A trio of founders walked pitched their innovative, patented product on the latest episode of Shark Tank India, but left all the sharks rattled by their ask of Rs 5 crore in exchange of 5% equity, valuing their company Golden Feathers at Rs 100 crore. The founders explained the processes that they’ve innovated, and said that their product — fabric made from something called ‘butchery chicken waste’ — is the first of its kind.
One of the founders said that ‘butchery chicken waste’ is derived from materials such as feathers, blood, skin and cells. He explained that for every kilo of chicken bought, roughly 650 grams is edible, the rest is waste. He devised a way to process this waste and turn it into spinnable yarn. He said that the market for this material isn’t just limited to India, but can be expanded to over 80 countries worldwide. Additionally, the founders said, they’re also employing tribal women from Rajasthan to create this material, thereby providing them with employment.
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Aman Gupta was unconvinced about the marketability of the material, and he asked, “Isme thodi ghinn nahi aati logon ko (Aren’t people disgusted)?” The founder explained that the material they’ve created is no different, theoretically, from leather. But vegans could have problems, he said. Aman asked, “Are you saying this is only for non-veg people?” Anupam Mittal pointed out that people buy shawls made of sheep wool, but Aman wasn’t satisfied.
Namita Thapar, on the other hand, wasn’t sold on the high valuation. She became further confused when the founders told the sharks that they were looking at projected sales of around Rs 1.5 crore this year. Amit Jain said that the answer is clear; people aren’t interested in the product. He said that if he were in the founders’ place, he would focus on selling the material to manufacturers, instead of manufacturing products himself. He bowed out of the deal, as did Namita.
Aman said, “Firstly, I still haven’t understood your Rs 5 crore ask. Secondly, I don’t believe in your innovation, and I can’t invest in something that I don’t believe. I can’t give you my Rs 5 crore, unfortunately. I’m out.” And with that, all the sharks bowed out of the deal, leaving the founders empty handed.
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