
A Shark Tank India entrepreneur’s chances of getting investment came under fire after the ‘sharks’ thought that he was too ‘akdu (stuck-up)’. The sole founder had pitched an underwear brand called Bummer, targetted at the youth market, asking for Rs 75 lakh against 5% equity in his company.
Unseen new footage from the pitch shows the entrepreneur consulting with a partner about the offer he was made, and reveals why he chose to turn it down despite three sharks–Aman Gupta, Namita Thapar and Anupam Mittal–encouraging him to accept the terms.
But before he got an offer, the entrepreneur ended up insulting Ashneer Grover, who blasted him for favouring certain other sharks over him. Ashneer accused the entrepreneur of ‘doglapan (hypocrisy)’ and said that he has created a $3 billion company in three years. “Hisaab laga le, Rs 20,000 crore bante hain, din ka Rs 20 crore ka dhanda banata hoon (Do the math, that’s Rs 20,000 crore. I do business worth Rs 20 crore every day),” Ashneer told him, even as Vineeta Singh and Anupam Mittal asked him to calm down.
Aman told the entrepreneur not to worry, as he’d make him an offer for sure. After telling him that he shouldn’t have disrespected the other sharks, Aman and Namita partnered up to offer the entrepreneur Rs 75 lakh, but asked for 15% equity in return. The entrepreneur asked for some time to decide, and called his partner. He said that there’s ‘not a chance’ that he’d go for the terms being offered and was prepared to say no to the deal. Meanwhile, Aman said that while he likes the brand and is very interested in investing in it, the only thing that might get in the way is the entrepreneur’s ‘akdu’ nature.
Having made his decision, the entrepreneur returned to the room, where he countered with an offer of 6.5% equity. Anupam suggested that he should settle for 8%, and the entrepreneur countered with an offer of 7.5% equity. Namita said that she’s never haggled over half-a-percent in her life. Aman compared it to buying vegetables. But he agreed to the terms, and both Aman and Namita congratulated the entrepreneur for sticking to his guns.
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