and fail to provide proper customer support. The sharks were taken outside for a live demonstration. While the moon was visible, other celestial bodies remained out of sight.
Back inside, Aman Gupta questioned the long-term appeal of the product. He expressed doubts, saying that while curiosity might drive someone to look at the moon once, it wasn’t something they would return to daily. With that, he decided to step away from the deal.
Peyush Bansal shared his concerns, stating that the market for telescopes in India wasn’t developed enough yet. Due to this uncertainty, he too declined to invest. Vineeta Singh brought up environmental factors, pointing out that India has 15 of the most polluted cities in the world. She explained that increasing pollution would make it harder for customers to see anything through a telescope. Even with optimal conditions and expert guidance, she noted, the panel was only able to view the moon. She worried that customers, especially in smaller cities, would grow frustrated if their telescopes showed nothing but darkness. Convinced that visibility issues would be a major challenge, she chose to opt out.
Namita Thapar also decided against investing but encouraged the founders to focus on educating potential buyers through Instagram.
Despite these concerns, the panel was left astonished when the founders revealed their financials. The company had already crossed ₹7 crore in revenue within just 18 months of operation. They confidently projected that they would double this figure to ₹15 crore next year, thanks to government tenders they had secured.
Aman saw a major opportunity in this area, stating that government deals could bring in significant profits. However, despite acknowledging this potential, he did not make an offer.
In the end, only Anupam Mittal stepped forward with a proposal. He offered a deal based on a ₹5 crore valuation. He told them, “This is a long-term journey of 10-15 years, and I want to be a part of it with you.”
The founders appreciated his interest but chose to decline. Later, in their post-pitch interview, they explained their decision, saying that the valuation offered was equivalent to their turnover, making it an unviable deal for them.