New Delhi: Indian entrepreneur Rahul Agarwal secured a $ 350,00 investment from actor Mindy Kaling and investor Lori Greiner on Shark Tank US for his company Plygons, which makes flat, space-saving measuring spoons.
“I love to cook Indian food. It annoys me so much when I have to wear this bracelet of dangling, jingling teaspoons and everything. I think this is really ingenious,” Kaling said during Agarwal’s pitch.
Agarwal, who moved from India to New Jersey a few months before appearing on the show, sought $350,000 for a 7 per cent stake in Polygons. His product is a set of flat, magnetic measuring spoons designed to combine several measurements in a compact form. The spoons can be opened when needed, used to measure both solid and liquid ingredients, and wiped clean with little effort.
Agarwal wants to redesign everyday household objects so they take up less space when not in use.
“We are in the business of making products invisible when you don’t need them,” he told the investors.
Also read: Japan’s corporate slave is now a Dancing Salaryman. It’s a culture shock
Expanding kitchen range
Agarwal told the investors that the small, interlocking hinges in the measuring spoons made production difficult. He spent nearly three years developing the product, changed manufacturers seven times, and travelled to China 16 times before he could begin shipping it.
The effort had begun to pay off. Agarwal said Polygons had recorded lifetime sales of $4 million, including $1.25 million in the previous year. The company made around $210,000, of which $40,000 was reinvested in trade shows and other activities. He said he paid himself a basic salary of about $500 a month.
“I love your background. You know, I am a child of immigrants. I love how smart you are. I love how scrappy you are. You have so much humility. And honestly, I love this,” Kaling said.
Kaling and Greiner offered Agarwal $350,000 for a 10 per cent stake in the company. Investor Kevin O’Leary also made an offer, eventually matching their equity terms, but Agarwal chose to negotiate with Kaling and Greiner.
Kaling saw the product as something she could use herself and promote to her social media followers.
“I’m impatient. I’m a chef. I want things done quickly. And I like things that look cool. I would feel cool using this and talking about it to all my followers,” she said.
Agarwal told investors that he had completed prototypes of other household products, including flat power strips. For now, he wanted to expand the kitchen range before moving into other categories.
He negotiated a deal with Kaling and Greiner for $350,000 in exchange for 8 per cent equity, along with an additional 2 per cent in advisory equity.
(Edited by Ratan Priya)