The fourth season of Shark Tank India returned with a remarkable episode that showcased a gripping negotiation for Kiwi Kisan Window. A couple from Uttarakhand presented their business, a venture that unites regional specialties under one platform. They pitched a Rs 50 crore valuation, seeking Rs 50 lakh for 1% equity in their business.
Kiwi Kisan Window boasts physical stores featuring items like Kashmiri kahwa, Assamese tea, and Keralan spices. While their retail outlets are thriving, the founders expressed a desire to expand their business online. When questioned by Kunal Bahl about the need for an online presence, they pointed to their goal of being accessible wherever their customers are. They also cited Patanjali and Organic India as their primary competitors, underlining the importance of diversification.
The couple shared their journey, revealing they had met at activist gatherings and started their business a few years ago. They projected sales of just under Rs 10 crore for 2024, reflecting their steady growth. They also mentioned visiting 20 Trader Joe’s locations over the past year and expressed admiration for its business model. Kunal, intrigued by this comparison, noted that Trader Joe’s focuses solely on physical stores and asked why they wanted to shift online. The founders explained that they wanted to explore every avenue to reach their customers.
Among the sharks, Vineeta Singh and Ritesh Agarwal decided to opt out of the deal early on. However, Aman Gupta found the pitch compelling and made an offer. He proposed Rs 50 lakh for 2% equity along with a 2% royalty until his investment was recovered twofold. Azhar Iqubal joined Aman in making this offer, showing interest in the business.
Kunal Bahl, known for being selective with his offers, decided to make a move. “When I like a business, I go all in,” he said, backing his intent with a bold offer. He proposed Rs 1.5 crore for 10% equity, far exceeding the initial ask. Aman’s and Azhar’s initial offer shifted upon hearing Kunal’s. They chose to remove the royalty clause, sweetening their deal.
The founders took a moment to deliberate and returned with a counterproposal. They asked Kunal if he would consider investing Rs 2.5 crore at a Rs 30 crore valuation. Kunal acknowledged their request but pointed out that he had initially planned to reduce the valuation to Rs 20 crore. However, he decided to maintain the 10% equity offer to respect the company’s existing investors. “All founders are like brothers to us,” he added, highlighting his respect for entrepreneurial integrity.
After brief discussions, the founders accepted Kunal’s revised offer of Rs 2.5 crore for 10% equity, valuing the company at Rs 25 crore.
This was five times the amount they originally sought. The deal marked a significant milestone for Kiwi Kisan Window, demonstrating the sharks’ confidence in the brand’s potential and the founders’ resilience in securing a favorable agreement.