New Delhi: ‘Shark Tank India Season 3’ is getting more popular as interesting pitches and offers from sharks gain attention. Social media is rife once again with memes related to the sharks and this season’s biggest trend being that of boAt CEO Aman Gupta tearing cheques on entrepreneurs indecisiveness.
On Shark Tank India, two business brothers were presented with a surefire deal, but they were able to back out at the last minute. It was a transaction that suited both founders perfectly: "Sharks" Aman Gupta and Ritesh Agarwal decided to jointly fund a fast-food firm based in Gujarat in exchange for debt and stock. What caused the transaction to collapse, then?
Zorko Pitch
The brothers presented their grandiose ideas for the future in an engaging pitch. They valued their brand at Rs 150 crore and requested Rs 1.5 crore in exchange for 1% stake. With the backing of the sharks, the brothers' business, Zorko, which has 150 locations in several Indian cities, declared its intention to start at least eight new ventures.
For various reasons, Anupam Mittal, Vineeta Singh, and Peyush Bansal withdrew from the agreement; nonetheless, Aman and Ritesh chose to move forward with it. They made the business owners an offer of Rs 10 lakh each for 1% stock and Rs 1.3 crore in debt. Although the brothers were amicable, they were eager to receive mentorship from both Ritesh and Aman for a total of twenty-five hours apiece.
Why Aman Gupta tore the cheque
Aman stated that the brothers would just need to have faith in him, as he felt uneasy about dedicating a specific amount of hours. Ritesh committed the hours without any trouble at all. The final checks were signed by both "sharks," and Aman even stood up to give them to the brothers, but they insisted on receiving 25 hours from each of them.
“Oh bhai, sun, I know what you’re saying, but I’m not going to commit hours to you. If I like you, I can get you to sit with me, I can introduce you to your team, but I’m not going to commit hours,” Aman Gupta told them adding that he did not want to make any false promises.
“You have to trust him,” Ritesh said. However, the business owners did not back down.
“What’s the fun without a commitment?” one of them said. Ritesh then agreed to uphold his promise of twenty-five hours and stated, “Chalo, deal pakki (the deal is final).”
However, Aman quickly withdrew his consent and tore up the check he had signed after spotting their reluctance. As Aman withdrew, Ritesh also withdrew his offer and thats how the duo missed their Rs. 1.5 cr deal.