Two entrepreneurial brothers are offered a solid deal. shark tank india, but managed to blow it away at the last moment. Sharks' Aman Gupta and Ritesh Agarwal have agreed to a joint deal that will provide the Gujarat-based fast food company with funding in exchange for equity and debt. The conditions were perfect for him. So why did the deal fall apart?
The brothers delivered impressive pitches and showed ambitious plans for the future. They asked for Rs 1,500 crore in exchange for a 1% stake, valuing their brand at Rs 150 crore. The brothers' company Zorco, which operates 150 stores in dozens of Indian cities, has announced plans to launch at least eight new companies with shark support.
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While Anupam Mittal, Vinita Singh and Peyush Bansal withdrew for different reasons, Aman and Ritesh decided to go ahead with the deal. They offered the entrepreneurs Rs 1 million in exchange for 1% equity and the remaining Rs 1.3 billion as debt. Although the brothers were agreeable, he was desperate to receive 25 hours of coaching from both Ritesh and Aman each.
Aman says he is reluctant to spend a certain amount of time and his brothers have no choice but to trust him. Ritesh also worked for hours without any problem. Both “sharks” signed the final check and Aman stood up to hand it to his brothers, but they were adamant about receiving 25 hours each from them. “Oh, bye, San, I know what you’re saying, but I’m not going to spend hours on you. If I like you, I can’t let you sit with me or introduce me to your team.” We can, but we are not going to detain you for hours,” Aman said, adding that he did not want to make false promises.
“You have to trust him,” Ritesh said. However, the entrepreneurs stood their ground. “What's the fun without commitment?'' said one of them. Mr. Ritesh agreed to extend the appointment by 25 hours and said, “Chalo, deerpakki (deal is done).” But Aman, sensing their hesitation, suddenly backed away and tore up the signed check. Seeing Aman withdrawing, Ritesh also withdrew his offer. “Because you are indecisive, I am quitting.'' Thus, the two brothers missed out on his Rs 1.5 billion.
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Date first uploaded: July 2, 2024 12:54 IST
