Shark Tank India pitcher, who failed to compete in Olympics as family couldn’t afford expensive bow, now owns Rs 25 cr archery brand, sharks say ‘no deal’ to ‘passion project’

What is BLYX?

BLYX is an archery equipment brand; it stands for Bow Line Yield X. They make affordable Indian round bows, using bamboo sticks. Founded by Moirangthem Raj Singh from Imphal, Manipur, the brand aspired to become a global name for the Olympics. Seeking an investment of Rs 50 lakhs in return for 2 percent equity, he placed the brand’s valuation at Rs 25 crores.

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While Namita called his pitch unique, she asked the founder why he decided to make this a business. The founder went on to share his story and said, “The Olympics were happening, and my family could not afford an imported bow worth Rs 2-3 lakhs. As a result of this, I could not participate in the Olympics. I represented the Delhi University, even though I didn’t get a rank, I won a silver and gold medal at the junior level.”

Anupam also asked if someone from Imphal made it to the Olympics for archery. The founder said Bombayla Devi Laishram from Imphal has been a three time Olympics champion. Soon after, Aman asked, “Why do you want to do this business?” The pitcher said, “Because of something so basic, many are not able to go to the Olympics. Many archers like me suffer because of budget constraints.”

Raj also went on to share that he started the brand in 2018, but sales began in 2023. Throughout, he has been profitable with an EBITDA of 8 percent. In 2023-24, the brand made a revenue of Rs 32 lakhs, in 2024-25, they made sales of Rs 62 lakhs, year to date, he has done a business of Rs 92 lakhs, and are projected to close at Rs 10 crores.

‘I don’t think you should take an investment’: Anupam Mittal

Unfortunately, the founder didn’t get an investment. Aman Gupta called his venture a passion project and opted out. He said, “This seems like your passion project. I don’t know what you will do with this in the future. Secondly, I think there is no market for this in India yet. Archery is still not a popular sport. The business has not reached that level where I can invest, so I am out.”

Anupam also advised the founder not to take an investment. He said, “India has started doing well in archery, we are winning medals in every ASIAD Games, and we might also win at the Olympics, the sport is progressing. You are doing a great job, but I don’t think you should take an investment. This business can only run with passion; if you take an investment, this will get into a different race. That may not be the thing you want; it is a huge obligation to return capital and more. Have you tried the government schemes that are there for this? Grow through that, and that will be ideal for you. I am out.”

Mohit Yadav said, “Your current business in India is B2B, and what you want to make is the B2C category. A lot of focus is on things that you have yet to do. Maybe after the launch, if you need support there, we can connect later. For now, I am out.” Namita also gave similar feedback. She said, “You started the pitch by saying that it’s your dream to see Indian made bows and arrows to be used in the Olympics, for that you need to manufacture here. Right now, you have not built the factory, nor is there visibility on whether you will be able to make it. Move forward with that, give the investors confidence, and then we will invest in it. For today, I am out.”

Kunal Bahl also opted out and said, “I have met many people from the North East in my company, I have noticed they are very nice and very smart. When you speak with them, you don’t realize this, but you are a very good ambassador for your state. However, this business is not ready for funding now; it’s a nice manufacturing business for a niche product. There is a long journey you have from here, and there is no clarity about it, so I am out.”