Shark Tank India Season 4: The entire startup is sold for Rs 5 crore; “This is my biggest check so far,” said Peyush Bansal
The third episode of Shark Tank India Season 4 saw one of the most notable deals in the show’s history. Lifestyle startup NOOE (Never Odd or Even), founded by Pune-based Nitika Pandey and Delhi-based Piyush Suri, has bagged a deal worth Rs 5 crore, with Peyush Bansal getting a 51% controlling stake in the company. .
About NOOE: A Sustainable Lifestyle Brand
NOOE specializes in designing and selling premium desk sets, stationery, and other lifestyle items made from sustainable materials. The company is recognized worldwide for innovation, winning the prestigious Reddot Design Award, often called the “Oscar of the fashion world.”
Currently, NOOE products are sold in 40+ countries and are available in retail stores in 9 countries, including the iconic Harrods in London.
The Journey of the Founders
Piyush Suri, an engineer, started his entrepreneurial journey in 2009 after working with Accenture in New York. He later partnered with Nitika Pandey, an industrial design graduate with a professional background in Copenhagen, Denmark. Nitika, after seeing the success of her portable lamp collection, returned to India to co-found NOOE with Piyush.
The ownership of NOOE is divided as follows:
Piyush Suri: 55%
Nitika Pandey: 11%
eShop: 6%
Former partner: 11%
Angel investors and family friends: 15%
Financial Summary
The company has reported sales of Rs 1.3 crore by 2023 with a burn rate of Rs 50 lakh. By 2024, sales have grown to Rs 2.7 crore with a burn rate of Rs 1.4 crore. By 2025, the company has already achieved sales of Rs 1.5 crore and is targeting Rs 6 crore by the end of the year, with an estimated burn of Rs 2.5 crore. Despite its global reach, the company faces a debt of Rs 1.2 crore, with Rs 22 lakh in cash reserves.
Answers and Contributions of Sharks
The founders initially sought Rs 50 lakh for 1% equity, but the sharks had a mixed reaction:
- Anupam Mittal and Vineeta Singh are out, citing concerns about moderation.
- Kunal Shah suggested improving the gross margin before withdrawing.
- Aman Gupta offered Rs 3 crore for 50% equity but was opposed by the founders.
Piyush Bansal, however, proposed Rs 5 crore for a 51% controlling stake, emphasizing the need for significant investment to scale the product. The founders eventually accepted the offer, marking the biggest investment of the season so far.
Peyush Bansal’s Take
Expressing his happiness, Piyush Bansal said, “This is my biggest check so far.” This deal not only demonstrated his confidence in startup opportunities but also highlighted the transformative impact of Shark Tank India on startups.
This episode is set to inspire many budding entrepreneurs by showing the importance of new ideas and sustainable practices in today’s competitive market.
