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Sharing the inspiration behind the same, Varun and Babita Raheja revealed that the cases of farmer suicides inspired them to create the business.
Varun and Babita made an emotional pitch for their durable solar dryers. (Photo Credits: Instagram)
In the latest episode of Shark Tank India 4 arrived Varun and Babita Raheja, the mother-son duo who made an emotional pitch for their startup Raheja Solar Processing Group. Their innovative business dedicated to the welfare of farmers deals with the production and selling of durable solar dryers to reduce food wastage. The product can be used to dry food items like fruits, vegetables and flowers using solar technology. Making the pitch, the duo sought an investment of Rs 50 lakh for 1% equity as they shared their vision of a sustainable agricultural solution to contribute to the farming industry.
Varun and Babita Raheja had a deep personal motivation behind the venture. Sharing the inspiration behind the same, they revealed that the cases of farmer suicides inspired them to create a business. Through their startup, they plan to help the farmers by offering financial stability. The pitchers also presented a video to depict the entire solar drying process and how it minimises food waste. The Sharks appeared impressed with the innovative concept of the pitchers.
However, Anupam Mittal had a few concerns about its sustainability as a business. Explaining the same, the entrepreneur said, “It is not a business yet. It is a passion and a movement. If you see it as a business, you will fail. You have to look at it as a business development project. You have to change your thinking.”
Both Mittal and Aman Gupta declined to make an offer to the pitcher. On the contrary, Vineeta Singh believed in the potential of the business, thereby offering Varun and Babita a whopping Rs 50 lakh for 2% equity. Peyush Bansal was also interested and made a similar offer. Kunal Bahl took the bid a little higher as he presented two options: Rs 2.5 crore for 10% or Rs 1.25 crore for 5%. As the pitchers gave a thought, Vineeta and Peyush came together and offered them Rs 50 lakh for 1.25%. Later, Kunal also joined them for a combined offer of Rs 1.75 crore for 7% equity.
As the episode progressed, the pitchers Varun and Babita carefully considered the offers and accepted the deal. Given the successful deal, the duo marked a significant step in their startup journey to contribute towards sustainable food processing.