The latest episode of Shark Tank India witnessed a gripping pitch by Ruchika and Ajay Bhuvalka, founders of ‘Millet Amma,’ a brand specializing in millet-based food products. The entrepreneurs took the ‘sharks’ through their inspiring journey, revealing a tale of bankruptcy, resilience, and a fresh start.
Starting 2010 China began dumping massive amounts of steel for a throwaway price. It bankrupted an entire generation of Indian SMEs. India still hasn’t recovered from that.
This is a real testimony but I know many more.
Please see this video. pic.twitter.com/AzBNtiTi1h
— sphinx (@protosphinx) February 22, 2024
The Pitch:
Ruchika and Ajay sought a Rs 1 crore investment for a 3% equity stake in their millet-focused startup. Their pitch caught the sharks’ attention as they shared the hardships that led them to embark on this new venture.
Shocking Revelation:
In a post shared on social media, Sphinx highlighted the founders’ narrative, stating, “Starting 2010, China began dumping massive amounts of steel for a throwaway price. It bankrupted an entire generation of Indian SMEs. India still hasn’t recovered from that.” This revelation set the stage for a remarkable testimony of resilience.
Impressed Sharks:
Namita Thapar, Anupam Mittal, and Peyush Bansal, the sharks on the show, tasted the products and were impressed. Namita, sharing her positive experience with a vegan diet, showed interest in the brand. However, the tone shifted when the sharks delved into the entrepreneurs’ backgrounds.
From Steel Business to Bankruptcy:
Ajay disclosed the bankruptcy of his steel manufacturing business, a staggering Rs 100 crore loss, wiping out their Rs 1100 crore investment. The founders navigated through the challenges, depending on private and vendor credit initially. Over time, accumulating debt reached around Rs 300 crore, resulting in the loss of assets, including their family home. Tragically, their father also passed away due to a heart attack caused by stress during this period.
Resilience and Recovery:
The sharks, particularly Peyush Bansal, were taken aback by the magnitude of the loss. In response, the founders revealed their journey of recovery, highlighting their determination and reliance on short-term capital. Despite the setbacks, they managed to rebuild their lives and launch Millet Amma.
Inspiring Transformation:
The pitch not only showcased the potential of Millet Amma but also highlighted the entrepreneurs’ unwavering spirit to rise from adversity. The episode left viewers in awe of the founders’ resilience, turning their tale of bankruptcy into an inspiring journey of entrepreneurial triumph.
