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Much like previous seasons, Shark Tank India Season 4 is quickly becoming a fan favourite, with the drama reaching new heights. In a recent episode, Emcure Pharmaceuticals executive director Namita Thapar called out her fellow ‘sharks’ for presenting an unfair offer to a company, much to the annoyance of Anupam Mittal, founder and CEO of Shaadi.com and People Group. This happened when the team behind the wireless lamps brand Rosha made a pitch on Shark Tank India 4.
Dubbing their firm India’s first “wireless, portable and rechargeable lighting brand”, Gaurav Tikiya, Kanwardeep Singh and Shivam Dewan explained that their lamps require three to four hours of charging to provide 8-10 hours of use. They revealed that over the past five years, they’ve introduced over 100 designs and also expanded into solar lamps. Rosha products are now available in over 5,000 restaurants, lounges and 15,000 homes. Ending their pitch, the founders sought Rs 60 lakh in exchange for 1 per cent equity, valuing their company at Rs 60 crore.
Mentioning that 50 per cent of their products are currently made in India, with plans to raise that figure to 80 per cent within the next three years, they added that their lamps are crafted from materials like concrete, marble, wood, aluminum and stainless steel. In a surprising twist, they revealed that their customers include the mother of shark Aman Gupta, co-founder and chief marketing officer of Boat, as well as Bollywood actor Hrithik Roshan. They also noted that their average selling price is Rs 2,500, with warranty and customer service as USPs.
After gathering all the details, Anupam Mittal made the first offer: Rs 60 lakh for 3 per cent equity and a royalty of 1.5 per cent on sales until he recoups 1.5 times the amount. OYO CEO Ritesh Agarwal then joined him, prompting Anupam to increase the offer to 4 per cent equity. Meanwhile, Aman Gupta offered Rs 60 lakh for 2 per cent equity and a royalty of 1 per cent until he recoups his investment. Anupam and Ritesh matched this offer, but Namita Thapar and Lenskart’s Peyush Bansal opted out.
In the meantime, the three sharks — Anupam, Aman and Ritesh — held a quick discussion and made a revised joint offer: Rs 60 lakh for 10 per cent equity and 2 per cent royalty until they recoup 1.5 times the amount. Namita, shocked by the terms, exclaimed, “This is exploitation.” When Anupam responded that exploitation occurs when someone sits on the show without making an offer, Namita reminded him that she has made plenty of offers in the past.
When the Rosha founders questioned the fairness of the offer, Aman explained that with three sharks involved, each would naturally seek equity. The founders then attempted to negotiate Rs 60 lakh for 3 per cent equity, but an irked Anupam decided to step out. Ultimately, the deal was finalised with Aman and Ritesh at Rs 60 lakh for 4 per cent equity and a 1.5 per cent royalty until Rs 90 lakh is recouped.
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