A recent pitch in Shark Tank 3’s episode made history with the investors or ‘sharks’ as they raised the company’s valuation by 150 percent. Vineeta Singh, Aman Gupta and Anupam Mittal were in competition against each other as they tried to make a deal with a sports tech company owned largely by a 22-year old.
The founders Hitarth Parikh, Chahil Patel and Harsheet Maliwal, made an impressive pitch for their sports tech brand Hyperlab, leaving the sharks surprised. The sharks were quite impressed with the technology offered by the company and were amused as Hitarth revealed that he came up with it after he saw a cat chase around a dot of light. Anupam actually laughed out loud and called Hitharth and ‘innovator’ when he shared the cat anecdote.
Initially, Anupam offered Rs 1 crore for 5 percent of their company’s equity. This led to Aman revising his offer and giving Rs 25 lakh for 1 percent of the equity and he offered to help in electronic manufacturing. Vineeta and Namita were quick to match Aman’s offer, leaving it to the pitchers to take the final call. All of this was quite surprising as by the end of the pitch, Aman had increased their valuation by 150 percent.
The company owners requested some time to make a call, which was granted to them. Meanwhile, the sharks were seen arguing with each other for raising the valuation. Aman said, “This has happened for the first time that we have started doubling the valuations.” Anupam was upset about this as he told Namita, “Don’t double it. Increase it by 10-20 percent.”
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At the end, the owners of Hyperlab went with Aman’s offer, leaving Namita baffled. Anupam said that the sharks dug a grave for themselves here and suggested that the founders went with the wrong offer. Vineeta, said to the Hyperlab owners, “I would love to help you anyways.”
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