Pie Matrix Shows Sharks the Moon, But Did They Make a Deal on Shark Tank India?

The night sky has fascinated people for centuries, but in India, access to quality telescopes has been limited. Pie Matrix, a Delhi-based startup, is trying to change that by offering a range of telescopes and binoculars that are easy to assemble and use.

Founded by brothers Aman Chaudhary and Akash Chaudhary, the company aims to:

• Make stargazing more accessible to beginners and enthusiasts.
• Provide high-quality telescopes at competitive prices.
• Fill a gap in the Indian astronomy market, where few brands cater to this niche.

But while the business model seemed promising, the sharks on Shark Tank India weren’t entirely convinced.

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The idea for Pie Matrix was born during a trip to Ladakh.

Aman and Akash noticed that many hotels had telescopes for tourists to observe the stunning night sky. This sparked a thought—why wasn’t there a well-known Indian brand making telescopes for the masses?

With this vision in mind, the brothers started Pie Matrix in April 2023.

• They sell telescopes priced between ₹4,000 and ₹2 lakh.
• Their products are available online and in over 120 offline stores.
• 80% of sales come from telescopes, and 20% from binoculars.

The company quickly gained traction, attracting 10,000 Instagram followers by posting images and videos of celestial objects captured with their telescopes.

Despite being a new player in the market, Pie Matrix has shown strong sales growth.

Pie Matrix’s Revenue Growth

• FY24-25 (Till Oct): ₹1.65 crore
• Projected FY24-25 Sales: ₹3 crore
• Target for FY25-26: ₹15 crore

Pie Matrix’s Sales Channels

• Online Sales: 74%
• Offline Sales: 26%

Pie Matrix’s Unit Economics for FY24-25 (Till Oct)

• COGS (Cost of Goods Sold): ₹79.2 lakh
• Marketing: ₹16.5 lakh
• Packaging & Logistics: ₹16.5 lakh
• Fixed Expenses: ₹13.2 lakh
• Overheads: ₹3.3 lakh
• EBITDA: ₹36.3 lakh

With a 22% net profit margin, the business seemed profitable and scalable.

Aman and Akash entered Shark Tank India seeking ₹1 crore for 3% equity, valuing their startup at ₹33 crore.

While their passion for astronomy was evident, the sharks had concerns.

During the pitch, shark Anupam shared a personal experience.

• He recalled buying a telescope that broke.
• A friend later gifted him another telescope, which also broke.
• Seeing Pie Matrix’s telescope rekindled his interest, but it wasn’t enough to make an offer.
• Sharks Piyush Bansal, Aman Gupta, Vineeta Singh, and Namita Thapar declined to invest.
• Their main concern was the valuation & the scalability; they felt the startup wasn’t worth ₹33 crore yet.

Anupam was the only shark interested, offering, ₹25 lakh for 5% equity with a loan of ₹75 lakh at 12% interest.

The founders countered with ₹75 lakh for 5% equity, but shark Anupam refused. Ultimately, Pie Matrix left the tank without a deal.

Despite the strong financials and promising market, the sharks identified several challenges.

1. Overestimated Valuation

• Asking for ₹1 crore for 3% equity meant a valuation of ₹33 crore.
• With only ₹1.65 crore in sales so far, the sharks felt this was too high.

2. Market Size and Scalability

• The Indian telescope market is niche.
• The sharks weren’t sure if Pie Matrix could scale fast enough.

3. Loan Component in the Deal

• The founders wanted more equity funding, but Anupam’s offer included a loan.
• They were reluctant to take on debt at this stage.

Even without a deal, Pie Matrix still has a path forward.

1. Adjusting the Valuation

• A more realistic valuation could attract future investors.
• Instead of ₹33 crore, they might find success at a lower figure.

2. Strengthening the Brand

• Expanding marketing efforts to increase brand awareness.
• Partnering with schools and astronomy clubs to build credibility.

If they execute well, Pie Matrix could still dominate the Indian telescope market.

For startups preparing to pitch on Shark Tank India, Pie Matrix’s experience offers valuable insights:

1. Valuation Must Be Justified – Asking for too much equity at a high valuation can turn investors away.
2. Know Your Market Size – Investors want to see a clear path to scalability.
3. Be Open to Flexible Funding Options – Equity, loans, or revenue-sharing startups need to consider all possibilities.

Pie Matrix walked into Shark Tank India with a unique product, strong sales, and a clear market gap.

While the sharks liked the idea, they weren’t willing to invest at the proposed valuation.

But this isn’t the end. If the founders:

• Rework their valuation,
• Expand their customer base,
• Consider alternate funding,

Pie Matrix could still become India’s go-to telescope brand.

For now, the stars are still within reach—but the journey will take more work.