Saree Startup Strikes Rs 2 Crore Deal On Shark Tank India Season 3 After Getting Rejected In Season 2
Many startups have in recent years gone on to become successful despite getting rejected on Shark Tank India. But in a recent episode, an online saree startup, which was rejected in season two, came up in season three and struck a Rs 2 crore deal.
Pitcher Strikes Deal On Shark Tank Season 3 After Rejection In Season 2
Ankush Barjata, the founder of an online saree store Deeva from Himachal Pradesh, was featured in a recent episode of Shark Tank India 3. The Sharks were intrigued to learn everything there is to know about Ankush after he makes an outstanding pitch. He wears a saree to reveal his vision. At a valuation of Rs 50 cr, he requested Rs 2 crore for 4% equity.
After that, Radhika greets Ankush and inquires about his business, as per TOI report.
Ankush revealed, "My dadaji and my father used to work for clothing stores. Till my father opened his own shop I was studying in Govt school. Then I did my engineering from Chennai. I wanted to direct movies but when I came to know about my father's loss in business, I decided to find work. While working I came in contact with a saree manufacturer. I did all my research on handloom and powerloom sarees. I decided to take a chance and build a bridge."
Also Read:?Startups That Went On To Become Successful Despite?Rejection?On Shark Tank India
Why He Was Rejected In Season Two?
At that point, Peyush, Vineeta, and Radhika comprehend the nature of his company and the caliber of his output. Ankush reveals that he had applied for season 2, but things didn't work out back then and he got rejected.?He also talked about how he developed with the company and how it took him about a year of trial and error to establish a robust and successful run rate. The fact that he was managing the entire company from the village of Bangana amazed the sharks greatly.?
Then, Ritesh questioned Ankush about how he handled being rejected. Ankush disclosed that he likes MS Dhoni. shared that he had written a lengthy post back when season 2 hadn't happened. Because he was interested in reading the post, Aman asks him to display it. Then, Ankush revealed a post in which he had shown up on Shark Tank and was actually inside the tank.?
Rs 2 Crore Deal With Sharks Ritesh and Radhika?
?After further grilling Vineeta and Peyush back out from the deal. Aman gives an offer, says 'Mujhe koi interest nahi hai tere saree business mein, par tu banda bohot accha hai toh main tuje ek deal dunga'. Rs 20 Lakhs for 5% equity and Rs 1.8 cr in debt for 10% interest.?
Ritesh and Radhika joined and the new offer was Rs 75 Lakhs for 5% and Rs 1.25 cr for 10% equity for 3 years. Ankush gives a counteroffer of Rs 75 Lakhs for 6% and Rs 1.25 cr for 10% equity for 3 years and they close the deal.
Also Read:?Why Aman Gupta?Rejected?The Startup Once Praised By PM Modi
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