A mother-son duo pitched their organic products brand on a recent episode of Shark Tank India, leaving the panel of sharks – Anupam Mittal, Aman Gupta, Amit Jain, Ritesh Agarwal and Namita Thapar – very impressed with their entrepreneurial spirit and passion. First Bud Organics founder Mitresh said that his dream is to make home-grown produce accessible across India, without involving middle-men. Through his company, he sells organic honey and turmeric, which, he said, are his two highest-selling items, alongside the pickles made by his mother.
Mitresh asked for Rs 50 lakh in funding in exchange of 7% equity, which valued their company at Rs 7.14 crore. Mitresh’s mother said that she was very nervous to be on the show, because she’d never really travelled outside her home town of Deoghar before. “I’m so nervous. I used to watch the show closely on television, now I’m here in front of you. My legs are shaking,” she said. The sharks expressed concern, and put her at ease. They also asked if she’d like a chair to sit on during the pitch, which she refused.
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Mitresh’s mother shared some background details about herself, and said that she never got the opportunity to educate herself. “I’m not educated, because they didn’t let girls study earlier. My brothers didn’t want to study but they got an education; I wanted to study but I was never allowed to,” she said, adding, “I’ve never set foot outside Deoghar. I was born there, I got married there. The first time I left Deoghar was for the audition, this is only the second time I’ve come to Mumbai. All my children left, but I was left behind. One of my daughters is in Japan, the other is in the United States.”
Anupam Mittal was very impressed. He said that he appreciates Mitesh’s business acumen and is sure that he’ll take his business to great heights. But, he said, it’s too early to invest in the company. Namita echoed Anupam’s sentiment. She said, “I’m so impressed that you could create a Rs 1.5 crore business with just Rs 1.5 lakh investment, but I feel it’s too early for you to seek investment. First, scale up; that way investors will be more interested in funding you, and will be able to see a clearer exit. This is too early.”
Ritesh Agarwal said, “Ma’am, do you know what you’ve achieved?” Mitresh’s mother said that she’s happy with how far she’s come, but she’d like to get a deal on the show as well, otherwise the trip won’t be worth it. Seemingly swayed, Ritesh added, “You come from the town of the Bholenaath temple, I’m sure you’ll reach greater heights. I’ll offer you Rs 50 lakh, but I request you to give me 10% of your company in exchange.”
Anupam said that he was also putting together an offer, but would not be able to match Ritesh’s terms. So, he advised the founders to go with him. Amit Jain said that he also wanted to put forth an offer, but was going to introduce a royalty component. By comparison, he said, Ritesh’s offer seems better, so he also advised them to go with him. “I sense you’re a genuine person, and you’re very hard-working,” he told Mitresh. The founders took Ritesh’s deal, and Ritesh took Mitresh’s mother’s blessings as he handed over a cheque to them.”
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