Indulge: Shark Tank season 4 interesting business idea which cater to India's Elite
What is Indulge? Who are the founders of Indulge?
Indulge is a one-stop solution business founded by Karan and Advita. The vision of Indulge is to cater to India’s ultra-high-net-worth (UHNW) individuals by offering an exclusive luxury concierge service. Their idea is ambitious, to become a one-stop solution for bespoke travel, retail, dining, unique experiences, and special requests.
They are recently seen in Shark Tank season 4 with their interesting business idea.
Founding of Indulge
The journey of Indulge began with a simple yet profound idea: creating a service that could cater to the niche needs of India’s wealthiest. Karan and Advita envisioned a business that provides its clients unparalleled convenience, exclusivity, and access to premium services. Its vision is to serve the country’s 12,000 UHNW individuals, Indulge quickly gained attention for its audacious approach.
With membership plans priced at Rs 40,000 per month or Rs 4 lakh annually, Indulge positioned itself as a premium service. The company claimed to go beyond traditional concierge services by addressing extraordinary requests, like delivering a can of Diet Coke to a remote Himalayan village for Rs 4,000. This anecdote, shared on Shark Tank, became one of the highlights of their pitch and underscored the lengths to which the service is going to satisfy its clients.
Business Model and Early Success
Indulge’s revenue model is twofold membership fees and a 5% commission from brand partners for transactions made on behalf of clients. By the time they appeared on Shark Tank, Indulge had 183 paying clients and a growing reputation. The founders highlighted their app, which allowed clients to book villas, yachts, and even art pieces seamlessly. Another very interesting thing is they keep records on their client and always available on whatsapp.
Their journey, however, wasn’t without challenges. Early in their venture, they secured Rs 75 lakh in startup investment from millionaire Nikhil Kamath. However, Kamath’s subsequent departure from the business raised questions about the company’s trajectory and this point was later scrutinized on Shark Tank.
Indulge in Shark Tank India Season 4
Karan and Advita Seeked for Rs 50 lakh for 1% equity. They entered the Shark Tank with confidence and emphasized their exclusivity, premium services, and potential to tap into a lucrative market. However, their pitch sparked divided opinions among the sharks:
Anupam expressed ethical concerns, questioning the transparency of their business model. Aman found the concept unrelatable, citing his frugality and inability to justify spending on such a service. Peyush’s initial curiosity turned into scepticism when he uncovered inconsistencies in their financial disclosures. He withdrew his interest after learning about Nikhil Kamath’s exit from the business. Namita and Vineeta declined the deal, citing concerns about scalability and credibility.
Despite their best efforts, Karan and Advita’s pitch failed to secure an investment. The lack of clear details about their revenue, ethics, and investor history proved to be a significant barriers. They remain optimistic about their venture and believe in their vision and are determined to prove their detractors wrong.
Indulge’s story is a testament to the highs and lows of entrepreneurship. While their Shark Tank experience highlighted areas for improvement, it also showcased their resilience and innovative spirit.