In a nostalgic nod to childhood tales and traditional craftsmanship, the third season of Shark Tank India witnessed an extraordinary pitch by the startup ‘P-TAL,’ reigniting memories of the timeless “Th se Thathera” saying from Hindi literature. P-TAL, short for Punjab Thathera Art Legacy, took the sharks on a journey through the heart of traditional utensil-making, ultimately securing a deal that surpassed all expectations.
Reviving Thathera Craftsmanship
P-TAL, founded in 2019 by Aditya Aggarwal, Kirti Goyal, and Gaurav Garg during their time at Shri Ram College of Commerce, Delhi, embodies the essence of traditional Thathera craftsmanship. Specialising in handcrafted brass, copper, and bronze utensils, the startup aims to reintroduce the age-old practice of cooking and dining in vessels known for their nutritional benefits and cultural significance.
Transforming Lives of Thathera Families
Beyond its commercial success, P-TAL has become a beacon of hope for approximately 55 Thathera families, once struggling to make ends meet. Originating from Jandiala Gurudwara, near Amritsar, these families have experienced a remarkable transformation, witnessing their monthly incomes soar from mere thousands to substantial figures, ranging from Rs 25,000 to Rs 1 lakh.
From Modest Beginnings to Impressive Growth
Despite initial skepticism from some sharks regarding the luxury tag associated with P-TAL’s products, the startup’s dedication to quality and heritage soon won over the investors. P-TAL’s sales trajectory tells a story of remarkable growth, with revenues skyrocketing from Rs 21 lakh in 2019-20 to an impressive Rs 3.98 crore in 2022-23. With projections indicating a potential Rs 9 crore in sales for 2023-24, the company stands as a testament to the profitability of preserving tradition in a modern market.
Deal
In a nail-biting negotiation on Shark Tank, P-TAL founders initially offered 1 percent equity at a valuation of Rs 50 crore. After intense deliberations, the founders clinched a landmark deal, securing Rs 1 crore investment for 3.2 percent equity at a valuation of Rs 31.25 crore from all sharks. This double investment surpassed expectations, marking a significant milestone in P-TAL’s journey from bootstrap beginnings to securing vital funding.
Navigating Growth and Expansion
Bolstered by recent investments, including a seed round led by Titan and participation from notable D2C founders, P-TAL is poised for further expansion. With a thriving online presence complemented by a retail outlet in Delhi, the startup eyes a share of India’s burgeoning market for traditional utensils, estimated at Rs 30-35 thousand crores.
Source: Zee Business
