In a recent episode of Shark Tank India season 3, Aman Gupta, co-founder and CMO of boAt, opposed co-founder and CEO of Lenskart Peyush Bansal's offer to a founder during a pitch by Dadasahed Bhagat from Beed, Maharashtra. Dadasaheb presented his graphic design company, DesignTemplateio, on the platform, seeking an investment of Rs 1 crore for a 2.5 per cent equity stake. But the twist that impressed all the Sharks was Dadasaheb's compelling backstory.
During his presentation on Shark Tank India, Dadasaheb shared that he had previously worked as an office boy at Infosys, earning a monthly salary of Rs 9000. Prior to that, he was a daily wage labourer, earning Rs 80 per day. Despite facing financial challenges and having to forgo further education after the 10th grade due to family responsibilities, his passion for design motivated him to establish the successful enterprise, Designtemplate.io, in 2018.
Impressed by his story, the Sharks applauded Dadasaheb, with Radhika Gupta, MD and CEO at Edelweiss Mutual Fund, commending his perseverance. However, after delving into the intricacies of his business, Vineeta Singh, co-founder and CEO of SUGAR Cosmetics, Ritesh Agarwal, founder and group CEO of OYO and Gupta chose to step back from the deal. On the other hand, Peyush Bansal extended an offer to the founder, which was Rs 1 crore for a 10 per cent equity stake, with the condition of receiving royalty until he recouped Rs 2 crores.
Aman Gupta, however, offered a different proposition. He proposed investing Rs 1 crore for a 10 per cent equity stake without requiring any royalty. Aman even expressed his belief that the founder shouldn't be obligated to pay royalty, subtly critiquing Peyush's approach. Following a counter-offer from Dadasaheb, Aman finalised the deal, securing a 10 per cent equity stake for a Rs 1 crore investment. As Dadasaheb accepted the cheque from Aman, he affectionately referred to the BoAt CEO as the "Baazigar of the tech world," acknowledging his stature and success in the industry.