Savani Heritage Conservation, renowned for its expertise in restoring and preserving artwork, prints, sculptures, drawings, and decorative art pieces, was featured in a recent episode of Shark Tank India Season 4. With its distinctive business approach and solid reputation, the company successfully secured a deal.
The Pitch
The founders sought ₹3 crore for 1% equity, valuing the company at ₹300 crore.
During the pitch, one of the co-founders, Ram, highlighted their reliance on government contracts for 85-90% of their projects, with the remainder coming from private clients. Ram also pointed out a critical issue in India—while funds are allocated for restoration, ongoing maintenance is often neglected.
The company’s impressive revenue of ₹124.7 crore, the highest reported on Shark Tank India to date, caught the sharks’ attention.
However, Anupam raised concerns about their financial statements, particularly their net profit margins and receivable cycle. Consequently, Vineeta and Kunal chose not to make an offer.
Ritesh Agarwal made an initial offer of ₹1 crore for 1% equity and ₹2 crore in debt at an annual interest rate of 10% for three years. After extensive negotiations, the deal was finalized with Ritesh investing ₹1 crore for 0.8% equity and ₹2 crore in debt under the same terms, valuing the company at ₹125 crore.
About Savani Heritage Conservation
Founded in 1995 by Shantilal J. Savani, Ram Savani, and Jagrut Savani, Savani Heritage Conservation has carved a niche in the art conservation industry.
Based in Mumbai, Maharashtra, the company focuses on safeguarding valuable artistic works through innovative and meticulous restoration techniques.
While primarily operating in the construction industry, the firm stands out for its specialization in heritage conservation, offering services that protect and restore historical artworks to ensure their longevity.
Ritesh described the deal as a landmark moment, sharing that it was the highest valuation agreement in Shark Tank India’s history. He also expressed excitement over partnering with the company, emphasizing its potential to further transform the art conservation landscape in India.
