Shark Tank India 3: Aman Gupta Rejects Startup Praised By PM Modi, Says ‘It’s Not a Business’
In a remarkable turn of events on Shark Tank India’s third season, a startup that garnered praise from Prime Minister Narendra Modi found itself facing rejection from one of the show’s seasoned investors, Aman Gupta. The startup in question, Daak Room, aims to rekindle the nearly lost art of physical writing through targeted campaigns and innovative products. Their pitch to the sharks was to secure an investment of Rs 36 lakh in exchange for a 4 percent stake in their company.
During their presentation, the Daak Room team proudly shared a moment of encouragement they received from none other than Prime Minister Narendra Modi, who had sent them a letter lauding their initiative for inspiring the younger generation towards the lost art of letter writing. Despite this high-profile endorsement, Aman Gupta expressed his reservations about the viability of their business model.
“This used to happen in very old times. It’s not a business,” Gupta remarked, explaining his decision to step back from investing. “I am out because I don’t have the same passion for writing like you guys, so I won’t be able to add more value,” he concluded, spotlighting a mismatch in passion and perspective.
Peyush Bansal, another distinguished shark and advocate for innovative startups, also chose not to invest. He provided the Daak Room founders with a piece of advice: to consider pivoting their business towards becoming a stationary brand. Bansal pointed out the lack of clarity in their service offering and revenue model as his primary concerns.
Despite these setbacks, the Daak Room managed to captivate the interest of Ritesh, who proposed an investment of Rs 36 lakh for a 6 percent stake in the company. He further incentivized the deal by offering to reduce his stake to 5 percent should the brand achieve its projected revenue figures.
The premiere of Shark Tank India Season 3 on January 22, 2024, brought back several familiar faces from the show’s previous seasons. This season’s panel includes renowned personalities like Namita Thapar, Executive Director at Emcure Pharmaceuticals Limited; Aman Gupta, Co-founder of Boat; Peyush Bansal, Co-Founder and CEO of Lenskart; Anupam Mittal, Founder and Director of Shaadi.com; and Vineeta Singh, CEO of Sugar Cosmetics. The season also welcomed new members to its investment panel, including Amit Jain, CEO and co-founder of Car Dekho; Ritesh Agarwal, Founder of OYO; Azhar Iqubal, Co-Founder and CEO of Inshorts; and Radhika Gupta, CEO of Edelweiss Capital.
The episode featuring Daak Room’s pitch underscored the diverse range of perspectives and expectations that entrepreneurs must navigate when seeking investment. While the endorsement from a figure as prominent as Prime Minister Narendra Modi is undoubtedly prestigious, the reactions from the sharks illuminated the complexities of turning a passion project into a scalable business venture. The journey of Daak Room on Shark Tank India Season 3 serves as a compelling narrative about resilience, innovation, and the relentless pursuit of one’s passion amidst the challenges of securing investment.
