The startup Rare Planet has raised INR 65 lakhs for the equity of 3% from Shark Tank India. Shark Namita Thapar invested in this handicraft related startup.
The original ask by the pitchers was INR 65 lakhs for the equity of 1%. Then Namita offered 65 lakhs in exchange for a 5% stake in the company. The co-founders countered a two crore offer for 5% stock, which they later reduced to 65 lakhs for 2.5 to 3% equity. Namita replied with 65 lakhs for a 4% equity stake. And finally, the deal closed at INR 65 lakhs for the equity of 3%.
About The Rare Planet
The co-founders are Ranodeep Saha and Vijay Kumar TR. In 2015, Ranodeep began painting clay potteries and selling them to help pay for his engineering studies.
Every 100 kilometres in India, the attire, language, art, and culture change. These works of art do not reach buyers at the right time and price. Rare Planet provides a venue for such artists to display their work. All of their products are sold through four airports and other e-commerce sites. It comprises terracotta, ceramic, copper, and studio pottery items. They currently have almost 10,000 artists associated with them.
The firm is valued at 6.5 crore rupees. They sell a copper bottle for roughly Rs.1799. There are 6000 SKUs in total. They sell their goods both online and in person. The company has picked four airports to sell its goods. The offline sales were Rs. Seventy-eight lakhs, with the remaining Rs. 22 lakhs coming from internet outlets. They raised Rs1.25 crore rupees in the first round of funding at a valuation of 6.5 crore rupees, with 4 to 5 lakh rupees monthly earnings. They raised a second round of funding of 2.5 crore rupees in August 2020.
Problem Solved By The Rare Planet
The Rare Planet hopes that through Rare Planet, they will be able to connect with all of India’s artists, empowering them to become self-dependent and move forward. They first began selling their handicrafts on Kolkata’s College Street. But they aim to spread it across India. Mini to small handicrafts artists will get the benefit from this. With self-dependence, India’s economy will grow to the next level.