Shark Tank India Season 3: This startup crafts emotion-driven gifts; 'Remove this, such things are not said in front of everyone,' says Aman

Shark Tank India season 3: In a recent episode of Shark Tank India, season 3, the spotlight shone on a remarkable startup, Indigifts, offering a unique approach to gifting that resonates deeply with emotions. Founded in 2017 by Nitin Jain and Divya Jain, Indigifts aims to bridge the gap in the gifting market by offering products that authentically express sentiments.

Shocking reactions from judges

During their pitch, Divya shared that Nitin had gifted her around 100 times over six years, prompting a surprising response from Aman Gupta, who exclaimed, "remove it, such things are not said in front of everyone." Vineeta Singh also expressed astonishment upon learning that Nitin had been presenting approximately 16 gifts annually to impress his wife, highlighting a unique aspect of their business model.

The genesis of Indigifts

Nitin and Divya identified a significant void in the gifting market where conventional gifts like cakes or flowers often fail to convey genuine emotions. Motivated by this observation, they embarked on a journey to create a brand that encapsulates heartfelt sentiments through their products. Since its inception, Indigifts has touched the lives of approximately 2 million people.

Innovating with Seed Rakhi

A standout product from Indigifts is their Seed Rakhi, which addresses the common post-festival dilemma of disposing of Rakhis. Indigift's solution involves embedding seeds within the Rakhis, allowing them to sprout into plants when buried. This eco-friendly approach has garnered significant attention, with over 300 women from various NGOs involved in its production.

Astounding earnings and business model

The founders revealed impressive earnings, boasting a lifetime sales figure of Rs 45 crore at the time of filming. With over 5000 SKUs and a profitable operation, Indigifts maintains a gross margin of approximately 70 percent. Nitin outlined a three-tiered business model encompassing ready-to-buy products, customisable items, and B2B consulting, facilitating collaborations with over 200 brands.

Nitin Jain's journey

Nitin's entrepreneurial journey is marked by resilience and determination, shaped by personal trials, including the loss of his father and a near-fatal accident in 2015. His experiences instilled in him a sense of purpose, driving him to establish multiple ventures, including Indigifts, alongside his wife Divya.

Future prospects and funding

Indigifts secured funding of Rs 50 lakh in exchange for a 2 percent equity stake during Shark Tank India-3, valuing the company at approximately Rs 25 crore. Notably, investors Ritesh Aggarwal and Vineeta Singh will also receive 1 percent advisory equity each, solidifying their commitment to the startup's success.

Addressing challenges and embracing innovation

Nitin acknowledges the challenges of navigating India's discerning consumer market, emphasising the importance of converting customers into loyal consumers. With an average selling price of Rs 750, Indigifts aims to maintain its competitive edge by continually adapting to evolving consumer expectations.

Indigifts' journey on Shark Tank India-3 showcases a blend of innovation, resilience, and a deep understanding of consumer sentiments. As they continue to expand their footprint in the gifting industry, Nitin and Divya Jain stand as exemplars of entrepreneurial spirit and commitment to crafting meaningful connections through their products.