Navigating the Seas of Innovation with Purvi Roy and Atul Gupt
Setting the Stage: Arista Vault Smart Luggage
Today, we bring forth a groundbreaking upgrade in the luggage industry—smart luggage that redefines convenience. Imagine a suitcase that not only follows you but also doubles as a comfortable seat. Yes, you heard it right. Arista vault presents the Follow Me Suitcase, allowing you to go hands-free at the airport and even take a seat when needed.
Beyond Boundaries: The Arista Vault
“No matter how responsible we become, there is no stress of losing a wallet or mobile.” Introducing the Rista Wallet, a fusion of fashion and technology. This smart wallet connects with AI, enabling you to locate your wallet and mobile with just one tap. The stress of losing essentials is a thing of the past.
Innovation in Security: Fingerprint Lock Bags
But Arista vault doesn’t stop there. The team has engineered fingerprint lock bags, ensuring an extra layer of security for your belongings. The commitment to innovation is evident, and the numbers speak volumes—with 35,000 satisfied customers to date.
The Vision: Arista Vault’s Mission
“Our vision is to solve the problem of people getting lost through our innovative products and provide the experience of selfie travel to the people.” Arista vault aspires to redefine the travel experience by addressing common concerns and enhancing convenience through cutting-edge technology.
The Ask: A Smart Deal for Smart Sharks
“Our ask for this is ₹5 lakh for 1.5 equity.” Purvi and Atul extend an invitation to the sharks to join hands in propelling Arista vault to new heights. The pitch is not just about luggage; it’s about revolutionizing the way we travel.
Diving into the Journey: From Fashion Show to Shark Tank
As the sharks inquire about the origin of this innovative venture, Purvi shares, “I had a fashion show at India Runway Week 2017, where I met Atul and Colonel.” This trio embarked on a journey to build a company addressing the challenges of lost and stolen belongings, giving birth to Arista vault in 2017.
Charting New Territories: The Unconventional Path
Atul, recounting his journey, shares, “I topped the 10th class, got selected as a Ticket Collector at 17, and eventually took early retirement. It was a challenging job, and I believed I could do something better.”
Navigating the Numbers: Investments and Valuations
The founders elaborate on their journey of securing investments, highlighting support from the Ministry of Electronics and IT, Panak VC, Main Stage Angels, and the Department of Science and Technology. The company’s valuation has witnessed significant growth, reaching 20 crores.
Unveiling the Tech Marvel: A Live Demo
The founders showcase their flagship product—the Follow Me Suitcase. “Turn on the ride mode, and it becomes a hands-free marvel,” explains Purvi. With a top speed of 7 km per hour, the suitcase is not just a travel companion but a personal transporter.
The Tech Behind: Rista Wallet’s AI Integration
Atul provides insights into the technology behind the Rista Wallet, demonstrating its ability to locate the wallet and mobile with a simple tap. The technology extends to securing belongings, ensuring alerts if separated by more than 10 meters.
Pricing Strategies: A Range for Every Traveler
Purvi details the pricing strategy, ranging from Rs 1500 for small wallets to Rs 50,000 for high-end travel bags. The founders emphasize their commitment to offering diverse options catering to different preferences and budgets.
Market Dynamics: Tapping into a Growing Industry
The founders delve into the market size, citing a $14 billion luggage market in India. With the smart luggage market projected to reach Rs 1000 crore in the next 5 years, Arista Vault aims to be at the forefront of this transformative wave.
Challenges and Solutions: Addressing Shark Concerns
As the sharks raise concerns about competition and scalability, Purvi and Atul highlight their strategic focus on branding, influencer marketing, and global expansion. With Ishaan Sharma as the brand ambassador, they aim to create a unique positioning in the market.
Shark Insights: Navigating the Entrepreneurial Seas
The sharks provide valuable insights, emphasizing the need for a clear value proposition and potential challenges in the crowded tech market. While some sharks express concerns about the timing and complexity of Arista vault’s offerings, others suggest a focused approach to scale.
A Decision Unfolds: Navigating the Tank
As the sharks weigh the pros and cons, offers and counteroffers are exchanged. While some sharks express concerns about the complexity of the business, others see potential in Arista vault’s unique offerings. In the end, a deal is struck, and the founders express gratitude for the opportunity.
Offers Given By Shark’s:
Original Ask 45 Lakhs for 1.5% Equity
Anupam’s Offer: 15 Lakhs for 1% equity + 30 Lakhs on Debt at 18% interest for 2 years valuation 15 crores
Purvi And Atul’s Counter offer 20 lakhs for 1% equity + 25 lakhs on Debt at 18 % interest for 2 years valuation 20 crores
Deals locked on Anupam’s conditional offer : 20 lakhs for 1% equity + 25 lakhs on Debt at 18 % interest for 2 years valuation 20 crores
Conclusion: A Journey Beyond the Tank
As Purvi and Atul exit the Shark Tank, they carry with them not just an investment but the validation of their vision. The journey from a fashion show to the Shark Tank exemplifies the spirit of innovation and determination that defines Arista vault. The smart luggage revolution has just begun, and Arista vault is at the helm, steering towards a future where travel is not just a journey but an experience.
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