The latest episode of Shark Tank India saw all five sharks expressing interest in joining hands with a young entrepreneur, but it didn’t result in an all-shark deal because Anupam Mittal took the solo route. The entrepreneur pitched his DIY meal-kit company Cheflin, and asked for Rs 40 lakh in exchange of 10% equity, which valued the company at Rs 4 crore.
The entrepreneur presented the DIY sushi kit to each shark prior to making his pitch, during which he told them about himself. He said that his family experienced many hardships, with his father’s textile factory being destroyed, and him being scammed for Rs 8 crore. Eventually, he had to declare bankruptcy. But the setbacks didn’t deter the entrepreneur from following his own dreams, which the sharks appreciated.
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First, Namita Thapar and Azhar Iqubal made a joint offer for Rs 40 lakh, in exchange of 20% equity. Peyush Bansal seemed apprehensive about the market for DIY meal-kits, but was impressed by the entrepreneur, who’d set up the business by himself, with just Rs 1.5 lakh investment from his family. They also took note of the fact that he holds 100% equity in the company. Amit Jain expressed an interest in investing as well, and after Namita and Azhar egged him on because the entrepreneur needs all the help he can get, he joined them. “We’ll put Rs 10 lakh each, and take 5% each,” Peyush said.
But Anupam was so impressed with the company’s potential that he chose to pitch the entrepreneur about what he can bring to the table. “It’s difficult to put money into this business in its current state. But the lessons you have learned in life, and the creativity you have tell me that you can take it to the next level. You need committed guidance. You’ve seen how I plug products I’ve invested in on Instagram, I do whatever it takes. I dress for them, I wear their glasses, their jewellery. So, here’s my offer to you, Rs 40 lakh for 15%. I’m not greedy. I want you to succeed, I want to be fair, but I also want to make money. Let’s make it a win-win,” he said.
The entrepreneur took a moment to decide, and returned with a counter-offer. He asked if the four sharks could reduce their equity ask to 15%, but Anupam interjected and reduced his ask to 12%. But when the team of four sharks reduced their ask to 16%, the entrepreneur closed the deal.
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