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Shark Tank India 3: Vineeta Singh-Peyush Bansal offer deal to healthcare brand owners but on THIS condition
In the latest episode of Shark Tank India Season 3, three founders from Mumbai appeared and pitched for their brand which makes health and wellness products out of cannabis leaves.
Shark Tank India 3 is gaining momentum with every passing episode. The show is entertaining and educating the viewers with its fresh and captivating pitches from various budding entrepreneurs. The highlight of the recent episode of Shark Tank India 3 turned out to be three pitchers presenting their Mumbai-based healthcare brand which offers medicinal cannabis products. The idea looked impressive to many sharks until they found a flaw in it.
Vineeta Singh and Peyush Bansal put THIS condition before the pitchers
In the latest episode of the business-based reality show, three entrepreneurs namely Kartik Sharma, Sukrit Goel and Aarzoo Puri came on the tank. They talked about their brand which makes healthcare products from extracts of medical cannabis leaves. The pitchers also shared their sales figures, unit economics, and equity split. Sukrit revealed that the same helped him in recovering from a brain haemorrhage and healed his motor skills too. The three pitchers asked for Rs 1.5 Cr for 5% equity at the valuation of Rs 30 lakhs.
The business idea intrigued the sharks. They inquired about the background of brand owners, their products, their claims, and their competitors. While talking about their competitors, Sukrit accidentally revealed their contract manufacturing company which they operate apart from their cannabis startup. They called it a backup plan, and tried to justify themselves by saying that they had not disclosed it to the sharks earlier, as they wanted to focus on their cannabis products.
Here’s a glimpse from recent episode of Shark Tank India 3:
The sharks were shocked at this revelation. Anupam Mittal, Aman Gupta and Azhar Iqbual backed out as they lost interest and trust in the brand owners. However, Peyush Bansal and Vineeta Singh decided to give pitchers the benefit of the doubt, and put forward a lucrative deal. They offered them Rs 50 lakh as equity for a 10% stake, and Rs 1 crore as debt for 12% interest for two years. Further, the sharks added a condition to the offer, and made the offer conditional, and said that they would only invest if the pitchers could prove their claims and show the authentic papers.
Disappointed by Peyush and Vineeta’s offer, the brand owners came up with a counteroffer of Rs 75 lakh for 5% equity in the brand and Rs 75 lakhs for 5% equity in the manufacturing company. Peyush opted out while Vineeta gave the last offer which pitchers refused to take. They left the stage without any deal.
Shark Tank India 3 streams on the Sony LIV app.
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