Primebook, a made-in-India Android laptop brand, revealed its first-of-its-kind laptop for students – Primebook 4G on Shark Tank Season 2.
Having piqued the interest of four out of the five sharks, the brand received individual offers from Vineeta Singh, Aman Gupta, Peyush Bansal, and Anupam Mittal, along with a combined offer from all five sharks. Given its interesting value proposition, the brand accepted and secured Rs 75-lakh Investment from Peeyush Bansal and Aman Gupta for 3 percent equity.
With a current valuation of Rs 25 crore, Primebook will utilize the raised funds to further strengthen the brand's tech infrastructure and marketing mechanism to reach its precise audience. In their pitch to the judges, Primebook's founders and the team highlighted that even though students can reduce spending on education by 85 percent if they use a computer; only 1 out of 10 children in India get to use one. Therefore, the brand was built with a vision to empower 23 crore children in India by giving them access to a laptop that is high quality and offers the best price-to-performance ratios.
The episode featured an interesting banter between the sharks and the team where a series of questions about the laptop, scalability of the brand, choice of operating system, quality of hardware, and price points were discussed. Team Primebook answered each question with utmost confidence and sincerity, not only showcasing a belief in the brand but also their vision.
To a question asked by Vineeta Singh about the competitive nature of the market, Primebook’s CEO Chitranshu Mahant positively responded that the brand is prepared on all fronts to face competition from the giants. To this Peyush Bansal said, “I love that answer, joh innocence hai na, acchi hai.” He further added, “Stay Hungry, Stay Foolish.” As a remark to a statement made by Namita.
Aman Gupta who incidentally made the first offer to the brand also showed confidence in the response and said, “yeh hai ke hum kar payenge, darna nahi hai.” He initially also mentioned that after using the laptop, he felt that it was just like any other laptop, highlighting the brand's commitment to an easy learning curve.
Chitranshu Mahant, Co-founder and CEO, Primebook, said, "We are ecstatic about receiving this funding from Shark Tank. As a team, we have put our heart and soul into developing Primebook. Our vision is clear, we want every student in India to have access to a high-quality laptop for learning at a price point similar to that of a smartphone/tablet.”
Aman Verma, Co-founder, and COO, Primebook said, “We at Primebook truly believe that geniuses can be built in every home. We want to ensure that access to tech does not become a roadblock for eager learners; rather, it becomes a conduit for their success. The investment from Shark Tank will allow us to hire the right team to help grow our vision and fortify our infrastructure so that we can reach learners across the country."
Furthermore, Peyush Bansal while handing over the cheque said that Aman Gupta can help the team improve their hardware while he can aid in the upgradation of the software.
Chitranshu Mahant and Aman Verma, Co-founders, Primebook, said, “We couldn’t have asked for a better combo of sharks. We feel extremely lucky to get a chance to work with both.”
Primebook 4G will be integrated with a 4G wireless sim connectivity and the brand's proprietary Android 11-based operating system- PrimeOS, which is extensively tested for compatibility with over two lakh android apps that can aid learning. Over the last four years, Primebook has witnessed tremendous success in the B2B category and is now on the pathway to further expanding its operations in the B2C segment.