In a recent episode of Shark Tank India Season 3 Aman Gupta ripped off a cheque worth Rs 10 lakh after the pitchers demanded commitment of 50 hours per week towards their company. Watch video.
Shark Tank India 3: During the most recent episode of season three of ‘Shark Tank’, Aman Gupta, the co-founder of Boat, became frustrated with two entrepreneurs who were unable to make a decision about accepting an offer. Gupta was so upset that he tore up his Rs 10 lakh cheque and withdrew his offer. Here’s a recap of the incident.
The two brothers, who are also entrepreneurs, have unveiled their vegetarian fast-food chain in India. They have revealed that they currently run 150 outlets nationwide and plan to open more with the backing of the Sharks. One of the siblings also expressed their desire to expand into catering and hotel ventures.
Shark Tank India 3: Aman Gupta and Ritesh Agarwal Offer Rs 10 Lakh Each For 1% Equity
The pitchers requested an investment of Rs 1.5 crore in exchange for 1 percent equity. Despite Peyush Bansal, Vineeta Singh, and Anupam Mittal withdrawing from the deal, sharks Ritesh Agarwal and Aman expressed interest in their proposal. They proposed to offer the brothers Rs 10 lakh each for one percent equity and the remaining Rs 1.3 crore as debt at a 10 percent interest rate.
Take a look at Aman Gupta’s Ripping Off Cheque Worth Rs 10 Lakh
‘Want 50 hours of Dedication,’ Demanded By Pitchers
A shocking incident happened when the pitchers asked for 50 hours of dedication from Aman Gupta and Ritesh Agarwal. This led to the incident where Aman got pissed about dedicating time to the start-up business. Aman expressed, “Listen, I know what you are saying, but I tell you that I cannot commit time (sic).” Aman also added that he didn’t want to make any fake promises that would lead to tarnishing his impression and stated that he didn’t want to make any false commitment to the pitcher.
Aman Gupta Rips Off Cheque Worth Rs10 Lakh, Withdraws His Offer
In the meantime, Ritesh also agreed to dedicate 25 hours per week. Despite the pitchers urging the Boatman to reconsider, he decided to tear up his cheque and withdrew from the deal. Citing their indecisiveness as the cause, he declared, “I am no longer interested (sic).” Later in the episode the CEO of OYO also takes back his offer from the table as the pitcher shows the lack of indecisiveness the pitcher had.
Do you think what Aman Gupta did was justified? Watch this space to get regular updates on Shark Tank Season 3!
