- Founders: Karan Bhangay & Advita Bihani
- Business: Concierge Service
- Ask: ₹50 Lakhs for 1% Equity
- Valuation/ Networth: ₹50 Crores
- Funding: No Deal
- Sharks: No Deal
- Pitch: Youtube
- Episode: Season 4 Episode 1
Indulge Shark Tank India Pitch:
Indulge is an Indian startup which appeared on Shark Tank India Season 4. It is a digital concierge service which is available 24/7, 365 days and in 180+ countries. The company is mainly focusing on serving High Net Worth Individuals. The founders shared that Indulge is WhatsApp first company so customers can connect with them immediately. The founders sought an investment of ₹50 Lakhs for 1% equity in the company valuing the business at ₹50 Crores.
Indulge provides a wide variety of services like sending flowers, global travel, restaurant reservations, shopping and others. The company also collects personal data like Birthdays, Anniversary and bucket lists so that they can give personalized experiences to the consumer. They have fulfilled over 25 thousand requests in past two years. Currently, their customer base consist of 183 High Net Worth individuals.
Indulge’s Financials & Revenue During Shark Tank India:
Indulge operates through a subscription-based model. They charge ₹4 Lakh a year to their clients or ₹40,000 a month. On top of that, They make commissions on vendors which comes to 5% of the transaction. The company aims to have 10,000 customers on their platform in the next two years from global cities like London, Dubai & Singapore as well. Advita shared that currently, their top 5 services are Travel, Retail, Experiences, Dining & Special requests.
Indulge’s average consumers get billed at around ₹8 lakh in FY24-25. The founder added that it was an increase from the year prior as their billing was at ₹5 Lakhs per client in FY23-24. The company’s majority client base is Ultra High Net Individuals and they have net worth of over ₹30 Crores.
Indulge added that if they onboard 1000 UNHIs, They would make a projected revenue of ₹60 Crores with net profits of ₹50 Crores. The founder added a team of 10 can service their 200 clients. The cost to run this team per month is around ₹10 Lakhs but it would bring in a revenue of around ₹10 Crores. 99% of the company’s interactions happen through Whatsapp.
This year the company has made a revenue of ₹2.1 Crores in 7 months with a net profit of ₹60 Lakhs. The founders added that they have also developed an app which cost them ₹53 lakhs. They made a revenue of ₹35 Lakhs in October 2024. The company is projecting to make a profit of ₹6 Crores by the end of FY24-25.
For the Equity split, Karan owns the majority of the company is 65% stake, Advita has 5%, 5% went to ESOP pool, CTO has 1%, Angle investors have 6% and 18% is with another company.
Indulge Shark Tank India Negotiations & Funding:
Aman went out because he couldn’t relate to the business. Namita wasn’t convinced that this model was working. Therefore, she went out as well. Vineeta felt like it would not be scalable in the long run therefore, she went out as well. Anupam couldn’t trust the founders, and he added that their numbers do not add up therefore, he went out as well. Peyush went out due to the equity split being too complicated.In the end, Indulge went out of Tank without a deal.
Who are the founders of Indulge?
Karan Bhangay & Advita Bihani founded Indulge. They are both from Goa. Karan was running a Magazine business before the show. He also organized over 50 Luxury exhibitions over 7 years. Advita joined the brand in early 2022.
How is Indulge doing after Shark Tank India?
Our research in Indulge revealed that while they did not get a deal on Shark Tank India, Their appearance on the show gave them nationwide exposure, which will help the company grow further. we will keep you posted on how their journey goes moving forward.
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