In a recent Shark Tank India season 3 episode, Aman Gupta and Peyush Bansal turned down a business pitch that Prime Minister Narendra Modi praised. We witnessed the founders of the startup Daak Room pitch their company. They stated that the Daak Room promotes physical writing through its advertisements and products. They then proposed Rs 36 lakh in stock in exchange for a 4% stake in their company.
During the pitch, the founders of Daak Room stated that Prime Minister Narendra Modi had also praised their firm. They said that Prime Minister Modi had sent them a letter congratulating their organisation for inspiring the next generation.
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However, Aman Gupta rejected the pitch, saying it is not a business. “This used to happen in very old times. It’s not a business. I am out because I don’t have the same passion for writing like you guys, so I won’t be able to add more value,” he said.
Peyush Bansal also decided not to invest in Daak Room and suggested that the founders transform their business into a stationary brand. “I cannot understand what your exact service that is being offered is, and what your revenue model is,” he said.
Ritesh gave the Daak Room founders Rs 36 lakh for a 6% stake. He also inserted a clause in his offer, warning the pitchers that his stake would be lowered to 5% if the brand generated the promised revenue.
And it's a Yes!!🥳
We are absolutely delighted to have Shark Ritesh Agarwal with us on this amazing journey!🤩
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— Daakroom (@daakroom) February 8, 2024
NEW: Ritesh Agarwal, founder of OYO, is the new shark 🦈 of Shark Tank India Season 3 #SharkTankIndia #SharkTankIndiaOnSonyLIV pic.twitter.com/AU5MKQTaDW
— Debarghya Sil (@debarghyawrites) September 30, 2023
Shark Tank India returned for its third season on January 22, 2024. Shark Tank India Season 3 featured several returning sharks, including Namita Thapar, Executive Director of Emcure Pharmaceuticals Limited; Aman Gupta, Co-Founder of Boat; Peyush Bansal, Co-Founder and CEO of Lenskart; Anupam Mittal, Founder and Director of Shaadi.com; and Vineeta Singh, CEO of Sugar Cosmetics.
They were joined by new panellists, including Amit Jain, CEO and co-founder of Car Dekho; Ritesh Agarwal, founder of OYO; Azhar Iqubal, co-founder and CEO of Inshorts; and Radhika Gupta, CEO of Edelweiss Capital.
