Indian-origin creator Rahul Agarwal has secured $3,50,000 on Shark Tank USA for his unique product that redesigns measuring spoons into two foldable tools. Agarwal is the founder of Polygons and recently featured on Shark Tank USA, the business reality TV show. Founded in 2016, the origami-inspired foldable measuring spoon is designed to be “invisible” when not in use. Polygon magnetic spoons can convert into different sizes, can work with wet and dry ingredients and are designed to be sturdy to measure most ingredients.
“The spoon that folds flat, measures solids and liquids, and cleans in literally one wipe…,” one of the Instagram posts of Polygons reads, demonstrating the various uses of the product.
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Agarwal sought $350,000 for a 7% stake in Polygons on the show. His unique product was given two $3,50,000 offers from Kevin O'Leary and Lori Greiner. O'Leary initially offered the money for a 15% stake, which was later lowered to 10%, matching Greiner's offer. Agarwal ultimately negotiated a deal with Mindy Kaling and Greiner for $3,50,000 in exchange for 8% equity, along with an additional 2% in advisory equity.
According to Agarwal, Polygons had recorded lifetime sales of $4 million, including $1.25 million in the previous year.
“I love your background. You know, I am a child of immigrants. I love how smart you are. I love how scrappy you are. You have so much humility. And honestly, I love this,” Kaling reacted to his presentation on the show.
Agarwal's LinkedIn shows that he has done his Bachelor of Design from National Institute of Design in India. Previously, he was associated with IIT Gandhinagar, Mumbai-based Trip In Inc, and also served as a visiting professor at NID.
In October 2016, he founded Polygons Designs, which is based in Delaware. Polygons Design's other popular product remains its collapsible origami water bottle. The Instagram page of the brand notes that the product might soon be available in India.
The folding measuring spoon sells for Rs 2,900 on the brand website, but is out of stock at present.
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