- Entrepreneurs: Karan Shukla & Ananya Meena
- Business: Speakers
- Ask: 50 Lakh for 3.5% equity
- Valuation: ₹14.28 Crore
- Result: No Deal
- Sharks: No Deal
- Episode: Not Aired
Shark Tank Pitch:
To address the challenge of achieving optimal performance in speakers at both high pitch and high volume, Ananya embarked on an inquiry, inquiring if the esteemed panel had observed that musical instruments such as guitars and flutes are predominantly crafted from wood. This choice is driven by the acoustic stability that wood provides. Thus, in pursuit of disrupting the speaker market, Ananya and her team introduced Deciwood, a proudly Indian-manufactured speaker series featuring wood as its foundational material, complemented by a proprietary technological innovation. These speakers, characterized by their aesthetic appeal, affordability, and customization options, have garnered considerable attention, including a partnership with Shemaroo and availability for direct-to-consumer (D2C) purchases.
Established in 2019, Deciwood employs engineered wood, which boasts a 70% recyclability rate. The product range commences at an accessible ₹800 and extends up to ₹5000, with sales reaching a noteworthy ₹17 lakhs in the previous year.
Shark Tank Negotiations:
During their appearance on Shark Tank, the entrepreneurs fielded a variety of questions and concerns. Aman astutely noted that the speaker industry is witnessing a surge in smart speaker adoption, to which the entrepreneurs responded by highlighting their previous efforts to integrate voice assistants like Alexa and Google. However, cost constraints limited the viability of this endeavor. The company’s overarching ambition is to manufacture speakers in India and explore export opportunities. Anupam, while acknowledging the noble vision, expressed reservations regarding its practicality from a business standpoint.
Anupam further inquired about their strategy for competing with industry titans such as Apple, Alexa, and Google. The entrepreneurs revealed their intention to differentiate by developing a battery-operated speaker with Alexa capabilities, although Aman interjected, asserting that his existing speakers already support Alexa. In response, the entrepreneurs pledged to enhance battery efficiency. Anupam concluded by emphasizing that what the entrepreneurs sought from the Sharks was trust, as they were confident in their ability to find creative solutions, or “JUGAAD,” as he put it. Karan concurred with this sentiment.
Ashneer raised a critical point, mentioning the presence of numerous Marshall clones on platforms like Aliexpress. In defense, Ananya emphasized the distinctive qualities of audio quality and customizability. Nevertheless, Ashneer contended that their product lacked defensibility, suggesting that Aman could potentially launch a similar product through his Boat brand rapidly. Vineeta inquired about branding, expressing her reservations about the product’s market fit.
Anupam, applying his “Four T” model, critiqued the depth of the entrepreneurs’ product planning. He noted the shrinking total addressable market (TAM) and heightened competition as significant concerns. Timing, the third “T,” was also identified as suboptimal, leading him to opt out of the deal. Namita shared her skepticism regarding the scalability of the venture, prompting her exit from consideration. Vineeta, echoing these doubts, withdrew from the potential investment as well. Ashneer, citing concerns about mass-market competition and doubts regarding the product’s potential, followed suit. Aman, while asserting that the business did not align with the Sharks’ investment criteria, wished the entrepreneurs luck, albeit expressing reservations about the product’s strength.
How is Deciwood doing after Shark Tank?
In the aftermath of their Shark Tank appearance, Deciwood has continued to flourish. The company boasts an impressive following of over 14,000 on Instagram, and their products remain readily available on various marketplaces as well as their official website, Deciwood.com.
Additional information suggests that Deciwood secured $200K in seed funding in December 2021, with Shuru Up leading the funding round and contributions from notable figures such as Ankit Kedia (Founder of Capital-A), Arun Gupta (Founder of MoMagic), Let’sVenture, and India Accelerator.
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