The February 13 episode of Shark Tank India featured Prachi Bhatia, the founder of Chokhat, a Delhi-based home decor brand that aims to make designer and luxury home decor accessible to all. Established in 2018, Chokhat stands out with its animal- and nature-inspired designs, offering unique and artistic decor pieces.
Seeking an investment of ₹50 lakhs for 7% equity, Prachi, a product designer by profession, showcased her brand’s journey, impressing the sharks with her creativity and dedication. The beautifully crafted gifts she brought for them also earned appreciation. However, while her brand and business numbers were promising, she faced some tough questioning from the sharks—especially regarding her hiring practices.
During the discussion, Anupam Mittal raised a crucial point about team management. Prachi admitted that for the first four years, she managed the entire business alone. Though she eventually realized the need for a team, she hesitated to hire, fearing she might have to fire employees later.
This hesitation led Peyush Bansal and Aman Gupta to question her decision-making ability, with Peyush asking, “Aise toh aap kisiko kaam pe nahi rakh paoge? Aapko kaise pata chalega kisey hire karna hai aur kisey nikalna hai?” (You won’t be able to hire anyone like this. How will you know when to hire and fire?) Prachi acknowledged that team-building was a skill she still needed to develop.
She further shared that she had only recently hired two employees, one earning ₹10,000 per month and the other ₹7,000 per month. When Anupam Mittal asked about her highest-paid employee, she revealed that the previous highest salary was ₹15,000, but she had let that employee go last month.
Hearing this, Anupam pointed out the contradiction in her approach, stating, “On one hand, you say you want to do the best for your employees, but on the other, you are paying them below minimum wage.”
Responding to Anupam’s concerns, Prachi explained, “I need a good team, and that comes at a cost. That’s why I am here—to secure at least one year’s salary runway for the people I hire.” Her honesty and ambition resonated with the investors.
In the end, Anupam Mittal and Peyush Bansal jointly offered her a deal of ₹30 lakhs for 10% equity, along with an additional ₹20 lakhs as debt at 10% interest for one year. While she didn’t receive her initial ask, Prachi walked away with funding that would help her build a stronger team and scale her business to new heights.