'Harshly treated' says pitchers on Shark Tank India; Reflect on intense pressure, drama | WATCH
Entertainment: Piyush Suri and Neetica Pande, the founders of Nooe, secure a life-changing deal on Shark Tank India while facing skepticism about India’s readiness for luxury brands.
Entertainment: Entrepreneurs Piyush Suri and Neetica Pande, behind the luxury lifestyle brand Nooe, recently shared their wonderful journey on the Shark Tank India Season 4. Despite stiff scrutiny and questioning from the investors, the two managed to finalize a deal which they termed "life-changing." In this pitch, Piyush was explaining the origins of Nooe, saying that "I feel one should build first as a consumer. Spent 15 years in designing and product development, and Neetica had vast experience of exceptional products, and it felt normal to combine those skills and passions into a brand. We were looking to have a design-centered, premium luxury brand."
Creating a luxury brand with a personal touch
The Nooe idea germinated during the pandemic, while its founders realized a huge demand in the market for great-quality desk accessories. Their ambitions did not stop here. As he claimed to be a productivity buff, Piyush said, "We have created this fusion of both our characters." Neetica, having been based in Copenhagen, identified that India's high-value lifestyle didn't have too many options available in the marketplace for sustainable minimalism. "There was absolutely nothing available in the market," she said, further highlighting the Indian market's necessity for such offerings.
India luxury market preparedness to face challenges
While presenting their brand, Shaadi.com founder Anupam Mittal remarked, "India is not ready for Nooe." Piyush very strongly disagreed on this by showing the growth in the luxury market in India and the rise in affluent consumers. "'The luxury market in India has been growing phenomenally in the last three years. About 15% of our customers are Bollywood stars and industrialists who knew about our brand even before Shark Tank," he said. Neetica compared their journey to that of the sharks, noting, "All of the Sharks who were sitting there, they were also very early on, and people weren't ready for it, but they did create that need in the audience."
Piyush's experience: Harsh criticism by sharks
Piyush felt slighted when initially, the sharks termed Nooe an "outlier brand." He says, "People are amazed at the price points and kind of quality." He further reflects that how they had doubted it to have sales even with an existence in the globe, in high markets like Harrods. He felt that the short time they had on the show did not give the sharks an opportunity to understand their unique brand. "It's hard to judge what we do because we are unique," he added.
Decision to partner with Peyush Bansal
The founders selected Peyush Bansal of Lenskart after receiving several offers, citing his vision for building global brands as a key factor. "Peyush's vision of building global brands was a lot more appealing," Piyush shared. It was a very quick decision that came out of a very tense negotiation, with Aman Gupta of boAt and Peyush competing for their partnership. Neetica found the process overwhelming when they were coming at them for so many things. It really becomes like a crazy situation when you just have 90 seconds to make a decision.
