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Shark Tank India 3: The popular business show, Shark Tank India 3 has been one of the popular shows that has been gaining attention in Indian Television. In the latest episode of Shark Tank, a coffee brand that pitched its innovative ideas to the Sharks. The latest episode of Shark Tank India witnessed new coffee flavours that haven’t been in the Indian market till now. However, what came as a shocker was when ‘Shark’ Ritesh Agarwal, CEO of OYO stated that it was his first time trying coffee. Read along.
Later in the episode the two entrepreneurs initially asked for Rs 60 lakhs for 2 per cent of equity share in the company. After a while, ‘Shark’ Vineeta and Peyush Bansal took a dig at the Coffee brand which claimed to be unique in making specialty coffee rather than focusing on instant coffee. Peyush further asked the entrepreneurs on what basis will they be justifying that their coffee is different from other brands. As many coffee company have dominated the market in multiple categories including specialty coffee.
However, Peyush Bansal differed when it came to the business aspect, Peyush asked the entrepreneurs about their winning strategy in a competitive coffee market. Later Peyush also pointed out another aspect related to their product differentiation which didn’t seem to impress the judges. He also stated that they won’t be able to play in the long run with their SKUs. Vineeta on the other hand also took a jab at the entrepreneurs for spending most of the money that the company had raised earlier and the fact that the company had made a deficit of Rs 10 lakh.
While most of the judges on Shark Tank backed out of the offer of the specialty coffee brand. Aman Gupta also backed out of the offer, but he advised the young entrepreneurs to focus on selling their star product and later infuse other products at intervals. On the other hand, Ritesh Agarwal showed his faith in the entrepreneurs, he also stated that the business might go down, and their orders might get less, but they won’t be running out of business.
While Ritesh Agarwal made his offer, of Rs 35 lakh of 2.33 per cent of equity in the company and an additional Rs 25 lakh as debt at a 10 per cent rate of interest for three years. The best part was that the two entrepreneurs took the deal made by the specialty coffee brand and later called them ‘baazigar’ and asked requested them to teach him how to sip coffee.
What are your thoughts on Ritesh Agarwal’s decision to invest in a specialty coffee brand? Do you think it was a fair deal for the entrepreneurs? Watch this space to get the latest updates on Shark Tank Tank Season 3!
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