- By Ridhi Suri
- Fri, 01 Mar 2024 08:10 AM (IST)
- Source:JND
Shark Tank India 3: During the latest episode, entrepreneurs Shreya Bansal and Prateek Kedia, who own a yoga mat brand, presented their pitch. They asserted that their mats were both environmentally friendly and affordable. Their proposal sought Rs 60 lakh for a 2% equity stake in their company. Ritesh Agarwal, founder of OYO, commended their decision to appear barefoot. BoAt's Aman Gupta then inquired about Ritesh's yoga practice, to which Ritesh revealed, "A little, my wife is a Yoga trainer." Namita shared her own experience, stating, "I practice regularly, and it has positively transformed my life."
Prateek and Shreya articulate their company's vision, which resonates with the Sharks. They express, "We are going slow with our products, once we scale we will introduce apparel and other things."
After examining the products and being impressed by their designs, prints, and other aspects, the Sharks delved into understanding the unit economics, profits, burn rate, and conducted a comprehensive analysis of their business. Aman and Namita then extended an offer. Namita says, "Two chartered accountants giving an offer to two chartered accountants." Prateek says, "Valuation bhi aapka fair hi hoga I am assuming." The offer presented was Rs 60 Lakhs for 3% equity, along with a 2% royalty until Rs 60 Lakhs are recovered.
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Anupam inquires about their growth strategy and vision for their brand, to which, Prateek responds, "Humein jitni marketing mile utna kam hai. The more we market the sooner our product scales. We are self-taught, and we don’t have any mentor to guide us so we would want to learn from you all and understand your secret sauce to success. We had decided that till we don’t cross Rs 1cr revenue per month, we won’t bring in any external party. So after doing the gross, this is the first time we are talking to any investor formally for funding."
Following the Sharks' impressed reactions to the products, Amit Jain and Aman Gupta engaged in taunt crossover. After Anupam Mittal and Namita Thapar presented their offers, Amit Jain directed some questions towards the pitchers. However, Aman interjected, stating, "There is no need for technology here." Amit countered Aman's remark, saying, "Jisko samajh mein nahi aati technology woh aise hi bolte hai (Those who don't understand technology often speak like that)." When Aman asserted, "I have a good tech brand, bros," Amit sarcastically responded, "We wonder how, apni boat pe break lagao."
Later, Amit's offer is considered a great deal, which includes a 2% royalty to recover his investment. Following this, Namita presents a completely new offer: Rs 1.2 crore for a 4% equity stake, maintaining the valuation of Rs 30 crore. Ultimately, the pitchers opt for the four-sharks deal.
