Shark Tank 3 India has been buzzing with innovative pitches, and one that captures the attention of both investors and viewers. The presentation by Ruchika Bhuwalka & Ajay Bhuwalka, the creators of ‘Millet Amma’ grabbed our attention too.
The millet-based products started after Ajay underwent a health crisis and couldn’t even hold his two-year-old son. Their millet-based food products not only impressed the sharks with their nutritional value but also unfolded a tale of resilience and redemption.
The Millet Amma Story
As Ruchika and Ajay showcased their diverse range of millet-based products on Shark Tank India, the sharks were introduced to a business whose journey was fueled by setbacks. The couple explained that the idea for Millet Amma was born out of a personal health crisis when Ajay, facing a severe health setback, struggled to even hold his two-year-old son.
The Vegan Connection
Namita Thapar shared her recent transition to a vegan diet and the positive impact it had on her health. This revelation added an extra layer of connection between the entrepreneurs and the investors, emphasizing the growing demand for plant-based and wholesome food choices.
Shock and Resilience
However, as the sharks delved deeper into the background of the Bhuwalkas, they uncovered a surprising twist. Ajay’s previous business in steel manufacturing had faced bankruptcy, resulting in a staggering loss of Rs. 100 crore. This revelation left the sharks, especially Peyush Bansal, shocked at the magnitude of the setback.
Anupam Mittal, another shark, inquired about the Bhuwalkas’ journey to recovery after such a colossal loss. The response showcased the tenacity and determination that defines the entrepreneurial spirit. Despite the Rs. 100 crore investment being wiped out in a moment, the Bhuwalkas managed to get back on their feet, rebuild their lives, and launch Millet Amma
The Road to Redemption
The revelation of Millet Amma being a phoenix rising from the ashes of financial adversity added a compelling layer to the pitch. Ajay’s openness about the challenges he faced, coupled with the success of Millet Amma, highlighted the power of resilience and the ability to turn setbacks into opportunities. The speaker shared their financial journey, explaining that they initially relied on private and vendor credit, accumulating around Rs. 300 crore in debt between 2010 and 2014.
Unfortunately, they lost all assets, including their home, and their father passed away due to a stress-related heart attack during this period. Despite still being in debt and having applied for bankruptcy, they managed to start a new business.
When asked about it, they credited their mother’s teachings on savings, mentioning that Ruchika’s monthly savings played a crucial role. Amit Jain expressed curiosity about their ability to embark on a new business amidst significant debt, to which Ajay and Ruchika explained the role of Ruchika’s savings.
Impressed, Anupam commended Ruchika, “Ye bhartiye naari ki khaasiyat hai”
However, the investors (“sharks”) remained skeptical about investing in ‘Millet Amma.’ Namita struggled to see a viable exit strategy, while Anupam suggested that, more than just investment, the business needed expertise to enhance the products and improve sales. Peyush opted to be a customer rather than an investor. True determination can truly lead you to move mountains and vision of Millet Amma is moving forward to move our lives.
Investment Ask and Beyond
The Bhuvalkas’ ask of Rs. 1 crore for 3% equity was not just about the valuation of Millet Amma but a testament to their belief in the potential of their superfood products. As the sharks deliberated on the investment, the story of redemption and the nutritional benefits of their products created a compelling case for a partnership that goes beyond just financial gains.
