- Entrepreneurs: Nidhi Gupta and Varun
- Business: Flowers
- Ask: ₹3 crores for 1% equity
- Valuation: ₹300 Crore
- Result: No Deal
- Sharks: No Deal
- Episode: Season 1 Episode 30
Shark Tank Pitch
The global gifting industry boasts an impressive valuation of 50 Lakh Crores and flowers occupying a prominent position within this sector. Despite the vast array of floral varieties available, there is a conspicuous absence of standout companies. They have an extensive selection of over 300 flowers varieties. Their enterprise ensures the swift delivery of fresh flowers from farms to the customer’s doorstep within a 48-72 hour window. They also maintain their freshness for a minimum of 7 days. This exceptional service is provided at a nominal cost of only 350 per delivery.
In the fiscal year spanning 2021-2022, our company achieved a commendable revenue of 9 Crores. Which was a substantial leap from the previous fiscal year when it stood at 2.5 Crores. The preceding year when it was at 50 Lakh. Our impressive gross margin currently stands at 29%.
In the gripping Episode 30 of Shark Tank India Season 1, Nidhi Gupta stood before five formidable investors, often referred to as “sharks”: Anupam Mittal, Namita Thapar, Aman Gupta, Ashneer Grover, and Peyush Bansal. Her ask was bold: she sought Rs 3 crore in exchange for just 1% equity, valuing her company at a remarkable Rs 300 crore.
Nidhi made quite an impression in the den. Her confident demeanor, flawless Hindi, and the undeniable quality of her product drew the sharks in. Beyond that, she shared her vision of creating a social impact by empowering women and farmers through her flower business.
She articulated her plan for the funding, which included scaling up production, expanding the product range, diversifying distribution channels, and intensifying marketing efforts. The sharks were intrigued, but they had concerns about valuation, scalability, differentiation, and market size.
Shark Tank Negotiations
Despite the sharks’ initial interest, none of them made an offer that aligned with Nidhi’s expectations. Among them, Peyush Bansal presented an offer of Rs 50 lakh for 2.5% equity and an additional Rs 25 lakh as a loan with 0% interest. While he expressed a genuine liking for her product, he couldn’t reconcile her high valuation with the proposed deal.
Nidhi, however, remained steadfast in her belief in Shades of Spring’s potential and valuation. She turned down Peyush Bansal’s offer and, with unwavering determination, she walked away from the Shark Tank den without a deal. This decision, although risky, would ultimately pave the way for her startup’s remarkable journey after Shark Tank.
After Shark Tank
The journey of Shades of Spring did not end in the Shark Tank den. In fact, it was just the beginning of an incredible story of growth, innovation, and resilience.
Following their appearance on Shark Tank India Season 2, Shades of Spring caught the attention of an angel investor who was deeply impressed by their pitch. This investor injected Rs 75 lakh into the business, providing the necessary fuel to drive growth and expansion.
Shades of Spring didn’t stop at being just a flower delivery service. They expanded their product range to include an array of flower flavors and variants, and even ventured into complementary products like vases, candles, and chocolates. Their commitment to sustainability also led to the launch of ‘Shades of Green,’ a line of organic flowers that resonated with eco-conscious consumers.
As of September 2023, They have over 32,000 followers on their instagram.
In hindsight, Nidhi Gupta’s decision to walk away from the Shark Tank negotiations proved to be a turning point for Shades of Spring. The rejection served as a catalyst for their remarkable journey of growth and innovation, making them a shining example of entrepreneurial resilience in the world of Indian startups.
Image source: Shades of Spring Instagram.
Click Here to Learn More About Shark Tank India Season 1 pitches!
3 thoughts on “Is Shades of Spring out of business after Shark Tank India?”