Shark Tank India 3: In one of the episode of the business show, an agro-tech company demanded a deal that has been never offered in the history of Shark Tank India Season 3. Read on.
Shark Tank India 3: The popular business show, Shark Tank India Season 3 has been grabbing the attention of its viewers with new and exciting deals for businesses to look out for. Apart from gaining fame, Shark Tank India offers the exclusive ideas of the ‘Sharks’. In the latest episode of Shark Tank India Season 3, two young entrepreneurs came ahead to solve the problem of farming. Yes, you might be wondering what exactly the problem the owners of the company looked forward to. Read on.
Agro-Tech Company Comes Up With A Revolutionary Farming Solution
In one of the recent episodes of Shark Tank India 3, two young entrepreneurs came forward to solve the huge problem of lack of land for farming. At the start of the pitch, the owners were seen addressing the issue of farming, but for every problem, there is a right solution to it, and the agro-tech entrepreneurs are out on their mission to make people aware of hydroponics. For the unversed, hydroponics is a method to grow plants without the use of soil. Instead, water is used as the base, Looking forward, the agro-tech company carefully addressed the problem and then showed the solution to it.
Coming to the numbers game, Sharks paid close attention to the Annual sales of the company. For the year 2020-21, the company made sales of Rs 65,000. In 2021-22, it made an annual sale of Rs 15 lakh, in the year 2022-2023 the agro-tech platform made Rs 1.25 crore and in 2023-2024 the annual sales are expected to cross the Rs 5 crore mark.
Peyush Bansal In Shock, This Business Runs Without Tech Co-Founder
After displaying the annual sales, another shock hit the ‘Sharks’, Soon Namita Thapar backed out from the deal as she said she might have to invest quite a lot of time. On the other hand, Lenskart CEO Peyush Bansal was in shock after knowing that the agr-tech company had been running without a tech co-founder on board.
The agro-tech founders were keen to look forward to hiring a tech co-founder, to which Peyush Bansal was shocked, when asked why they couldn’t on-board a tech person in the company, the founder stated that they lacked money. Shark Anupam Mittal also turned down his deal when he realised that the Agro-tech company was based on a service and project model, that might not generate revenue. On the other hand ‘Shark’ Aman Gupta sensed that the timing of the technology was not appropriate, as the company was not expecting to make a boom, and due to a lack of knowledge of the consumers, Aman also backed out of the deal. Shark Vineeta Sing also stated her personal reasons for backing out of the deal.
Peyush Bansal Offers Deal, But On One Condition
It was Peyush who was at last offered the deal to the agro-tech company but only on one condition. Peyush offered a deal of Rs 75 lakh in exchange for 15 percent of equity in the company and two percent royalty until Rs 1.5 crore is recouped. The original ask stood at Rs 75 lakh in exchange for three percent equity.
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The agro-tech company took the deal, but there was a catch, the co-founders of the company demanded, the land of Anupam Mittal to show them their project, they also asked Namita Thapar to schedule an appointment to learn more about hydroponics and at last agreed to the terms and conditions of the Sharks and took the deal of Peyush Bansal.
What are your views on the agro-tech company’s idea? Do you think Peyush Bansal made a good settlement? Watch this space to get the latest updates on the popular business show, Shark Tank India Season 3!
