The idea for the brand emerged during a trip to Ladakh, where they observed telescopes in hotels catering to tourists.
Their mission is to enhance the stargazing experience for beginners and enthusiasts alike by providing high-quality telescopes at competitive prices.
Brand Overview
Pie Matrix specializes in telescopes and binoculars, offering products that are easy to assemble and use.
The company aims to fill a niche in the Indian astronomy market, where few brands exist.
Their telescopes range in price from ₹4,000 to ₹2 lakh, with 80% of sales coming from telescopes and 20% from binoculars.
The brand has quickly gained traction, selling through both online platforms and over 120 offline stores.
Shark Tank India Appearance and Ask
Aman and Akash pitched their brand Pie Matrix. They sought an investment of ₹1 crore for 3% equity, valuing their company at ₹33.33 crore.
The founders expressed their desire to grow the astronomy market in India by targeting schools, institutions, and potential government contracts.
Season and Episode Air Date
Season: 04
Episode: 32
Episode Air Date: Tuesday, 18 February 2025
Product Overview
Pie Matrix offers a variety of telescopes designed for different user needs:
Cheapest Model: Starts at ₹4,000.
Most Expensive Model: Priced at ₹2 lakh.
Automated Telescope: Costs ₹75,000 and can track celestial objects.
The founders emphasized that international competitors lack adequate customer support in India.
Investor Reactions
The sharks had mixed reactions:
Anupam Mittal: Initially excited but ultimately felt the valuation was too high.
Aman Gupta: Questioned long-term engagement with the product.
Peyush Bansal: Expressed concerns about the current market size.
Vineeta Singh: Highlighted pollution issues affecting visibility in India.
Namita Thapar: Suggested focusing on customer education through social media.
Customer Engagement Philosophy
Pie Matrix actively engages its customers by sending daily reminders about celestial events that budding astronomers can observe.
They have built a community of over 15,000 users who are passionate about astronomy.
Product Highlights
The telescopes from Pie Matrix are characterized by:
Easy assembly.
A wide price range catering to different budgets.
Automated tracking features in some models.
Future Vision
Despite not securing a deal on Shark Tank India, Pie Matrix has ambitious plans for growth:
They project revenues of nearly ₹7 crore for the current year and aim for ₹15 crore next year due to anticipated government contracts.
The founders believe that adjusting their valuation could attract future investors and strengthen their brand presence in the market.
They plan to expand marketing efforts and build partnerships with schools and astronomy clubs to enhance credibility and reach within the community.
Deal Finalized or Not
The pitch did not result in a finalized deal.
Anupam Mittal was the only shark who showed interest, offering ₹25 lakh for 5% equity along with a loan of ₹75 lakh at 12% interest.
However, after the founders countered with an ask for ₹75 lakh for 5% equity, Anupam declined.
Ultimately, they left without securing any investment.
Pie Matrix Shark Tank India Review Website Data
Category
Details
Website Information
Website
Pie Matrix
Built On
E-commerce Shopify
SEO Performance
Good, but needs improvement
Organic Traffic
5.5K visitors per month
Founders
Co-Founders
Aman Choudhary, Akash Choudhary
Brand Origin
Inspired by a trip to Ladakh, noticing telescopes in hotels for tourists
Mission
Enhance the stargazing experience for beginners and enthusiasts
Brand Overview
Specialization
Telescopes and Binoculars
Market Niche
Indian astronomy market with limited competition
Price Range
₹4,000 – ₹2 lakh
Revenue Breakdown
80% from telescopes, 20% from binoculars
Sales Channels
Online platforms and 120+ offline stores
Shark Tank India Appearance
Investment Ask
₹1 crore for 3% equity (₹33.33 crore valuation)
Target Audience
Schools, institutions, and government contracts
Season & Episode Details
Season
04
Episode
32
Episode Air Date
Tuesday, 18 February 2025
Product Overview
Cheapest Model
₹4,000
Most Expensive Model
₹2 lakh
Automated Telescope
₹75,000, tracks celestial objects
Customer Support Advantage
Better than international competitors
Investor Reactions
Anupam Mittal
Found valuation too high
Aman Gupta
Questioned long-term engagement
Peyush Bansal
Concerned about market size
Vineeta Singh
Highlighted pollution affecting visibility
Namita Thapar
Suggested social media for customer education
Customer Engagement
Community Size
15,000+ astronomy enthusiasts
Engagement Strategy
Daily reminders of celestial events
Future Vision
Projected Revenue for 2025
₹7 crore
Projected Revenue for 2026
₹15 crore (due to government contracts)
Expansion Plans
Schools, astronomy clubs, marketing efforts
Deal Status
Finalized Deal?
