- Founder: Abbas Gabajiwala
- Business: Games/Toys
- Ask: ₹80 Lakhs for 2% Equity
- Net Worth/Valuation: ₹40 Crore
- Funding: ₹80 Lakhs for 4% Equity(Conditional Offer)
- Sharks: Ritesh Agarwal and Aman Gupta
- Episode: Season 3 Episode 3
BLIX Shark Tank India Pitch:
Blix is a toy manufacturing company that creates toys based on technology and science. The company is developing learning tools through which children can grasp science concepts, robotics, coding, and artificial intelligence.
They sell their toys in 2000+ retail stores, on the Blix website, and on various e-commerce platforms. More than 5000 Indian schools are using Blix educational kits to teach their students robotics and coding.
BLIX Shark Tank India Financials:
Abbas holds a 70% stake in Blix, while his brother has a 20% stake, and the remaining 10% is owned by their parents. In the fiscal year 2022-2023, Blix achieved sales of ₹4 crores. In August 2023, they recorded sales of ₹36 lakhs and are targeting sales of ₹8 crores for the fiscal year 2023-2024.
From a distribution perspective, Zephyr assists in distributing Blix toys, while the sale of School Blix educational kits is handled internally. Fifty percent of sales come from School Blix educational kits, and the remaining fifty percent are through Zephyr. Blix maintains a 60% gross margin on educational kits and a 40% gross margin on toys. In the fiscal year 2022-2023, Blix reported a profit of ₹7 lakhs.
Blix Shark Tank India Negotiations & Funding:
Aman was very interested and was the first shark to make an offer of ₹40 lakhs for 4% equity plus ₹40 lakhs in debt at 11% interest for 3 years. The condition was that Aman had the option to buy Abbas’s shares of Zephyr in case of a family conflict. However, Abbas was not keen on the interest money, explaining that Blix is currently not profitable.
Aman revised the offer to ₹80 lakhs for 5% equity. Subsequently, Anupam and Vineeta also offered ₹80 lakhs for 5% equity. Aman revised his offer again, but this time, Ritesh joined him and gave an offer of ₹1 crore for 6.25% equity. Piyush offered ₹80 lakhs for 4% equity.
Abbas countered with ₹90 lakhs for 3% equity. Aman and Ritesh matched Piyush’s offer. Eventually, the deal was finalized with Aman and Ritesh.
Who is the founder of Blix?
Abbas Gabajiwala is the founder of Blix, hailing from Mumbai. He is the third generation of toy makers and commenced Blix in the fiscal year 2016-2017. Additionally, he is the brother of one of the biggest toy maker companies in India, Zephyr. Abbas also holds a 20% stake in Zephyr.
How is Blix doing after Shark Tank India?
Our research in Blix revealed that whether their deal with Ritesh and Aman is still unclear as they could still be in the due diligence phase. We will update this article within the next couple of months after verifying if their deal with Ritesh and Aman went through and report back on revenue after the show. You can check out their products on Amazon by clicking the button below!
Source: Instagram @blix.robotix
Here are other companies from Season 3 Episode 3.