Startup makes Shark Binh 'close deal' for 8 billion VND

Once an orphan, working hard all year round in the fields in Ha Tinh , Chu Van Nam has become the owner of an essential oil business with a revenue of tens of billions of VND/year, making all the sharks emotional.

Bringing a touching story about difficult circumstances, with an orphaned childhood in a poor countryside, Chu Van Nam made Shark Binh and the "sharks" feel grateful for the achievements of becoming the owner of 74 points of sale.

Chu Van Nam brings a touching story about his unhappy childhood in a poor countryside.

Revenue from 2019 to 2022 of Nada Oils essential oil business is quite high, averaging 8 billion VND per month. Due to the impact of the epidemic as well as the economic situation, the number of counters has now decreased to 36, of which 20 counters are directly owned by Mr. Nam, the remaining 16 counters are owned by agents and franchisees. All counters are profitable.

Realizing that the direct sales model to customers at the counter was no longer effective, Mr. Nam expanded his business to the B2B model, targeting corporate customers, specifically focusing on products used for hotels, restaurants, and spas in addition to the previous products for homes, cars, etc.

Inspiring entrepreneurship

Shark Binh highly appreciates the founder's journey of "overcoming oneself", which is an inspirational story about disadvantaged young people successfully starting a business. He also offers marketing methods suitable for startups...

"I eat and sleep with essential oils 18 hours a day...", Nam shared Photo: Shark Tank

Responding to Shark Nga about the origin of raw materials, the startup said it can proactively source 30% of raw materials with two factories in Dak Lak and Dak Nong producing lemongrass, ginger, oranges, grapefruit, the rest is imported.

Appreciating the potential of essential oil products, Shark Binh said that this market is actually a "blue ocean, meaning the demand for scent solutions in offices is still very large".

Shark Tillman Schulz asked why the startup convinced the sharks to invest. Chu Van Nam said: first is the passion for essential oils when "I eat and sleep with it every day 18 hours and I have a special love for essential oils. Without essential oils, I wouldn't be able to go to school, without essential oils, I wouldn't have the opportunity to come to the sharks"; second, Vietnam is a green gold mine for essential oils, there are many essential oil materials, many precious medicinal herbs, so I want to bring Vietnamese essential oils to the world, export essential oil materials, and believe there is a way.

Coming to Shark Tank, Chu Van Nam wants to raise 8 billion VND for 20% of shares.

Shark Binh "witnessed" Nada Oils products before making a decision.

Finally, Shark Binh successfully "closed the deal" Photo: Shark Tank

Shark Binh proposed to invest 8 billion VND for 35% of shares along with participation in family images and online marketing ideas. Chu Van Nam agreed, another successful deal!

Episode 11 of Shark Tank Vietnam season 7 also impressed with the inspirational journey of electronics PhD Nguyen Duy Dinh from Japan to Vietnam to start a business, with an electric vehicle charger product; besides the story of 5 female university students confidently convincing 2 "sharks" to make a deal for the company's mental health care service.

Thanhnien.vn

Source: https://thanhnien.vn/startup-khien-shark-binh-chot-deal-8-ti-dong-18524100722232519.htm