No
Anupam’s Offer
₹25 lakh for 5% equity + ₹75 lakh loan at 12% interest
Founders’ Counteroffer
₹75 lakh for 5% equity
Final Decision
No deal closed
Business Potential in India
Market Size
USD 1.21 billion (2023) → USD 1.37 billion (2032)
TAM in India
₹300 crore
Growth Factors
ISRO influence, increasing youth interest
Target Audience & Segmentation
Age Group
10-35 years
Demographics
Students, families, hobbyists
Geographic Focus
Urban areas
Marketing Strategy
Brand Awareness
School/university collaborations
Social Media Engagement
Instagram, YouTube
Influencer Partnerships
Astronomy influencers
Content Strategy
Educational Content
Blogs, videos on stargazing
SEO Optimization
Improve rankings to increase organic traffic
Email Marketing
Newsletters on celestial events & promotions
Distribution Channels
E-commerce Platform
Shopify-based website
Offline Retail
120+ offline stores
Educational Partnerships
Schools for astronomy programs
Advantages
High Demand
Growing astronomy interest
Unique Positioning
Quality telescopes with localized support
Strong Community Engagement
15,000+ active users
Challenges
Market Education
Awareness about telescope use needed
Pollution Issues
Affects visibility
Competition
International brands with limited support in India
Reasons for Success
Innovative Product Offering
Easy-to-use telescopes for beginners
Community Building Initiatives
Engaging through events and social media
Scalability Potential
High growth possibility in India
Mitigation Strategies
Education Programs
School workshops for telescope usage
Pollution Awareness Campaigns
Educate about optimal viewing conditions
Flexible Pricing Models
Financing and rental options
Future Roadmap
Short-Term Goals (1 Year)
Revenue goal of ₹15 crore, SEO improvements
Mid-Term Goals (2-3 Years)
New product lines, nationwide partnerships
Long-Term Goals (5 Years)
Increase valuation, expand internationally
Pie Matrix Shark Tank India Business Plan
Business Potential in India
Market Size: The global telescope market was valued at USD 1.21 billion in 2023 and is projected to grow to USD 1.37 billion by 2032, with a significant share coming from the Asia-Pacific region, particularly India2.
Growth Factors: The increasing interest in astronomy among youth, supported by organizations like ISRO, is driving demand for telescopes in India.
Current Revenue Projection: Pie Matrix projects revenues of ₹7 crore for FY 2024-25 and aims for ₹15 crore in FY 2025-26 due to anticipated government contracts and market expansion.
Total Addressable Market (TAM)
TAM Estimation: The telescope market in India is estimated to be around ₹300 crore, with significant growth potential driven by educational institutions and hobbyists.
Market Segmentation:
Educational Institutions: Targeting schools and colleges for astronomy programs.
Hobbyists and Enthusiasts: Individuals interested in stargazing and astrophotography.
Ideal Target Audience and Demographics
Age Group: Primarily targeting individuals aged 10-35 years.
Demographics:
Students interested in science and astronomy.
Families looking for educational tools.
Astronomy enthusiasts and hobbyists.
Geographic Focus: Urban areas with access to educational institutions and communities interested in astronomy.
Marketing Strategy
Brand Awareness Campaigns: Collaborate with schools and universities to introduce astronomy programs.
Social Media Engagement: Utilize platforms like Instagram and YouTube to showcase celestial events, user-generated content, and product demonstrations.
Influencer Partnerships: Partner with astronomy influencers to reach a wider audience.
Pie Matrix Content Strategy
Educational Content: Create blogs and videos about stargazing tips, telescope usage, and celestial events.
SEO Optimization: Improve website SEO to increase organic traffic from the current 5.5K visitors per month.
Email Marketing: Send newsletters featuring upcoming celestial events and promotions.
Pie Matrix Distribution Channels
E-commerce Platform: Sales through their Shopify-built website, focusing on online marketing strategies.
Offline Retail: Expand presence in more offline stores beyond the current 120 locations.
Partnerships with Educational Institutions: Collaborate with schools to provide telescopes for educational purposes.
Advantages of Pie Matrix
High Demand: Growing interest in astronomy among young people.
Unique Positioning: Focus on quality telescopes with customer support tailored for the Indian market.
Strong Community Engagement: Building a community of over 15,000 users passionate about astronomy.
Challenges Faced by Pie Matrix
Market Education: Need to educate potential customers about telescope usage.
Pollution Issues: Air quality affecting visibility can deter customers from purchasing telescopes1.
Competition from International Brands: Limited local competition but strong international brands lacking customer support.
Reasons for Potential Success
Innovative Product Offering: Unique telescopes designed for ease of use cater to beginners.
Community Building Initiatives: Engaging customers through events and social media fosters loyalty.
Scalability Potential: With the right marketing strategies, the brand can scale rapidly within the growing Indian market.
Mitigation Strategies
Education Programs: Conduct workshops in schools to demonstrate telescope usage and benefits.
Pollution Awareness Campaigns: Inform customers about optimal viewing conditions and locations away from city pollution.
Flexible Pricing Models: Offer financing or rental options to make telescopes more accessible.
Future Business Roadmap for Pie Matrix
Short-Term Goals (1 Year):
Increase revenue to ₹15 crore by expanding distribution channels and enhancing marketing efforts.
Strengthen online presence through improved SEO strategies.
Mid-Term Goals (2-3 Years):
Launch new product lines catering to different segments (e.g., professional astronomers).
Establish partnerships with educational institutions nationwide.
Long-Term Goals (5 Years):
Aim for a valuation increase by focusing on brand equity and customer loyalty.
Explore international markets for expansion based on success in India.
By implementing this business plan, Pie Matrix can effectively position itself as a leader in the Indian telescope market while addressing challenges through strategic initiatives.
Pie Matrix Shark Tank India Episode Review