Shark Tank India 3 is keeping the viewers hooked with the interesting pitches and innovative business ideas. This season saw the addition of 6 new Sharks to the panel. It goes without saying that not all deals manage to fall through on Shark Tank India 3. And similarly, a recent pitcher didn’t secure a deal even after Sharks Aman Gupta and Ritesh Agarwal signed the cheque. Now, the pitcher has featured in a podcast and made a statement that caught the attention of the netizens.
‘Cheque nahi fata hai, Aman ki kismat fati hain’
The pitcher was excited about the massive exposure they received on the channel's prime time slot. According to him, the channel charges a whopping INR 30 lakhs for just 30 seconds of advertisement. However, since their pitch lasted for a remarkable 20 minutes, he calculated that they essentially received free marketing worth a staggering INR 12 crores. Additionally, the brand's presence on popular social media platforms such as LinkedIn, Twitter, Facebook, and Instagram garnered them an estimated value of another 8 crores.
Hearing this, the host comments that he thinks the big brands with high valuations that appear on the show come solely for marketing. He says he wants to ask the entrepreneur more about Shark Tank India and mentions, “Ab ho gaya jo hona tha, cheque fatt gaya ab toh! (Whatever was meant to happen has happened, the cheque has been torn).”
AdvertisementIn response, the entrepreneur laughs and says, “Cheque nahi fata hain, Aman ki kismat fati hain. (Not the cheque, Aman’s fate has been ripped).” He goes on to explain why he made this statement and claims they will be the first company in the history of Shark Tank India who will offer an IPO. He also promises the host that he will come up with this news in another four to six months.
Why did the pitcher want Aman Gupta to commit to mentorship hours?
The pitcher also went on to say that Shark Tank India has a pattern and when they reject a pitcher, they come up with certain reasons. Talking about why he was so adamant about asking Shark Aman Gupta to commit to the mentorship hours, he said that he also committed 1% equity in a span of one minute, which is no big deal. So, asking for a commitment to the mentorship hours was justified.
However, asking for committing hours from the Sharks was very spontaneous and they got the idea on the Shark Tank India stage. He explained that when the Sharks proposed a valuation of 20 Crore, they inquired about the reasoning behind it. In order to justify their offer, they emphasized that they were not just providing financial support, but also mentorship and access to their extensive network, among other things. And that is when, he asked, “Mentorship doge toh kitne ghanto ki? (What will be the duration of the mentorship?)”
In the same episode, the entrepreneur also mentioned that their sales have doubled after their appearance on the Shark Tank India 3 episode. “Jis din 8 lakh ka hota tha, us din 16 lak ka huya hain raw material jo humne bechte hain. Raw materials double matlab sales bhi double huyi hain,” revealed Anand.
What happened on Shark Tank India 3?
For the unversed, two weeks back, the founders, who are brothers, introduced their business, a vegetarian fast-food chain in India on Shark Tank India 3. They started on a high note and impressed the judges thoroughly.
They shared that they operate 150 outlets across different cities in India, and they announced their plans to launch several new outlets and venture into catering and hotels with the sharks’ support. The sharks tasted the burger, fries, and mojito and loved every item. They asked for an investment of Rs 1.5 crore in exchange for 1% equity, valuing their brand at Rs 150 crore.
AdvertisementWatch the episode of Shark Tank India 3 here:
Aman Gupta tore the signed cheque
Sharks Anupam Mittal, Vineeta Singh, and Peyush Bansal backed out of the deal. Aman Gupta and Ritesh Agarwal offered the entrepreneurs Rs 10 lakh each in exchange for 1% equity and the remaining Rs 1.3 crore on debt.
The entrepreneurs made a counteroffer of 100 hours of advisory time for one percent equity, along with ₹1.5 crore debt at 10 percent interest for three years. Aman made it clear that he didn’t want to make false promises, so he didn’t want to commit his time. But he mentioned that they could sit with his team.
Ritesh had no issues with committing 25 hours a week. He told them to trust Aman. But they kept insisting that Aman commit his time.
Both sharks signed the final cheque and got up to hand it to the entrepreneurs. However, sensing their hesitation, Aman backed out and tore up the cheque that he had signed. Watching Aman back out, Ritesh also withdrew his offer and said, “You’re indecisive, and for that reason, I’m out.”
Shark Tank India 3 aired on Sony LIV from January 22. It streams on the platform at 10 pm Monday to Friday.
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