Shark Tank India 3: Aman Gupta declines to invest in a startup praised by PM Modi, says it's not a business
In the latest episode of Shark Tank India Season 3, the startup Daak Room, praised by Prime Minister Narendra Modi, faced rejection from investor Aman Gupta.
The third season of the reality television show Shark Tank India debuted with six new 'sharks.' In the latest episode, emotions ran high as all the judges received heartfelt letters from their loved ones. The startup, Daak Room, which was once praised by Prime Minister Narendra Modi, landed on a recent episode of Shark Tank India Season 3.
Daak Room's appearance on Shark Tank India
In the episode, Daak Room founders Shivani Mehta and Harnehmat Kaur introduced their startup, emphasizing their mission to encourage physical writing through school programs, campaigns, events, and products. The sharks found the pitch compelling, especially as they received handwritten letters from their loved ones. The founders sought Rs 36 lakh for a 4 percent equity stake.
Acknowledgment from Prime Minister Modi
The company also mentioned receiving encouragement from the Prime Minister of India, Narendra Modi, who wrote a letter expressing appreciation for Daak Room's efforts and acknowledging their contribution to nation-building and inspiring the younger generation.
Judges' reactions and rejections
Declining the pitch, boAt founder Aman Gupta said, 'This used to happen in very old times. It’s not a business. I am out because I don’t have the same passion for writing like you guys, so I won’t be able to add more value.'
Whereas Edelweiss CEO Radhika Gupta felt Mehta and Kaur were confused about whether Daak Room is their passion project or business. She added, 'I feel you guys are confused about whether it's a passion project or a business. I won't be able to consider it for an investment right now.'
Lenskart founder Peyush Bansal also struggled to connect with the pitch. Eventually, Daak Room secured a deal with OYO CEO Ritesh Agarwal, receiving ₹36 lakh in exchange for a 6% equity stake. Additionally, Agarwal mentioned his willingness to reduce his ownership to 5% if the business achieves its revenue targets.
In the latest season, the primary panel of judges consisting of Anupam Mittal, Namita Thapar, Peyush Bansal, Aman Gupta, and Vineeta Singh, welcomed a diverse lineup of new faces. Joining as guest judges are Deepinder Goyal, Founder and CEO of Zomato; Azhar Iqubal, Co-founder & CEO of Inshorts; Ritesh Agarwal, Founder & CEO of OYO Rooms; Radhika Gupta, MD & CEO of Edelweiss MF; Varun Dua, Founder of ACKO; and Ronnie Screwvala, Co-Founder and Chairperson of UpGrad.