Shark Tank India 3 recently featured another coffee startup seeking funding from the’sharks’. While the founders were unable to impress all of the investors, they did receive a surprise investment from Ritesh Agarwal. Ritesh said that this was his first time drinking coffee, and it appears that he was so taken with the taste of the coffee and the economics of the business that he became the only’shark’ to offer them a deal.
Toffee Coffee Roasters’ investors requested Rs 60 lakh for 2% of their company, which is valued at Rs 30 crore. Vineeta Singh was quick on her feet as she did the calculations and discovered that the company was selling its products at a significantly higher rate than their competitors. Aman Gupta, who recognised that the business needed to be refocused, left the negotiation. Aman also advised them to focus on a few things rather than promote all of them.
Peyush Bansal appeared to be interested in the firm, but it was Ritesh Agarwal, who claimed to have never had a cup of coffee in his life, who made the true offer. Radhika Gupta said, “A non-coffee drinker is making an offer?” Ritesh called the team “baazigar” and offered them Rs 35 lakh for 2% of their company, which the pitchers accepted.
In an earlier interview with indianexpress.com, Ritesh stated that he does not like to refer to himself as a’shark’. I’m more like a dolphin, probably. When I came to the show, my motivation was simple: I wanted to support founders. This was my intention, and Shark Tank did not disappoint me. Great ideas are valuable, but what counts most is the founder and person behind the organisation. I believe that the jockey is more important than the horse.
