How Food Service Platform Mahantam Captured Investor Attention on Shark Tank India

Mahantam is an innovative startup established by Dhaval and Jayesh Nai, focusing on the development of automatic washing machines specifically tailored for tea stalls. These machines can wash 15 glasses in just 30 seconds, attracting considerable attention from various vendors. During their presentation, the founders sought Rs. 30 lakhs in exchange for a 20% equity stake in their business.

Their mission is to protect the environment by reducing the use of paper cups at tea stalls, while also enhancing the hygiene of the glass-washing process. The standout feature of their machine is its compact size and straightforward design. The founders envision placing their machines at every tea stall across India.

With financial support from Anupam’s venture, “Dream Deal,” they were able to develop their washing machine. So far, they have sold three units: the first for ₹20,000 and two others for ₹28,000 each. The initial machine was designed for internal washing only, but based on customer feedback, they upgraded the model to include both internal and external washing capabilities, which is now ready for the market.

The cost of electricity for washing 10,000 glasses is just ₹9. Mahantam is also exploring the creation of smaller machines suitable for smaller tea stalls. For their ₹28,000 model, they maintain a gross margin of 32% after accounting for a manufacturing cost of ₹19,000. They aim to sell 50 machines within their first year, projecting an estimated revenue of ₹15 lakh. As of their pitch, they had yet to complete the company registration process.

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Dhaval Nai, 20, and his older brother Jayesh Nai, 22, are the founders of Mahantam. They come from Banaskantha, Gujarat, and started this business after Dhaval taught himself machine design through online platforms like YouTube. He personally built the first washing machine, facing challenges along the way. Dhaval created four prototypes that didn’t work before finally achieving success with his fifth attempt.

Anupam acknowledges that this is a very early-stage company, but he is genuinely impressed by the founders. He proposes an investment of ₹30 lakh for a 20% stake in the business. Aman then asks if the other investors would like to join in on this deal. Peyush and the others agree, leading to a collective offer of ₹30 lakh for the same 20% equity. The founders quickly accept this offer without any hesitation.

Our investigation at the company showed that their agreement with the Sharks was successfully finalized after the episode aired. This was later confirmed by the entrepreneurs on their social media accounts. Following the show, Mahantam launched an improved version of their machine, which can now be ordered directly from their website. By late summer 2024, they had sold 20 machines, and the founders mentioned that pricing and demand were not concerns, as they were receiving 3 to 4 inquiries daily since their episode was broadcast. As of January 2024, the company is still operational.

Shark Tank India presents a vibrant platform for aspiring entrepreneurs to pitch their ideas to influential investors, seeking the support and resources necessary to grow their businesses.