Shark Tank 3: Peyush Bansal extends an offer of Rs 15 crore to buy a Rs 133 crore valuation company   

Shark Tank season 3 is offering exciting glimpses from the business world and fans are in for it. In the recent episode, three founders introduce their stellar product ‘magic mirror.’ The company’s Beauty GPT and AI technology got Shark Vineeta Singh all impressed.

Despite being intrigued by their ideas, Vineeta wasn’t satisfied by their business model. However, it was Lenskart’s founder Peyush Bansal who got ready to buy the company itself from the owners.

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The magic mirror is a concept which is available on Nykaa and Lenskart, as consumers get to know the product before buying it. These magic mirrors can be installed in stores, which will help consumers to understand the product better before purchasing it.

The founders introduced their company as Orbo AI and asked for Rs 1 crore for a 0.75% equity. The valuation of their company was claimed as Rs 133.33.

Shark Vineeta tried the magic mirror and was highly impressed by its technology features. However, Sugar Cosmetics is already in talks with the makers to lease out their mirrors. Lenskart’s owner Peyush Bansal also tried the magic mirror and was deeply impressed by its quality.

Orbo AI’s founders claimed that they have raised Rs 26 crore to date. Reacting to their hefty numbers, Anupam Mittal stated that you are good with raising money. Vineeta Singh extended an offer of Rs 1 crore for 1% equity of the company. However there was a condition, the offer could only be claimed if they got a term sheet of Rs 3 million which is still underway.

That’s when Peyush Bansal extended an offer saying that he would give a major stake of 51% for Rs 15 crore in the company. Aman reacted to his offer and said that they can’t sell their company in an instant.

After a bit of contemplation, the founders accepted Bansal’s offer at 51% for Rs 35 crore. However, Peyush didn’t like their offer and was out. In the end, the founders accepted Vineeta Singh’s offer.