- Founder: Rishika Nayak Shetty
- Business: Gifting Brand
- Ask: ₹40 lakhs for 8% Equity
- Valuation/Net worth: ₹5 Crores
- Funding: ₹50 lakhs for 35% Equity
- Sharks: Anupam Mittal & Gazal Alagh
- Episode: Season 1 Episode 24
The Sass Bar Shark Tank India Pitch:
The Sass Bar, founded by Rishika Nayak Shetty, is a unique soap brand specializing in vegan luxury soaps. Rishika initiated the business in 2019 with an initial investment of 25,000 rupees and later appeared on Shark Tank India, Season 1, Episode 23, seeking a 40 lakh rupees investment in exchange for 8% equity. Founder shared that their first collection is “Dessert soaps,” which are soaps that look like desserts. They also have niche gift boxes in different areas like music, travel, and the artistic world.
The Sass Bar made ₹30 lakh in revenue in FY21-22, with the last month bringing in ₹7 lakh. The company also has gross margin of around 65%, and the net margin is at 56%. Rishika also shared that, 80% of their sales come from their soap products, and the rest from other SKUs.
The Sass Bar Shark Tank India Negotiations:
Vineeta doesn’t agree with the fundamental business strategy as she thinks that Rishika should focus on one product and sell thousands of those instead of expanding her SKUs to cater to a larger audience. Therefore, she goes out of this deal. Peyush thinks Rishika needs clarity on what she is trying to build, so he goes out of the deal. Following that, Namita goes out citing that she couldn’t add much value in this.
Anupam gives the first offer with the condition that the business needs to change the direction to work on a bathing needs brand with packaging with a unique selling point. Rishika agrees with that, and Anupam offers ₹40 lakh for 40% of the business. Gazal also joins that offer. Rishika counters at 30%, to which Anupam counters at 35%. Rishika asks if they can do ₹50 lakh for 35% of the company, which the Sharks accept, and they agree on a deal.
How is The Sass Bar doing after Shark Tank India?
Our research into the company revealed that their deal on Shark Tank India closed after the show aired. This was later confirmed when Gazal Alagh started a mentorship program and invited Rishika to join. We also found that the company followed the path they discussed on the show and started focusing more on their soap lineup and expanding it. They also built a strong social media presence on Instagram. As of November 2023, The Sass Bar is still in business, with over 56,000 followers and growing rapidly.
Souce: The Sass Bar Instagram
Here is how other companies from Season 1 Episode 24 are doing.