Krishnan Sunderarajan came up with a smart thought process to Shark Tank India, Episode 12 along with determination. The problem statement he presented was Technology, which is a boon as well as bane sometimes. It has been connecting people but at the same time disconnecting as humans.
So, if Technology is the problem, it acts as the solution as well!
Loka – India’s First Metaverse App
Loka, a metaverse app gives realtime, real world experience to its users using third party applications. The team at Loka started with an entire map of CP, Delhi where the users post selecting their Avatar can roam around and connect with different users, talk to people, and even shop all by sitting at their place.
What is Metaverse?
A metaverse is a network of 3D virtual worlds focused on social connection. In futurism and science fiction, the term is often described as a hypothetical iteration of the Internet as a single, universal virtual world that is facilitated by the use of virtual and augmented reality headsets.
Definition by Wikipedia
Krishnan’s initial ask was Rs. 40 Lakh in exchange of 5% Equity. Aman Gupta and Anupam Mittal went ahead and gave the app a try and asking some brilliant and funny questions.
Most Searched: Shark Tank India Judges Net Worth
Shark Tank India Episode: What Sharks said on the above Business Model?
A repeat entrepreneur, Krishnan had some brilliant learnings for everyone,
- Never think you are right, don’t trust the GUT, trust the DATA!
- Get the Right Team – You should be in a room where all other folks are Smarter than you!
- Timely Pivot
The fun part was when Anupam asked how did he learn all this, Krishnan said,
I always thought this is a good thing – Mai to samjhta tha ye achi baat hai!
The primary question that every Shark was interested in knowing post the fun part was, “What is the Hook” in this product and why should they invest?”
Aman gave Krishnan another 2 minutes to finally position his product and we think he justified those 2 minutes. Ashneer was instant in moving out of this as he wasn’t really interested in the whole concept why people should use the app for a longer duration of time. Namita Thappar also decided to not go with the investments as she couldn’t understand the technology and business.
Anupam, Aman and Peeyush seemed interested and came up with an offer which was, Rs. 40 Lakh for a 25% Equity to which Krishnan took some time and came back with a counter offer of Rs. 40 Lakh for 20% Equity. The best offer the trio could give to Krishnan was 24% Equity to which he agreed!
A brilliant yet funny episode that ended up well. We loved you Krishnan as an individual!