New Delhi: In 2021, Shark Tank debuted in the Indian market, providing a valuable platform for a diverse range of entrepreneurs to showcase their businesses. One remarkable success story from the show is Rare Planet, India's largest airport retailer. Rare Planet’s outstanding performance in the last two years after securing a deal on the show has now created a landmark achievement marking the way for the first-ever exit for a Shark with a 3.5x return on their investment. Started as a venture in the first year of BTech by Ranodeep Saha and later joined by Vijaya Kumar TR as Co-Founder, the success of this company stands as a testament to the opportunities and recognition that Shark Tank India has brought to aspiring entrepreneurs in the country.
Ranodeep Saha's exceptional pitch with co-founder Vijaya Kumar TR in Season 1 of Shark Tank India left a lasting impression on the sharks, particularly Namita Thapar. The pitch seamlessly integrated the company's commitment to social responsibility, prompting Thapar to make an independent investment in the company. Within just two years of securing funding for the show, Rare Planet has achieved remarkable growth, witnessing a 5X revenue increase and double-digit PAT profit.
Namita Thapar was impressed by Rare Planet's remarkable revenue achievements and commendable impact on the lives of over 10,000 artisans. Since the initial investment by Namita and their appearance on Shark Tank India 1, Rare Planet's footprint has expanded significantly by 12X growth in stores across India. Starting from a presence in 5 airports, the company now operates in over 37 airports with 50 stores nationwide. The company has diversified its offerings, introducing Rare Planet Luxe, a luxury format, situated across multiple airports. This format will be extended further in new airports in the pipeline. Also, the new format SITARA for Indian Fashion Accessories brand across 9 Airports, and brand 2M Minimart for Convenience Retail format across Tier 2 airports.
Rare Planet’s airport retail stores boast an extensive inventory of over 10,000 unique handcrafted items, and décor, ranging from mugs, copper bottles, cups, and plates, to Kulhads, along with stationery, jewellery, and accessories all created by more than 10,000 local artisans who are associated with the company. Notably, most of these artisans are women, pouring passion, hard work, love, and care into beautiful products every day. Beyond fostering artistic endeavours, Rare Planet is actively involved in making a positive impact on the lives of its artisans. The company contributes to education funds for the children of these artisans, thereby enabling them to dream big. This noble cause has resulted in over 8,000 artisans experiencing a substantial 180% increase in their income, facilitating the education of over 1,000 children.