Jan 12, 2023By: BI India Bureau
Shark Tank participant Preety Maggo pitched her unique startup that makes jewellery that can preserve human DNA in the form of hair, teeth, breast milk, umblical cord, blood and more. They can be incorporated into custom-made gold and silver pieces like pendants, watches and bracelets.
The Delhi-based optometrist has an Instagram following of over 60,000. She executed 500 such DNA jewellery orders till date. Magoo who learnt the craft in Germany dehydrates liquids like breastmilk and blood to create these jewellery pieces.
The idea of creating DNA jewellery came to Maggo in 2017 when she gave birth to her baby girl. She wanted to preserve her breast milk in an art form but that was possible only abroad. She founded Magic of Memories (MoM) in 2019.
Even if a loved one has passed away, their memories can be preserved through ‘memoir jewellery’. It's a comfort for someone who lost their loved one, Maggo claims on an Instagram reel.
Maggo sought an investment to the tune of ₹25 lakh for 5 percent equity in the company. Shaadi.com Anupam Mittal said, “We are still trying to digest your concept which seems difficult.” Sharks Aman Gupta and Vineeta Singh broke into peals of laughter while the product was being displayed.
“When I began working on Shaadi dot com, lots of people ridiculed and laughed at my idea. Don’t take this to heart,” Mittal told the founder, as the rest of the sharks laughed as the products were displayed.
MoM gets most of its customers from Instagram. The average order value is ₹11,000 and she currently earns ₹2 lakhs per month. In FY23, the annual sales of the company was ₹24 lakh.
Maggo also revealed a customer asked for sperm to be preserved. Another demanded if excreta can be made into custom jewellery. Both the requests were denied by the founder.
All the sharks refused funding to the startup. Gupta said, “I can understand preserving the first hair of a baby through a scrapbook. I cannot relate to this business.” Namita Thapar, VP of Emcure Pharmaceuticals said that it’s not scalable. Vineeta Singh, CEO of Sugar Cosmetics said, “You have only sold 500 items in three years. The demand is low.”
Judge Peyush Bansal asked Maggo to simplify her offerings only to hair, rather than offering multiple DNA elements. "It is not investable for me because the demand is small,” he said.