Mumbai: The new episode of business reality show ‘Shark Tank India 3’ witnessed a pitch by Anand Nahar along with his brother Amrit, for their fast food brand ‘Zorko’, leaving not only Ritesh Agarwal, founder and CEO of OYO Rooms, but also the other sharks surprised.
However, the real surprise came when Anand, hailing from Surat, disclosed his previous interest in investing in OYO, narrating his journey of reaching out to the company and even sending a personal email to Ritesh.
After explaining his idea behind opening the fast food chain, the pitcher shared: “Sir I wanted to invest in OYO as well. I had even sent mail and the call centre people couldn’t understand what I wanted to say. I used to call continuously but it couldn’t happen and then you reached 10 million.”
Anand further verified his claim by sharing a screenshot of the email he sent and Ritesh was amused by the unexpected turn of events.
While the sharks found the pitch and the brothers entertaining and intriguing, eyebrows were raised when they asked for Rs 1.5 crore for one percent equity.
Aman Gupta, co-founder and CMO, BOAT, and Ritesh offered them Rs 20 lakh for one percent equity, plus Rs 1.3 crores debt at 10 per cent interest for three years.
Amrit and Anand gave a counter offer of 100 hours for one per cent equity plus Rs 1.5 crore debt at 10 percent interest for three years.
Listening to their counter offer, Aman said: “I can’t commit you hours. If I like you can sit with my team, and me, and can learn. But I can’t commit like this. I don’t want to make a false commitment. If I feel to do something, I will do otherwise I won’t do. Right now I want to support you, your energy is right, you need some directions.”
The sharks gave second offer to the founders which was one per cent advisory equity plus Rs 1.5 crore debt at 10 per cent interest for three years.
Amrit and Anand gave another counter offer which was 50 hours for one per cent equity plus Rs 1.5 crore debt at 10 per cent interest for three years.
Hearing the offer, Ritesh said: “I don’t have a problem in committing hours, you can take 20 hours commitment from me, but from Aman’s side you have to put your trust and believe him.”
Aman further commented: “Ritesh has committed you 25 hours. I am not committing, but I am giving you trust that I will do.”
Despite securing a deal from the sharks Ritesh Agarwal and Aman Gupta, the brothers’ counter-ask for committed advisory time left Aman frustrated, leading him to tear the cheque in response to their indecisiveness.
Ritesh got frustrated on their indecisiveness, and said he is out.
Aman also said he is out, tearing the cheque.
“Bhai tu mujhe maaf kar,” added Aman.
‘Shark Tank India 3’ airs on Sony LIV.