- Founder/Owner: Veer Mishra & Raj Parakh
- Business: Gold & jewelry saving app
- Ask: ₹60 lakhs for 1% Equity
- Valuation/ Networth: ₹60 Crores
- Funding: ₹60 lakhs for 1.5% Equity
- Sharks: Varun Dua
- Episode: Season 3 Episode 25
PLUS Shark Tank India Pitch:
PLUS is an Indian startup which appeared on Shark Tank India Season 3 Episode 25. They are an easy-to-use gold & jewelry saving app. By using their application, users can save a customized amount each month which is then invested in RBI regulated assets. In turn, users can buy jewelry from any of the partnered Jewelers at discounted prices. They provide a 10% internal rate of investment without any penalty. They have over 20,000 users on their app which have saved approximately ₹45 Lakhs so far. Their app is available on Android and iOS. The founders sought an investment of ₹60 Lakhs for 1% of the company valuing the business at ₹60 Crores.
PLUS gives users two saving options. The first one being a one-time lump sum payment which would give 10% fixed returns on investment and secondly, users can make monthly payments and get around 10% IRR. Also, Other features include no penalty on missing payments and only a 7-day lock-in period. Their digital passbook provides users with convenient access to their saving data and enables them to utilize other platform features as well. Further, They have over 320 jeweler partners.
PLUS Financials during Shark Tank India:
PLUS currently uses NBFC to invest their assets and gets 12% interest back on that. They get a 2% take rate of that interest and give 10% back to users. PLUS is also trying to introduce fixed deposits and other safe asset classes in their App as well. They still consider themselves a pre-revenue company.
PLUS launched 3 months before their pitch. Their first month savings were around ₹5 Lakhs, the second month was ₹10 Lakhs, and November was at ₹32 Lakhs. Further, They are projecting to close December at ₹50 Lakhs. The company has also raised funding in two rounds. The first was done at an Idea stage where they raised ₹2.59 Crores at ₹20 crore valuation. The second round was closed at ₹40 Crores where the company raised another ₹4 crores.
Anupam was the first shark to go out due to not having a clear understanding of the business model or revenue streams. Vineeta added that the founders lack judgment as they invested funds in a risky NBFC. Therefore, she goes out as well. Radhika felt like there was no strong use case for this product, therefore she also steps out of the deal. Aman goes out citing he is not even sure if the product is market fit yet.
Varun Dua was willing to take a bet so he offered ₹60 Lakhs for 1.5% of the company valuing the business at ₹40 Crores. The founders accepted that offer without any hesitation.
Who are the founders of PLUS?
Veer Mishra & Raj Parakh founded PLUS. They are based in Bangalore.
How is PLUS doing After Shark Tank India?
Our research on PLUS revealed that even though they did get the deal, whether that deal is closed yet is still unclear. The company is currently experiencing the Shark Tank Effect which would bring an influx of users. You can check out their app on Google Play Store or Apple’s App store. While their financials are not yet public, we will update this article as soon as more information comes to light. Also, you can check out other Shark Tank products by clicking the Amazon button below!
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Source: Instagram @plusgold.in
Here are other companies from Season 1 Episode 25.