Heizen founders choose Amit Jain over Anupam Mittal on Shark Tank India 5: ‘Galat choice karli’

While the steep valuation initially left the ‘sharks’ baffled, the founders’ clarity of thought and confidence impressed many of them.

Also Read: Anupam Mittal demands payment from Shark Tank India 5 pitcher to work together: ‘Aapko jhelne ke liye’

 

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While Anupam Mittal questioned them, asking, “Where is the AI? Why are we only seeing humans?”, Namita Thapar, Amit Jain, Ritesh Agarwal, and Aman Gupta pressed further, probing the deeper aspects of their business model. As the discussion turned to technical details, a key concern emerged: how the founders planned to retain the engineers they trained and ensure long-term loyalty to the company. Namita and Ritesh also sought clarity on Heizen’s differentiation: what it was doing differently from competitors, and why a larger player like Infosys couldn’t simply acquire or replicate the model.

Following an intense discussion on the technicalities of the brand, Anupam asked about the revenue. The founders revealed that in FY 2024–25, they recorded revenue of Rs 75 lakh. Year to date, they have achieved total sales of Rs 3.15 crore and are projecting to close the year at Rs 8 crore. They further disclosed an EBITDA margin of 48 percent and a post-tax profit margin of 33 percent, figures that left several ‘sharks’ visibly impressed. However, the company’s moat soon became a central point of discussion.

Anupam Mittal lost the deal to Amit Jain

Despite being impressed, Aman Gupta pointed out the moat and opted out. He said, “I find the founder market fit very solid. Everyone says AI will replace humans, but I feel AI plus humans is the future. Thirdly, you have a founder in the US who gets more business. My only problem is talent as a moat, which I don’t agree with. Someone can pay more than you to get the talent; the product has to be the moat. Unfortunately, I am out.”

Ritesh Agarwal also opted out and said, “Aman and Abhilasha, your business today is in a situation where your ambition is bigger, and the runway is small. Making software is relatively easy; I worry that other players will find this out soon. Your business will work, but your margin will rapidly be squeezed, so I am out.” Namita Thapar, meanwhile, said, “Right now, your average customer size and time value for a customer is very small. Your moat is just eight percent; both the variables are unproven at this point, and they are very important. That’s why I am out.”

 

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Amit Jain and Anupam Mittal, however, went on to make offers. Amit said, “I will give you Rs 90 lakh for 3 percent equity. It’s too early right now. I am putting my belief in the founders. I like you guys, but I don’t want to be aggressive on the valuation at this stage.” Anupam said, “I am impressed by you guys, particularly to see women as CTO is important to happen in India. I hope you become a posterchild for women in tech in India and hopefully the world. I will give the same offer of Rs 90 lakh for 3 percent.”

The negotiation progressed with the founders increasing their offer to 2 percent equity. While Anupam immediately revised his ask to 2.5 percent, Amit agreed to come in at 2 percent. Shortly thereafter, Anupam matched the 2 percent offer as well. However, the founders ultimately chose to partner with Amit.

After losing the deal, Anupam asked the founders, “Mere ko kyun naa bola tu? (Why did you say no to me?)”

When the founders explained that Amit’s six-year stint at Trilogy, a services business valued at $600 million, made him a better strategic fit, Anupam responded, “Isme galat choice karli dono ne.”