- Entrepreneurs: Anand Rathi
- Business: Image sharing platform
- Ask: 55 Lakh for 1% equity
- Valuation: ₹55 Crore
- Result: No Deal
- Sharks: No Deal
- Episode: Not Aired
The Shark Tank Pitch:
In the quest to capture precious moments and share them securely, Anand Rathi introduced PicSniff, an AI-based image sharing platform. This innovative platform operates in three simple steps: creating a QR code and providing event details, taking a selfie, and utilizing facial recognition to swiftly compile all attendee images with remarkable 99.4% accuracy. Each attendee receives a personalized email with their event photos. Moreover, PicSniff aspires to automate image editing through machine learning, potentially reducing days of manual work to mere hours. At the time of the pitch, they had raised INR 3.4 Cr in a pre-seed funding round, valuing the company at INR 36 Cr.
During a pivotal moment on Shark Tank India, Anand Rathi showcased PicSniff. However, the sharks raised concerns. Peyush questioned whether the platform’s speed would remain consistent with larger projects, while Ashneer pointed out that Google and iOS already offer image sorting features. Anand countered that PicSniff’s approach would be faster. Peyush even suggested using Google Drive for a similar purpose, leading Anand to affirm that Google Drive could indeed serve this function. As a result, Peyush opted out, believing there was no core technology.
Anupam inquired about Anand’s vision. Anand explained that he was in the initial phase of product-market fit testing (PMF), with subsequent phases including global expansion, IP development, and a public launch. Ashneer and Vineeta both believed the idea lacked defensibility and scalability, leading them to decline. Aman questioned Anand’s presence on Shark Tank, to which Anand expressed the need for marketing assistance. Anupam then made an offer of INR 55 Lakhs for a 10% stake, but Anand hesitated, aiming to maintain the INR 36 Cr valuation. Ultimately, no deal was struck.
PicSniff After shark tank India?
Following the Shark Tank pitch, PicSniff underwent changes. It is not available on the App Store, and there is limited online presence. However, further investigation revealed that Anand rebranded the company as Algomage, which remains operational. Anand reflected on his Shark Tank experience, highlighting the challenges of auditioning for a pre-revenue tech company on the show. He mentioned receiving offers from Aman and Anupam but had to decline due to investment constraints.
Anand also showcased Algomage’s growth, introducing advanced image selection software (Algo-cull) and automated image editing (Algo-edit). Their services have expanded across various use cases, including serving as image delivery partners at Lollapalooza. Despite the doubts expressed during the Shark Tank pitch, Algomage has evolved and continued to thrive.
The sharks’ decision not to invest in PicSniff appears to align with their concerns about scalability and defensibility. However, Anand’s determination and ability to pivot led to the rebranding of the company as Algomage, which has since made significant strides in the field of digital photography automation. It serves as a testament to the entrepreneurial spirit and adaptability, turning a challenging Shark Tank experience into a success story.