In the latest episode of Shark Tank India season 4, Shashank Chourey, the founder of EM5, made a strong pitch for his perfume brand, which has garnered impressive success in just two years. Shashank, a passionate fragrance lover from Indore, shared his journey from childhood when he could not afford perfumes and resorted to collecting incense and soaps to satisfy his scent cravings. His background in IT ventures and other businesses, including a fish farm, eventually led him to create EM5. The brand, offering a wide range of luxury yet affordable fragrances, has been operating successfully, with a monthly run rate of Rs 1.70 crores.
When he pitched his brand to the Sharks, Shashank asked for Rs 70 lakhs in exchange for a 2% equity stake in EM5. Despite setbacks like the pandemic that had delayed his plans, he revived the brand in June 2022 and quickly made a name in the market. He shared that the company now offers a variety of products such as solid perfumes, body mists, scented candles, and beard balms, creating a unique sensory experience.
During his pitch, Shashank was met with mixed reactions. The Sharks were intrigued by his diverse business experience and his clear vision for the future. Shashank revealed his goal of growing his online business to Rs 500 crores within the next five years, but Peyush Bansal was the first to step out, critiquing Shashank’s overconfidence. Peyush felt that if Shashank couldn’t envision building a business on the scale of a giant like Titan, he wasn’t a good fit for the investment.
Shashank, however, remained confident, presenting impressive sales figures. In October 2024, EM5 recorded Rs 1.7 crores in sales with profits around Rs 8-9 lakhs. The brand had consistently grown, with Rs 8.35 crores in sales and Rs 8 lakhs in profit for 2023-24. His total investment in the company was Rs 2.3 crores, and he had inventory worth Rs 1.7 crores at cost. Recently, EM5 also received approval for listing on Swiggy Instamart.
Aman Gupta praised Shashank’s business acumen, acknowledging his potential to scale up. Shashank also mentioned a new perfume, Aghori, which had generated Rs 20 lakhs in sales within just two months of its launch. He expressed some reluctance to offer a royalty deal, insisting that his business would grow significantly with the right mentorship. Shashank emphasized that a single hour of guidance from the Sharks could help him scale EM5 to Rs 100 crores. Anupam quickly quipped that he must know who is most knowledgeable there while adjusting his specs.
The Sharks, amused by his confidence, had different offers for Shashank. Anupam Mittal, who was impressed with Shashank’s approach, offered three deals. The first was Rs 70 lakhs for a 4% equity stake along with a 1% royalty until he recouped 1x of his investment. His second offer was Rs 70 lakhs for 6%, and his third was Rs 1 crore for a 10% stake in EM5.
Varun Dua also made a similar offer, proposing Rs 70 lakhs for 4% equity and a 1% royalty until the amount was recouped. Aman Gupta’s offers were the most generous. He proposed Rs 70 lakhs for a 6% equity stake, and his second offer was Rs 1 crore for a 10% stake.
After careful consideration, Shashank accepted Aman’s offer of Rs 1 crore for a 10% equity stake in EM5. This deal will help him scale his business with Aman’s guidance and experience. Shashank’s pitch impressed the Sharks, and he left the show with a big win, securing the investment he sought.
Throughout his pitch, Shashank demonstrated not only his passion for fragrances but also his business intelligence, which won him the Sharks’ trust. His journey from a perfume enthusiast to a successful entrepreneur serves as an inspiring story of perseverance, vision, and the power of pursuing one’s passion.