Shark Tank India 3: Here’s how pitchers lost out on Rs 1.5 crore deal offered by Aman Gupta and Ritesh Agarwal
In one of the recent episodes of Shark Tank India 3, Sharks Aman Gupta and Ritesh Agarwal signed a cheque to offer the pitchers but backed out at the last moment. Find out why.
In one of the recent episodes of Shark Tank India 3, two entrepreneurs who are brothers lost out on a deal of Rs 1.5 crore even after the Sharks signed the cheque. Sharks Aman Gupta and Ritesh Agarwal came together to offer them the deal but backed out. Read on to know what made them back out.
Pitchers made an impressive pitch
The entrepreneurs introduced their business, a vegetarian fast-food chain in India. 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.
Sharks Anupam Mittal, Vineeta Singh, and Peyush Bansal backed out of the deal for different reasons. However, Aman Gupta and Ritessh Agarwal decided to proceed with the deal. They offered the entrepreneurs Rs 10 lakh each in exchange for 1% equity and the remaining Rs 1.3 crore on debt.
Watch the episode of Shark Tank India 3 here:
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. The Shark Tank India 3 judge added, “Right now, I want to support you; your energy is right; you need some directions.” Aman also 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 commits his time and said, “What’s the fun without a commitment?”
Both sharks signed the final cheque and got up to hand 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.”