On the Tank
Qzense Labs Co-founder Rubal astonished the sharks by asking how Is this apple from inside, Good or bad, Raw or solid.
This is very difficult to be answered, stating that Approx. 92000 crores of fruit and vegetables perished just because of lack of this information.
To help the farmers and businessmen to decide what to sell today and tomorrow. At this time all these decisions are made on a guess basis. Our device Qscan is a patented device 100% made in India, With 95% accuracy it can tell how the fruit and vegetables are from the inside, without cutting the fruit.
Shark Tank Recap
Rubal and Srishti came up on the tank with their unique and innovative device, “Qscan.”
Also, they raised ₹5 crores at a valuation of 24 crores just 6 months before coming on Shark Tank India Season 1.
Shark Anupam, upon witnessing the demonstration, expressed concern about the potential increase in waste, given that a banana he had intended to consume has now gone bad. Rubal corrected him, saying, “No, you would only eat it today and not keep it for the future.”
Later, when they asked for the ₹400 crore valuation, stating their sales were just ₹15 lakhs, none of the Sharks could digest that.
However, Vineeta made an offer, but no agreement was reached on the tank.
Shark Tank Live
Ask
₹1 Crores for 0.25% of equity in the company making the valuation stand at 400 Crores.
Business Model & Sales of Qzense labs
Rubal stated, As of now we are selling this device upfront to 3 different people i.e. retailers, wholesalers, and exporters/importers. Additionally, charging them an annual maintenance fees.
Also, they are operating on a quality control(QC) model, In which they digitized the whole warehouse.
Hence, generated ₹15 lakhs for FY 2021-22.
Feedbacks from the sharks
- Aman and Anupam- We are not fools. It doesn’t make sense to demand ₹ 400 crore valuation on sales of just 15 Lakhs. So, we can’t digest this valuation and we are out.
- Ashneer- I don’t have words. Having deep knowledge about the product doesn’t make a business. There is no sale so, I would suggest you just sell the patents and take the exit.
- Namita- Unrealistic valuation at this point.
Offer for Qzense labs
Vineeta to invest ₹1 crorein exchange for 5% equity(valuation-20Crores)
Counter offer
Vineeta to come for ₹1 crore for 0.5% equity (valuation-200 Crores).
Deal
As such no deal was made on the tank.
Qzense labs Beyond Tank tank updates
Beyond Tank constantly provide updates and follow-ups about the entrepreneurs from the day they appeared on Shark Tank India.