- Founders: Tejas Shah, Zubin Dhananjay Bhatt & Dhananjay Bhatt
- Business: Gas Leakage protection product
- Ask: ₹1.2 Crores for 8% Equity
- Valuation/ Networth: ₹15 Crores
- Funding: No Deal
- Sharks: No Deal
- Episode: Season 1 Episode 19
Magic Lock Shark Tank India Pitch:
Magic Lock is a patented product which can lock the cylinder in case of gas leakage. They sought an investment of ₹1.2 Crores for 8% of the company valuing their business at ₹15 Crores. The founders shared that India has 45 Crore LPG connections therefore they have huge market potentials. They have done a long research and development before launching the product. The company also makes the products for preventing commercial gas leakage.
Magic Lock have done a ₹14 lakh in revenue and has sold a total of 80-85 thousand products. Their montly sales are at around 4000 devices. cost of manufacturing is at ₹10 and product retails for ₹70. Product’s MRP is at ₹499.
Magic Lock Shark Tank India Negotiations & Funding:
Ashneer was the first shark to go out citing it would be hard to sell this to consumer. Aman felt like it was more of a B2B product and he is usually interested in B2C investments therefore he wasn’t interested in this company. Namita couldn’t understand the product and technology therefore she also steps out of the negotiations.
Anupam added that he would not be able to help entrepreneurs therefore he goes out of this deal as well. Peyush liked the product but because it was not clinically proven he went out of the deal. Peyush did offer to meet outside of the tank once they have the results and help the founders.
Who is the founder of Magic Lock?
Tejas Shah, Zubin Dhananjay Bhatt & Dhananjay Bhatt founded Magic Lock.
How is Magic Lock doing after Shark Tank India?
Our research in the Magic Lock revealed that while they did not get a deal on the Shark Tank India, Their appearance on the show had a positive impact on their business as it helped validate their product across India. As of May 2024, The company is still in business and thriving. They have just launched their new product Magic Lock Z Plus, which has new technology to protect your home from any accidents. You can check out their products by clicking the Amazon button below!
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Here is an update on other companies from Season 1 Episode 19.