Shantilal J. Savani, along with family members Ram and Jagrut, made waves on Shark Tank India with their unique family venture, Savani Heritage Conservation. The Mumbai-based company specializes in restoring India’s treasured heritage sites. With a legacy spanning three generations, the business began humbly with Shantilal, a mason whose dedication and craftsmanship laid the foundation for this exceptional enterprise. Over time, the Savanis became synonymous with heritage restoration, earning immense respect in their field. They shared their vision to preserve 1000 monuments by 2030.
During their pitch, the Savanis requested ₹3 crore for 1% equity, valuing their company at ₹300 crore. The valuation turned heads and sparked witty comments from the sharks. Anupam playfully remarked, “A valuation this high? Call me your nephew; let’s keep it in the family!” Vineeta humorously added that restoring him first might be necessary since he’s already a “heritage property.”
As the pitchers delved into their operations, they explained that 85-90% of their projects were government-funded, with the rest coming from private clients. Ram highlighted a key issue in their industry. While restoration is prioritized, maintenance is often ignored. He shared their experience restoring Junagarh’s Uparkot Fort in Gujarat, showcasing their expertise in large-scale heritage projects. Their revenue numbers impressed everyone, revealing a staggering ₹124.7 crore, making it the largest revenue figure in Shark Tank India’s history.
The sharks probed deeper into the business, analyzing profits and payment cycles. Anupam expressed skepticism about the claimed receivable cycle. Drawing from his experience with government contracts, he suggested the numbers didn’t entirely add up without additional facilitation fees. He questioned whether they were withholding critical information, noting inconsistencies in the calculations.
While Kunal Bahl and Namita Thapar acknowledged the venture’s significance, they stepped away, citing a lack of alignment with their expertise. Meanwhile, Ritesh Jain proposed ₹1 crore for 1% equity combined with ₹2 crore in debt, carrying 10% annual interest over three years. Ritesh confidently declared this arrangement mutually beneficial. Vineeta decided against participating, and Anupam, moved by Shantilal’s legacy, shared nostalgic memories of his father. However, he advised Ram to gain a clearer understanding of their numbers and IPO strategy, ultimately opting out.
Negotiations intensified as Ritesh revised his offer, proposing 0.8% equity for the investment. This adjustment effectively valued the company at ₹125 crore. The pitchers accepted the deal, marking a landmark moment in the show. Ritesh proudly noted that this was the highest valuation ever sealed in Shark Tank India’s history.
Anupam, reflecting on the deal, commented that the numbers still seemed off to him. He humorously observed that Ritesh might have acted impulsively. Taunting Ritesh he said, “Uske haath mein thodi zyada khujli hai humse that is for sure.” Ritesh, however, expressed excitement about being part of such a historic agreement, emphasizing the significance of investing in heritage preservation.
The Savanis left the tank with a deal that celebrated their commitment to conserving India’s cultural legacy. Their story highlights not only the value of their work but also the immense potential in blending heritage with modern entrepreneurship.