The Jaipur Watch Company not only makes watches, but also incorporates elements of the rich Indian tradition and history into its designs (one particular design has the last British India coin as its focal point). Both their own website and internet marketplaces are used for sales.
President Narendra Modi, actors Amitabh Bachchan, Vidya Balan, Rajkumar Rao, Rana Daggubati, and Nawazuddin Siddiqui, as well as cricketers Rahul Dravid, Yuvraj Singh, and KL Rahul, among others, all sport the brand watches.
The tale of Gaurav is as special as his timepieces. The anecdotes of Gaurav’s business journey are worth sharing, from having to sell his BMW 3 Series in order to produce the first collection to being the first Indian brand to sponsor the Jaipur Polo Festival and making a Rs 2.4 lakh sale mid-air.
Let’s see if Jaipur Watch Company got a deal from the Sharks.
About Jaipur Watch Company
Season 2 of Shark Tank in India Founder of the Jaipur Watch Company: Gaurav Mehta is the company’s founder. In 2005, he received his MA in Risk Management from Nottingham University Business School. He enjoyed collecting vintage coins and postage stamps. He once had the bright notion to use his father’s toolkit to create a custom watch out of his old collection. He advanced in his path due to his seek and passion, expanding into Jaipur Watch Company Heritage Unique Collections.
The Jaipur Watch Company offers limited editions of handcrafted piece timepieces that combine heritage with a faint undertone of contemporary style. Each watch is painstakingly made by hand to be treasured as an heirloom. This one-of-a-kind method of passing along the historical legacy to the future generations is still being used today. The Jaipur Watch Company is India’s first custom watch company, and it firmly supports the “Make in India” concept. It does it in a spectacular way by showcasing the Indian heritage via its goods as well as the country’s history as it unfolds. The first watch was made with the coin of British time.
Sales and Valuation
Gaurav makes his request of Rs. 50 lakhs for 2% equity, following his aim of creating a niche for an Indian luxury brand in the market with the tagline “India + Luxury = Global.”
Their selection of timepieces falls within the Pret and Bespoke categories. The cost of the latter, which is also gold-plated, ranges from Rs. 1.5 to 24 lakhs, whilst the former has a price range of Rs. 20,000 to 50,000. Aman immediately mentions the necessity for smartwatches, to which Gaurav immediately responds that such designs are already in the works.
For the fiscal year 2021–2022, total sales were reported at Rs. 1.07 crores, with the Pret category accounting for 80% of those sales and Bespoke accounting for the remaining 20%. In addition, Gaurav discusses the sales criteria, his five-star hotel marketing plan, and the corporate gifting option. He also describes how he entered the market with a single standalone store in Jaipur. The company’s net margin is reported as 25% while its gross margin is listed at 75%.
Deal or no-deal?
Peyush suggests contacting watch suppliers like ETHOS and Kapoor & Sons, but Gaurav’s response is not only heartbreaking but also enlightening. He reveals that these companies have little interest in developing Indian watch brands and are just concerned with keeping their lineup of foreign goods. Then he continues by mentioning a brand-new idea for “immediate Bespoke watches” that will soon be available, allowing buyers to see their purchases being customised in real time.
Aman continues by discussing the brand consumer strategy, to which Gaurav responds that a company’s survival instinct will take over. Aman swiftly rejects the notion in this instance, though. Namita appears interested in the watch industry, but she divides it into two emerging categories that are currently dominating the market: smartwatches and the “aspirational” group, and in Gaurav’s case, the scalability is constrained.
Peyush believes he should concentrate on branding and create additional brick-and-mortar businesses. He wishes Gaurav the best and walks away from the contract in the hopes that he creates an original Indian luxury brand. Anupam, on the other hand, thinks that the founder’s strategy is a little unclear. He also mentions that the brand’s name is inappropriate and that he and others are unable to now recognise the firm as an investible one. He concluded by advising Gaurav to boost the cost for the top-tier super-luxury products while making some tweaks to the lower end category.
Amit struggles to convey the company’s policy’s clarity since it switches carelessly from being a B2B to a B2C model. Finally, Aman agrees to assist him with the brand strategy—but not as an investor—and solely off-field. Gaurav Mehta leaves the meeting with a tonne of suggestions for improving his company strategy but no deals for the day.
So yeah, sadly, no deal.
Narendra Modi and many other well-known people have worn watches made by the Jaipur Watch Company. On its social media, everyone’s reactions have been recorded. Have you heard of such a business watch before? If you have tried this product, please let us know how it worked out for you.
Where to find
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