Kunal Bahl, the co-founder of Snapdeal and Titan Capital, has made one of the biggest investments so far on the fourth season of Shark Tank India. Bahl, the newest “shark” in the tank, made a massive investment in Kiwi Kisan Window, a health food brand.

Brand Founders: A couple from Uttarakhand said their brand brings regional specialties from across the country under one roof. When asked about the breakdown of their offline and online sales, they said 97 percent of their sales come from offline channels and only 3 percent are from online channels currently.

During their presentation, the founders mentioned that they are looking to build their brand along the lines of American giant Trader Joe’s. They also expressed interest in expanding their business’ online presence.

In order to achieve this goal, they sought an investment of ₹ 50 lakh in return for 1% equity, which put the business valuation at ₹ 50 crore. In addition, they predicted sales worth approximately 10 million rubles by 2024.

Hearing this, Bahl asked them why they want to expand online since Trader Joe’s sells only through offline stores. In response to this, the founders said they want to be where their customers are, citing Patanjali and Organic India as their rivals.

boAt’s Aman Gupta offered the founders a deal: ₹50 lakh in exchange for 3 percent equity and 2 percent royalties until he doubles his principal investment. With this offer from Aman, Azhar Iqubal decided to partner.

That’s when Bahl decided to offer the founders of Kiwi Kisan Window a deal they couldn’t refuse. “When I’m interested in a business, I go all in,” Bahl said as he made the offer.

He made them a huge offer of Rs 2.5 crore in exchange for 10% equity, 5 times the founders initial ask. The founders accepted the deal immediately. While handing over the check to the founders, Kunal said, “I will help you become the Trader Joe’s of India.”

The founders also mentioned that they met each through activist gatherings and started the brand a few years ago. Among the best products that Kiwi Kisan Window sells through its physical stores are Kashmiri kahwa, Kerala spices, Assam tea, Himalayan cow ghee, among others.

Vineeta Singh of SUGAR Cosmetics and OYO Rooms founder Ritesh Agarwal backed out of the deal. Vineeta opined that the brand’s numbers were too good to be true and that scalability could be a challenge.

Ritesh said they had quite low volumes at the store level. Aman Gupta suggested the founders to work on their brand and focus on the line.