In the latest episode of Shark Tank India Season 2 after a pitch by 'Neomotion' a personalised wheelchair company, Anupam Mittal said that the founder might get honoured with a Bharat Ratna if they could reduce the price of the product. He also mentioned that the business is for the good of the nation (desh ka kalyan).
The product
The product was for a moving wheelchair with a scooter's attachment, and the founders, Siddarth Daga, Swostik Dash, and Ashish Sharma, explain their model and their earnings. According to Mittal, the Rs 80,000 wheelchair is expensive, and he asks the founders why they can't sell it for Rs 25,000. The CEO of Shaadi.com also felt that if the product was made at Rs 25,000, then the entrepreneurs would not just make profits but would also get a Bharat Ratna.
The entrepreneur came up with an offer to seek Rs 1 crore for 1 per cent of the company.
Offer
Mittal made an offer with Namita Thapar, executive director of Emcure Pharmaceuticals, for Rs 50 lakh for 4 per cent equity with Rs 50 lakh in debt, but eventually stepped out. Amit Jain, co-founder and CEO of CarDekho said that he will only make them an offer if they pledge that the business will only earn 5 per cent profit, but Siddharth doesn't agree. Peyush Bansal, founder and CEO of Lenskart.com, also made an offer of Rs 1 crore in exchange for 5 per cent equity on the condition that they give him 5 per cent of revenues until he received Rs 1 crore back, but the founders were rigid about sticking to the valuation, which according to Minttal made them money minded.
The entrepreneurs were firm in their offer and declined all the offers; they did not even present a counter offer. Eventually, Bansal gave them the deal they were looking for, and it was locked.
The second instalment of Shark Tank India has returned on Sony Entertainment Television and Sony Liv as of January 2. The show is set for a total of 50 episodes, with Payel Seth as the show's creative director and Studio NEXT as producer.
