Shark Tank India is India’s first business reality show, and we have seen so many unique, awkward, innovative and inspiring business stories on it. However, some pitches are still in audiences’ core memory, courtesy of the reactions of the Sharks or the rags-to-riches stories. One such entrepreneurial pitch and a business idea that not only shocked the Sharks but also broke the internet was from Preety Maggo, who is the Founder of the unique jewellery brand, Magic of Memories.
For the unversed, during the second season of Shark Tank India, Preety Maggo appeared on the show and asked for Rs. 25 lakhs in exchange for 5 per cent equity in her company, Magic of Memories. As soon as she revealed that she makes aesthetic and creative jewellery with the use of umbilical cord, blood, breast milk, hair, tooth, and more, she received a series of expressions of disgust and disapproval from the Sharks, Peyush Bansal, Vineeta Singh, Anupam Mittal, Namita Thapar, and Aman Gupta.
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In the beginning, Sharks were not at all impressed by the idea and concept behind Preety Maggo’s business, Magic of Memories. However, as soon as she opened up about her sales and shared how keepsake jewellery is quite common in Europe, Sharks lauded her efforts and confidence in her product. As per Preety Maggo, she started business in 2019 and closed the financial year with sales of Rs. 8 lakhs in FY 2019-2020, she did sales of Rs. 17 lakhs in FY 2020-2021 and Rs. 27 lakhs in FY 2021-2022.
Not only this, but Preety Maggo also stunned the Sharks when she revealed that her brand’s average order value is Rs. 11,000, and her net margin is 50 per cent. After listening to the statistics and metrics of Preety’s business, judges lauded her for making an average profit of Rs. 2 lakhs in a category that is completely new in India.
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Although the Sharks appreciated Preety’s vision and commitment, they couldn’t invest in her business as they found it too small as of then. However, today, we are going to take a look at Preety’s story, from doing a 9 to 5 job to building her brand, Magic of Memories.
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According to the official website of Magic of Memories, Preety Maggo was doing a 9 to 5 job as an optometrist before and after marriage. However, after giving birth to an adorable baby girl, she decided to quit her job and started taking care of her daughter. Soon, she started losing her identity and realised that she had to do something to find herself again. It was when she started researching about the potential businesses she could do and it was when she came across the idea of DNA/breast milk jewellery.
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After doing a lot of research online, Preety Maggo came across a German brand, who was making breast milk jewellery, it was when she decided to do something like that in India. It was in July 2019, when Preety started the company and generated sales from social media platforms like Facebook and Instagram. As of now, she has 94K followers on her Instagram handle and most of her reels has a series of thousand views.
Once, in an interview with HerStory, Preety Maggo opened up about her entrepreneurial journey. The entrepreneur revealed that she gained 47,000 followers in a span of just 25 days. She also talked about the prospect of making Magic of Memories solely around hair jewellery. Sharing her vision to cater to a wider section of the audience, Preety admitted that she is confident she can raise more money in the upcoming investing rounds. She said
"When I started posting content and reels last year, I had around 3,000 followers. The number increased to 50,000 in just 25 days. Maybe they are not aware of this concept. But I’m sure in the future, they will hear of it from other countries. Since it’s new to them, they reacted in a certain way. If I offer only hair jewellery, I will not be able to cater to a wider customer base. It can also be easily copied by other artists. I am confident that I will raise more than what I had asked for, and also scale this business and make profits."
Preety Maggo's appearance on Shark Tank India turned out to be extremely helpful for her brand, Magic of Memories. Although she didn't crack a deal with the Sharks, she got the exposure she deserved. As soon as the episode was aired, several people checked out her products and bombarded the comment section of her multiple Instagram reels with positive comments. Most of the people lauded Preety's vision and admitted that they also wanted to buy products of her brand. It was a massive moment for Preety as an entrepreneur to see people believing in her product at a time when investors refused to invest in her business.
Well, we are in love with Preety Maggo and her vision. What are your thoughts on her DNA jewellery? Let us know.
Also Read: Vineeta Singh's Story: Declined Rs. 1 Cr Job, 100 Rejections, Built Sugar Cosmetics Worth Rs 4100 Cr
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