- Founder: Piyush Suri & Neetica Prashant Pande
- Business: Everyday Essentials
- Ask: ₹50 Lakhs for 1% Equity
- Valuation/ Networth: ₹50 Crores
- Funding: ₹5 Crores for 51% Equity
- Sharks: Peyush Bansal
- Pitch: Youtube
- Episode: Season 4 Episode 3
NOOE Shark Tank India Pitch:
NOOE is a premium lifestyle accessories brand which appeared on Shark Tank India Season 4 Episode 3. The product range includes desk sets, everyday carry essentials, and stationery. Their core design values are minimal Scandinavian design, the use of premium materials & sustainability. The founders sought an investment of ₹50 lakhs for 1% equity in their company valuing the business at ₹50 Crores.
NOOE launched its first collection CONFIG01 DESK SETUP, with five products. This product has its own reddot design award as well, which the founders shared is similar to the Oscar of design. The company have delivered their product in over 40 countries, and they are also available in offline stores in 9 countries across the globe. Notably, The company also sell their products in Harrods in London which is known to be the most famous retail store.
NOOE designs all their products in-house. They also use premium products like the Munken paper which gets imported from Sweden. Munken paper is considered as the most sustainable paper available in the world. The diary is flat open for comfortable writing and priced at ₹1,500. They also sell blade alu pens for ₹3,500.
NOOE’s Financials & Revenue during Shark Tank India:
Piyush Suri owns 55% of NOOE, Neetica has 11% equity in the company, ESOP and early employees have 6%, 11% is with his Ex-partner and the rest is with angels/friends & family investors. The company have raised ₹3 Crores in capital so far.
Their Laptop sleeve is priced at ₹3,400. The Bento box is priced at ₹11,000. The price for ease keyboard palm rests is ₹2,499. They also sell laptop bags for ₹4,500. CONFIG01 DESK SETUP is sold for ₹15,000 and CONFIG02 DESK SETUP is sold for ₹17,000. The founders shared that they sell CONFIG01 DESK SETUP in Harrods for ₹40,000.
The company gets a purchase order of around ₹5-10 Lakhs every 3-4 months. The products are made in India and China. The company started generating revenue in FY22-23 and they made ₹1.3 Crores in their first financial year. This was followed by ₹2.7 Crores in FY23-24. The company have made a revenue of ₹1.5 Crores till September 2024 for FY24-25 and they are projecting to close the year with around ₹6 Crores in revenue.
70% of NOOE’s revenue comes from India and the rest is from exports. The founders added that last year, their revenue came mostly from exports with a 60-40 split. Their gross margin is at 40%. In their first year, The company burned ₹50 Lakhs followed by ₹1.4 Crores in losses in FY23-24. So far in FY24-25, They have already burned ₹50 Lakhs by September.
60% of the company’s revenue comes from B2B channels, 15% comes from marketplaces like Amazon & the rest is from their own website. The company have a MOQ (minimum order quantity) requirement of 1000 units per piece, which they need to pay in advance. They currently have an inventory worth of ₹2.7 crores in sale price. They currently have ₹22 Lakhs in their bank so their runway is very short. The business have ₹1.2 Crores in debt as well.
NOOE Shark Tank India Negotiations & Funding:
The founders are currently raising a round of ₹8.5 Crores. They are talking to investors about it but so far there are no commitments. Anupam commented that the product is not market fit because the founders are doing too much and are not focused.
Kunal was the first shark to go out citing there were too many challenges and the gross margin was too low. Vineeta goes out because she feels like it isn’t the right investment for her. Anupam went out citing the founder’s need to re-focus.
Aman gives the first offer of ₹3 Crores for 50% of the company. He added a condition that for the rest of the equity, 20% will go to Piyush, 20% will go to Neetica & rest will be an ESOP pool. Peyush gave the exact same offer but without a change in structure, He also asked for 51% of the company instead of 50%. Piyush didn’t wanted to give away the controlling stake in their company so Aman changed his offer to ₹2 Crores for 30% of the business valuing NOOE at ₹6.67 Crores.
The founders take a moment to think and come back to tell Peyush again that they are not going to give away the controlling stake. The founders countered Aman with ₹5 Crores for 20% equity in the company. Aman refused to change his deal. The founders asked if Peyush would increase capital for 51% equity to which he responded that he would put up ₹5 Crores. The founders accepted Peyush’s offer.
Who is the founder of NOOE?
Piyush Suri & Neetica Prashant Pande founded NOOE. Piyush is an engineer by education, and he has worked in New York in the past. He also worked closely with CRED in his last venture. Neetica graduated in 2018 as an industrial designer. She has spent most of her career in Copenhagen, Denmark, working with renowned design studios and prestigious clients.
Neetica launched her first collection which was sold out in 3 days even though it had over 1.5 lakh pieces in it. It was a portable lamp created for Norman Copenhagen.
How is NOOE doing after Shark Tank India?
Our research int he NOOE revealed that while the company did get a deal on Shark Tank India, whether that deal closed after the show is still not clear. Early signs however show that the deal negotiations are going well post-show and it may be closer to being finalized. we will update this article once more information comes to light but in the meantime, You can check out NOOE’s products by clicking the Amazon button below!
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