Shark Tank India 3: Aman Gupta Declines Startup Endorsed by PM Modi, Deeming It Not Viable for Business
In the recent episode of the reality television show Shark Tank India, Aman Gupta, the founder of boAt, rejected a startup pitch that had received praise from Prime Minister Narendra Modi, stating, “It’s not business.”
Daak Room, a company promoting physical writing through their campaigns and products, sought an investment of Rs 36 lakh for a 4% stake in the company after a detailed discussion about their business.
The startup also highlighted an appreciation letter from Prime Minister Narendra Modi, commending Daak Room for their efforts, acknowledging their contribution to nation-building, and inspiring the younger generation.
Despite this, Gupta expressed his decision, stating, “This used to happen in very old times. It’s not a business. I am out because I don’t have the same passion for writing like you guys, so I won’t be able to add more value.”
In an interesting turn, Daak Room founders successfully closed a deal with Ritesh Agarwal for Rs 36 lakh, securing a 6% stake with the condition that if they meet their projected revenue, the stake would be reduced to 5%.
This season, the main judges Anupam Mittal, Namita Thapar, Peyush, Aman, and Vineeta are joined by new additions: Deepinder Goyal, Founder and CEO of Zomato; Azhar Iqubal, Co-founder & CEO of Inshorts; Ritesh, Founder & CEO of OYO Rooms; Radhika, MD & CEO of Edelweiss MF; Varun Dua, Founder of ACKO; and Ronnie Screwvala, Co-Founder and Chairperson of UpGrad.
Catch all the exciting episodes of Shark Tank India 3 on our website as entrepreneurs pitch their innovative ideas to our esteemed panel of judges, navigating challenges, and securing deals to take their ventures to new heights.
