During a recent pitch on Shark Tank India Season 3, Anupam Mittal became concerned about the unconventional funding that a couple of entrepreneurs had previously received.
The third season of Shark Tank India premiered recently, with a couple of new ‘sharks’ on the roster. A new episode featured a pitch from two entrepreneurs from Ahmedabad, who presented a cost-effective hearing device that left the sharks impressed, especially, Peyush Bansal. Kanishka and Raj presented their brand WeHear, and asked for Rs 2.5 crore in funding in exchange of one percent equity.
Even though the sharks seemed quite impressed with the pitch, they were not entirely convinced, especially with the asking amount being so large. Anupam Mittal grilled the pitchers with several questions. One of his major concerns was the ‘unconventional funding’ that the pitchers had acquired earlier. Aman also asked about the other investors, whose names he hadn’t heard of.
Vineeta Singh and Ritesh Agarwal also had some concerns with the asking price. Eventually, all the sharks backed out except for Peyush Bansal. Anupam said, “Aap bohot tigdambaaz ho (You seem very fishy),” as he opted out. Vineeta backed out as well, and said, “As an investment, the returns will not justify the entry valuation.” Turning down the deal, Ritesh opined, “If I invest in this, it will need a significant amount of my time.” Aman Gupta said that he found the ask to be ‘too expensive’.
While Peyush was the only shark who seemed interested in the deal, he also asked the pitchers about how they plan to value him as an investor. He offered them Rs 2.5 crore funding for 2.5 percent equity, out of which 1.5 percent would be advisory equity.