How a 5 Crore offer on Shark Tank got rejected, to take a 2 Crore deal
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Shark Tank India Season 2 is gaining momentum. While some businesses get outright rejected, some CEOs reject the offers made. This is the story of a founder who bargained for a lower amount just to ensure that his team is happy and he dilutes lesser.
India is the land of enterprising businessmen who have made a name for themselves on a global scale. Gone are the days when running and owning a business was restricted to just therich. With Shark Tank’s Season 2, Ab pura India samjhega business ki sahi value! Millions of viewers tune in to each episode of Shark Tank India. Some are still harping on aboutAshneer Grover and his rough-round-the-edges remark. While others are truly enthralled by the sheer ingenuity of some of the startups. With every mid-sentence cut to break, the audience is at the edge of their seats. Will this pitch get an offer? Or this offer was a pass for them? The Sharks too, are playing to the ebb and flow of the show and using their wit and knowledge to share the most useful insights.
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One Delhi-based startup, Unstop, saw hungry sharks circling around it with ample poking, prodding, and name-calling! Unstop and Shark Tank: Founded by Ankit Aggrawal, Unstop is an early talent engagement and hiring platform that helps talented individuals from untapped corners of the country find their place in the job market. Through its platform, Unstop connects these individuals with the right employers and helps them build the skills and experience they need to succeed. On the other hand, employers leverage Unstop to Brand, Source, Engage, Assess, and Hire right candidates. Today, the startup has a community of 4.5 million students, freshers, and professionals with 0-5 years of experience. As soon as Ankit Aggarwal hit the stage, the Sharks were captivated by his pitch. At one point, they had to jolt out of the trance and one of the Sharks said, “Please stop Unstop!” Some say that the secret to a Sharks’ favor is having your numbers, comms, and charisma on point, and Ankit delivered on all three!
He received an offer of 5 crores for 10% equity from Amit Jain. The Unstoppable Ankit was quick to decline the offer saying that it wouldn’t be fair to dilute that much equity and wanted to respect and increase the valuation at which his team was given shares, not VCs. Then we were all made privy to the magnanimity of Ankit Aggarwal so much so that Namita Thapar ended up calling him Ankit Makhanwal! After a little back and forth, and some negotiations, Aman Gupta, Anupam Mittal, Namita Thapar, and Amit Jain finally agreed on investing 2 crores for 4% equity.
The bank may not be as full now but a deal that made sense for all stakeholders was finally made. As a founder, it is important that you have one eye on the bank and also a tap on the pulse of your team. Money in a business does take you a long way, but a happy team takes you much further. Shark Tank India in its second season is ticking all the boxes and hitting all the right notes. The pitches made are nothing short of spectacular. Let's wait and watch what the entrepreneurs of India have in store for us.
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