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Aman Gupta connected Shark Tank India 4.
A trio of entrepreneurs pitched their sports tech marque Str8bat connected the latest occurrence of Shark Tank India, but their transportation near the sheet of ‘sharks’ a small confused. The entrepreneurs said that their merchandise tin representation a cricket batsman’s shots, and supply elaborate information that tin assistance them improve. They said that they person partnered with the IPL franchise Rajasthan Royals, and number Cricket Australia arsenic investors. The founders asked for Rs 1.5 crore successful speech of 1% equity, valuing their institution astatine a whopping Rs 150 crore.
But the ‘sharks’ were amazed to larn that they are burning crores each year. The founders said that they spent respective years trying to find a product-market fit, and that class instauration is an immense task. Kunal Bahl said that successful the concern world, determination is simply a saying that goes thing like, “Hardware is hard.” He acknowledged the difficulties that the founders indispensable person faced successful introducing customers to their technology, and teaching them however to usage it. They said that aft galore years, large companies person stake connected them. Over 50% of their headdress array belongs to investors, they revealed, adding that erstwhile India manager Greg Chappell is 1 of them.
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While the ‘sharks’ were impressed astatine the credentials, they weren’t truthful definite astir the financials. Kunal backed retired of the deal, arsenic did Ritesh Agarwal and Vineeta Singh. But Namita Thapar showed immoderate interest. “My biggest occupation is the Rs 150 crore valuation. I privation to cognize if you’re acceptable for a downround,” she asked the founders, who said that they wouldn’t bash that. They besides refused to divulge details astir their woody with the cricket goods shaper SG. “I’m not comfy sharing the pricing of a B2B deal, sorry,” their CEO said, stressing that the numbers helium was sharing were wholly accurate. “I’m not cooking these numbers up retired of bladed air, everything is signed and sealed,” helium said.
Aman Gupta didn’t look to judge them. “Koi question poocho, main bata nahi sakta. Iska kya terms hai, main bata nahi sakta. Advisory de do, main de nahi sakta. Toh aaye kyun bhai?” helium asked, and answered his ain question, “Marketing ke liye.” The founders assured the ‘sharks’ that they privation to marque a deal, and Aman said that helium would privation to trial however superior they are by making an offer. He offered them Rs 1.5 crore for 4% equity, and the founders said that they would similar a infinitesimal to sermon it among themselves. Namita was taken aback, due to the fact that she was told that they weren’t consenting to little their valuation. “Why did you cull me? I consciousness offended now,” she said.
The founders assured her that they simply privation to sermon if they tin adjacent statesman to negotiate. They were, and they countered by asking Aman to little his equity inquire to 3%. Aman and Namita joined hands, but refused to little their terms. The founders accepted, lowering their valuation to Rs 42 crore.
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