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Shark Tank India 3: Sharks ask pitchers to shut business down; Ritesh and Amit offer deal on THIS condition
In the latest episode of Shark Tank India 3, Sharks told the pitcher that he should shut down his business. However, Sharks Amit Jain and Ritesh Agarwal still offered them a deal.
In the latest campus special episode of Shark Tank India 3, two students who are co-founders of a gym membership brand shared their business idea with the Sharks. However, the Sharks were not too impressed with their pitch and even advised them to shut down the business and get a job after college. They still managed to secure a deal with Amit Jain and Ritesh Agarwal.
Pitchers fail to impress Sharks with their business idea
Rishab and Rohan are the co-founders of the gym membership brand. Rishabh explained the need for their gym membership business plan in society, and Rohan revealed that they took a survey in their college and they realised how important their business is. They shared that by using their platform, individuals can customise their gym membership according to their needs. They asked for Rs 7 lakhs for 10% equity of the company.
The pitchers continued talking about how they came up with the business idea, their marketing strategy, and other important aspects of the business. They also gave a demo of their website and revealed that more than 70 gyms are listed on their site.
Shark Aman Gupta didn't like the idea of the business. He explained why this won't work and stated that individuals who are into fitness would hardly skip the gym, and individuals who don't want to hit the gym won't use the platform anyway. Shark Anupam Mittal disagreed with Aman and pointed out that the pitcher's business is targeting people who are looking for cheaper prices for the gym.
Ritesh Agarwal and Amit Jain had the same thoughts as Aman Gupta and they said that annual gym membership for a year would still be cheaper than what they are offering.
Shark Tank India 3 airs from Monday to Friday at 10 PM.
Amit Jain and Ritesh Agarwal offer deal
Later, Namita Thapar, Aman Gupta and Anupam Mittal asked the pictures to shut their business down and focus on something else. While Namita said that it is good for learning purposes, but won’t help them long-term, Aman said that he is out of it at the moment. They asked the pitcher to get a job after college.
However, Amit Jain showed interest in the pitchers and said that he could offer a conditional investment. Ritesh agreed and joined hands with him. The two then offered him Rs 7 lakhs for 10% of the equity and gave a condition of them hiring a tech CEO.
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