Two entrepreneurs from Bengaluru stepped into the Shark Tank India spotlight, presenting their sustainable stationery brand, Rescript. With a mission to reduce paper waste, they showcased a product range that includes notebooks and A4 sheets, all crafted entirely from recycled paper. Confident in their vision, the founders asked for Rs 1 crore in exchange for 3.3% equity, valuing their company at Rs 30 crore.
The entrepreneurs revealed that their business thrives on corporate contracts, making up 90% of their sales. Ritesh Agarwal, curious about their business model, asked what share of their revenue comes from B2B. Surprised, he learned that only 10% of sales come from their website. Namita Thapar, although impressed, expressed concern about the company’s vulnerability to competition. She pointed out the industry’s low entry barrier, saying, “I am always uncertain about backing businesses that have a low barrier of entry.”
Anupam Mittal also voiced doubts, believing many companies might simply choose Rescript to fulfill sustainability quotas. He acknowledged that this strategy is effective but warned of potential challenges. Despite his reservations, he commended the founders’ performance, admitting, “Hats off to you, you’ve built a solid B2B business.” He added that their business numbers had exceeded his expectations. “Maine expect kiya tha yeh ameeron ke chochle hain aur aapke number ekdum phuddu niklenge. But you pleasantly surprised me,” he remarked.
Ritesh Agarwal, although he opted out of investing, appreciated the founders’ passion and dedication. Namita Thapar followed suit, citing her investment principles. Aman Gupta also praised the products but chose to step back as an investor, while promising to support them as a customer.
Anupam Mittal extended a hand of mentorship despite declining the investment opportunity. He encouraged the founders to strengthen their brand’s market presence. “You’ve captured a cyclical wave, and more and more companies will partner with you to meet their sustainability goals. If you can make yourself their primary brand, then you’ll be in a great place,” he said. Believing in their ability to succeed without external capital, he concluded, “You can do this, based on what I’ve seen. For that, you don’t need to raise capital.”
While the Rescript founders left without a deal, they gained the admiration of every Shark on the panel. Their commitment to sustainability and resilience in the face of challenges left a lasting impression. With continued dedication, their journey toward revolutionizing eco-friendly stationery seems poised for remarkable success.