In the recent episode of Shark Tank India's third season, an intriguing pitch by two entrepreneurs from Ahmedabad caught the attention of the "sharks."
Kanishka Patel and Raj Shah, co-founders of WeHear, presented their affordable hearing aid technology, seeking a hefty sum of Rs 2.5 crore for a mere 1% equity. Despite the sharks' initial impression of the product's potential, the pitch unfolded into a series of concerns and negotiations, highlighting the rigorous scrutiny ideas undergo on the show.
The sharks, while impressed, raised several eyebrows over the valuation and the background of WeHear's funding.
Anupam Mittal, known for his critical analysis while making investments, pointed out the "unconventional funding" the company had previously secured. He said, “Aap bohot tigdambaaz ho (You seem very fishy).”
The sentiment of skepticism wasn't isolated, as other sharks like Vineeta Singh and Aman Gupta also voiced their concerns over the asking price, deeming it too high for a feasible return on investment.
Despite the collective hesitation, Peyush Bansal, co-founder and CEO of Lenskart, saw potential in WeHear's vision and technology. While every other shark backed out citing various concerns—from the investment being too expensive to doubts about the unconventional funding—Bansal stepped forward with an offer.
He proposed Rs 2.5 crore for a 2.5% equity stake, of which 1.5% would be advisory equity, challenging the entrepreneurs to value him not just as a financier but as an advisor and stakeholder in the company.
Kanishka and Raj, despite the tough questioning and the initial setback of losing interest from most sharks, managed to secure a deal with Bansal. The pitchers agreed to his terms and assured Bansal of giving good returns and committment to make India a focal point in their business strategy.
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