ToHands Smart Calculator update | Shark Tank India Season 03
Young entrepreneurs Praveen Mishra, Shanmuga Vadivel, and Satyam Sahua appeared in Shark Tank India (Season 03) to raise ₹55 lakh investment for Tohands smart calculator at ₹55 crore valuation.
With a convening pitch, they were able to grab a deal from Radhika Gupta and Varun Dua. Both sharks gave a combined deal of ₹60 lakh in exchange for 2% equity in the company.
They agreed and shook their hands on the camera, but did this deal actually happen after the Shark Tank? Find accurate details in our Tohands updates.
| Company Name | Tohands Smart Calculator |
|---|---|
| Founders | Praveen Mishra, Shanmuga Vadivel, Satyam Sahua |
| Founded | 2021 |
| Product | Smart calculator |
| Ask | ₹55 lakh for 1% equity |
| Deal | ₹60 lakh for 2% equity |
| Sharks | Radhika Gupta, Varun Dua |
Tohands Smart Calculator Shark Tank Update
Tohands smart calculator founders pitched in Shark Tank India S03E25 and secured a deal of ₹60 lakh for 2% equity. Edelweiss Mutual Funds founder Radhika Gupta and ACKO Insurance founder Varun Dua gave a combined offer that the founders accepted on the show.
It’s too early to get an update about this deal; however, our team has already followed the entrepreneurs and is awaiting a response. Let the dust settle first, and we’ll come up with fresh Tohands updates.
As of March 2024, the Tohands website is live, and its traffic increased from 12,000 visitors/month in January 2024 to around 100,000 visitors/month in February 2024.
We’re sure the founders converted this traffic into customers, and revenue increased after the episode aired. Shark Tank Clips is waiting for a fresh response from the company’s representatives.
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About Tohands Calculator
Praveen Mishra, Shanmuga Vadivel and Satyam Sahua are the co-founders of Tohands. Tohands manufactures smart calculators that have added ‘Cash In’ and ‘Cash Out’ buttons for shopkeepers to record sales and expenses.
They are also adding an option to record Item-Wise inventory in their upcoming version.
The transaction data is automatically recorded, saved, and synced in the Tohands app without the shopkeeper’s manual intervention.
Traditional billing machines are costly and complex, so 80% of shopkeepers in India don’t use them. This is where Tohands wants to add value by providing shopkeepers with an affordable and straightforward solution.
Tohands Calculator Shark Tank Pitch Recap
The young founder began the pitch by asking about ₹55 lakhs for 1% equity at a valuation of ₹55 crores.
The founder then showed a live demo of the Smart Calculator. This calculator is basically just like a ledge recorder but way more ergonomic.
Varun: So, have you seen people actually using it as a ledger tool, or do they use it as a regular calculator?
Founder: Our customers use it as a ledger recording tool. Our product recently went viral on Instagram, where a reel got 30M views.
Anupam explained that this calculator is actually an excellent product for the shopkeepers, which is why they share it.
Aman: Tell me about the feedback you are receiving from the shopkeepers.
Founder: We are recording 80,000 monthly transactions from 1000 customers.
Radhika: Okay, but that is only 18 monthly transactions per customer. It’s very small.
The founder then explains that they have many customers, from grocery store owners to small clinics. The majority of them are only from Tier-1 cities.
Radhika: Your calculator is not something unique that a big company can’t replicate. Then, why no one has done so?
Founder: We are basically trying to provide a cheaper and easy-to-use alternative to a billing machine for people who can’t manage complex tools.
The discussion then went on to the finances. The founder said they have done a total lifetime sales of about ₹29 lakhs at a price of ₹3000 per unit.
Founder: We are also planning version 4, which will cost ₹5000. It will feature a color LCD Display.
Varun: Is there any subscription fee for your app?
Founder: Yes, we charge ₹59 per month for tracking monthly transactions. This will only be available in version 4 of our product.
The founder also said they have worked on the customer feedback and added many new features in their version 4, like dynamic QR code & bill printing.
Aman: I can see some use cases in your product. Not Bad!
Radhika: How are sales right now?
Founder: Currently, all our sales are from online marketing. Most of them are from posts that went viral. We plan to deploy over ten lakh units in the market.
Varun then offered ₹30 lakhs at 1% equity and ₹25 lakhs debt at 12% interest for two years.
Anupam: Tell me, what is your biggest differentiator or long-term sustainable prospect?
Founder: We are focusing on good-quality hardware and solid distribution.
Then, Radhika made an offer by joining with Varun’s offer.
Vineeta: Do you guys need our help in partnerships or sales?
Founder: We are looking for guidance in partnership efforts.
Vineeta then went out of the deal. She would have joined them as a mentor for sales, but she doesn’t want to get into this battle for partnerships.
Aman: You guys have a great product with a bright future. But I am out since you guys already have such a fantastic offer that I won’t be able to beat.
Anupam: Do you need any debt?
Founder: No, we don’t.
Anupam: Alright, take ₹55 lakhs for 1.5% equity, and let’s close this deal.
Varun and Radhika then explained to the founders that they should not dilute their equity more as they have already lost 20%. Their offers are specially targeted to overcome this issue.
Founder: We are not looking for debt since we are too early. He asked all three sharks still in the race to join Tohands for ₹80 lakhs at 2% equity.
Anupam: You are inflating your valuation too much, which is unreasonable. So, I am out.
The founder finally accepted Radhika & Varun’s offer of ₹60 lakhs at 2% equity without any debt.
Final Words
Tohands was one of the many brands that got funding, exposure, and engagements after appearing on Shark Tank India Season 3. Now, with this crucial boost, they can hope to scale their business and climb the ladders quickly.
