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Delhi-Based Arista Vault at Shark Tank India
- Arista Vault, a Delhi-based startup, appeared on the latest episode of Shark Tank India, presenting their suite of smart technology utility products designed to make life easier. The product range includes fingerprint lock bags, Follow Me suitcases, and smart wallets with various features such as remote selfie buttons and misplace alarms. Judges evaluated the company's business plan and offered suggestions, with four of them opting out of investing. However, Anupam Mittal, CEO of People Group and Shaadi.com, offered a conditional sum of Rs 20 lakh for 1% equity plus Rs 25 lakh debt at 18% annual interest for two years, and Arista Vault agreed.
- Arista Vault's Follow Me suitcase boasts up to 120 kg carrying capacity, maximum speed of 7km/h, ride mode, mobile charging facility, and detachable battery. The smart wallet comes equipped with location tracking, a misplace alarm, and a remote selfie button. The specialty of Arista Vault lies in designing useful products that make life easier and simpler.
- Arista Vault's founders, Purvi Roy and Atul Gupta, aim to solve the problem of lost and stolen luggage. The company is supported by the Ministry of Electronics and Information Technology for its innovative products. Arista Vault's suitcase is manufactured in Kolkata, while bag manufacturing is outsourced.
- Four out of five judges opted out of investing in Arista Vault, citing doubts over the sustainability, feasibility, and competition in the business. Anupam Mittal offered Rs 15 lakh for 1% of equity and Rs 30 lakh in debt with 18% annual interest for two years. Purvi and Atul countered with Rs 20 lakhs for 1% equity and Rs 25 lakhs debt at 18% interest for 2 years and valued the company at 20 Cr. After a conditional offer, Arista Vault accepted Anupam Mital's deal.
- The three founders of Arista Vault are Purvi Roy, Atul Gupta, and Karnal. Purvi and Atul met Karnal at India Runway Week 2017, and Karnal became the technology officer for Arista Vault. Atul Gupta had joined the railways when he was just 17 years old but left and took early retirement to pursue his startup with Purvi and Karnal.
- While evaluating the business plan, Judge Aman Gupta suggested making the technology stronger and competing with bigger brands. Vineeta Singh thought that Arista Vault had made all the features too complicated and confusing for such an early stage of the business, while Varun Dua believed that only two or three features are critical to this line of business with the prospect of four or five in the long run.
- Arista Vault recorded an annual sale of Rs. 75 lakh in FY20-21, Rs. 1.57 crore in FY21-22, and expected sales of Rs. 3.6 crore and Rs. 4 crore in FY22-23 and 23-24, respectively. The company has received booked orders worth Rs. 5 crore.
- Shark Tank India is the Indian adaptation of the American show Shark Tank, which features a panel of judges evaluating various business ideas and offering funding. This season's panelists are Aman Gupta, Anupam Mittal, Radhika Gupta, Vineeta Singh, and Varun Dua. They provide valuable mentorship in addition to their funding.
- Arista Vault considers itself a fashion-tech, electronics, power, and disinfectant company that specializes in technology, innovation, design, smart, health, and shell products. The startup's aim is to simplify and enhance people's lives with smart utility products.
- After receiving Anupam Mittal's conditional offer, Arista Vault accepted it and received funding to continue growing their business. They are eagerly anticipating the next episode of Shark Tank India and the opportunity to watch other startups present their innovative ideas for funding and mentorship.
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