Jewelry store chain startup 4.0 attracts attention at Shark Tank despite leaving empty-handed

On the evening of June 5, Shark Tank Vietnam season 5 episode 1 officially returned. With many changes in the rules of the game as well as the appearance of a new “shark”, Shark Hung Anh – Chairman of BIN Group, the show becomes even more interesting and dramatic. In particular, startups are equally impressive as soon as they start to “launch”.

The opening is the swing from the rope down to the stage of the startup Le Luu Dung – founder and CEO of Jungle Boss, specializing in providing adventure tour services to explore caves in Phong Nha – Ke Bang. Coming to Shark Tank this time, Jungle Boss wants to find 10 billion VND for 20% of the company’s shares. This budget will be used to develop two new product types, glamping and paragliding – heritage paragliding, marketing development and human resource training.

Next, Founder Le Ngoc Tri’s EM & AI project called for $1 million in capital for a 5% stake. After many debates with the Sharks, Le Ngoc Tri played the “open door” when convincing Shark Lien. Startup Voicebot AI offers to deposit $ 100,000 to verify the commitment to achieve KPI in 2 months, if not, this money will not be taken.

The last founder to appear in Shark Tank Vietnam season 5 episode 1 is Hana Ngo – CEO of HanaGold, a jewelry store chain that applies 4.0 technology in management and business.

According to the female CEO, HanaGold was established in 2020 but officially went into business in September 2021, it has been 8 months so far. More than 15,000 customers use the HanaGold application, of which about 30% have had transactions as a result of 2 days after launching the mobile app.

Coming to HanaGold, customers can buy accumulated gold online from only 100,000 VND and can sell it right on the app and vice versa for HanaGold gold shop. If there is a need to receive physical gold, customers can buy and accumulate gradually until they have enough gold, then receive gold directly at stores or franchised stores nationwide. Currently, HanaGold has built 3 showrooms and is continuing to expand.

With the franchise model, investors only need to spend an amount of capital from 500,000,000 VND to own a 4.0 jewelry store and depending on financial capacity, investors will have an appropriate showroom size setup. Hana Ngo calls for an investment of $200,000 for a 10% stake in Shark Tank.

However, HanaGold did not receive the investment of the Sharks. Shark Lien said that although she likes Hana Ngo, she thinks this business model is not safe for customers. Meanwhile, according to Shark Hung, the accumulation model through the application will not control the price of gold up and down, and the success or failure of the business will greatly depend on the problem of cash flow.

For his part, Shark Phu is quite optimistic about the innovation of the startup, but he thinks that if the project is developed by major financial units in the world, it will be able to gain the trust of customers.

Sharing about her business model, the female CEO added:With HanaGold, users can trade anywhere and at any time. The foundation of Industry 4.0 makes the transaction process between customers and gold shops convenient, time-saving, safer and more efficient.The female CEO also said that the HanaGold application has been trusted by many big investors with more than 43,000 users to download the app in just 7 days of launch, and this number is still growing steadily.

Although she did not receive the investment, Hana Ngo expressed her determination to maintain her stance and continue to make efforts to affirm that HanaGold is an effective and innovative business model that will make practical contributions to the jewelry industry. “We completely believe in our business model, believe that with the current trend of digitization, HanaGold will be more and more accepted and explode in the coming time.“, Hana Ngo is confident.

It is known that the jewelry store chain HanaGold won the third prize of the Techfest 2021 startup talent competition thanks to its solution to digitize the gold, silver and gems business.