₹22 Lakh in the Bank, ₹1.2 Crore in Debt, and ₹5 Crore Invested: NOOE in Shark Tank India
In one of the most dramatic episodes of Shark Tank India Season 4, NOOE, a lifestyle and accessories brand known for its unique ‘Japandi’ aesthetic. It made waves with its bold pitch and game-changing deal.
Who are the founders of NOOE?
NOOE was founded by the creative duo Piyush Suri and Neetica Pande. It crafts high-end products that merge Japanese minimalism and Scandinavian functionality.
NOOE’s Japandi Aesthetic
NOOE’s products stand out for their design philosophy, it is a seamless blend of Japanese and Scandinavian principles. It is characterized by simplicity, functionality, and timeless elegance. The brand has already established a global footprint, with its products being sold at prestigious retailers like Harrod’s in London. This feat alone placed NOOE among an elite class of brands and also earned the admiration of the sharks.
However, as Piyush and Neetica explained, their Harrod’s partnership, while prestigious, was not profitable. High shipping costs to the UK ate into their margins and made the deal more about visibility than revenue. This revelation led to sharp critiques of their business model.
NOOE in Shark Tank India Season 4
Recently the company went to shark tank India. Their pitch showcased NOOE’s stunning designs and international presence, immediately caught the attention of all five sharks: Anupam Mittal, Vineeta Singh, Aman Gupta, newcomer Kunal Bahl, and Peyush Bansal. However, as the conversation unfolded, the pitch turned into a rollercoaster of revelations, criticisms, and ultimately, a historic deal.
The sharks’ intrigue soon gave way to skepticism when NOOE’s financials were revealed. The company had ₹22 lakh in the bank, debts exceeding ₹1.2 crore, and a pricing strategy that, while lucrative at Harrod’s (where products priced at ₹15,000 in India sold for ₹40,000), left them with razor-thin margins.
Vineeta Singh compared their potential to that of Sabyasachi, emphasizing the aspirational quality of NOOE’s products. But the harsh reality was that the company’s operations needed a complete overhaul. Aman Gupta bluntly remarked that the brand’s struggles were due to Piyush’s lack of business acumen, despite the impeccable design quality.
The founders asked ₹50 lakh for 1% equity, valuing the company at ₹50 crore. As the discussion heated up, the sharks made competing offers, each reflecting their confidence in NOOE’s potential and their concerns about its current state.
Aman Gupta initially offered ₹3 crore for 50% equity, aiming to "raise the cap table" and take control of the business. Peyush Bansal, seeing long-term potential, offered ₹3 crore for a 51% controlling stake, admitting that he hadn’t fully thought through the operational details but believed in the brand’s promise. Both offers were met with resistance.
Encouraged by Neetica’s boldness, the founders decided to take a leap of faith. They countered Peyush’s offer with a groundbreaking proposition: ₹5 crore for a controlling stake in NOOE.
Peyush, impressed by their resolve, accepted the deal and marked the largest investment in the history of Shark Tank India. His parting words to the founders were reassuring and promising them that they had made the right decision. As the episode concluded, he even extended a job offer to Neetica, highlighting her exceptional entrepreneurial spirit.
For those seeking to transform their spaces into havens of creativity and productivity, NOOE offers not just products, but a lifestyle.