Recently, two young Delhi entrepreneurs Paurav Agarwal and Shamin pitched their unique startup idea "Speed Kitchens" in the latest season of Shark Tank India. Speed Kitchens aims to provide real estate resources to new brands for having individual kitchens on a shared basis.
Ex-OYO Employee pitches to Ritesh Agarwal
Paurav and Shamin were looking for Rs 2 crore in exchange for a 3% equity stake, valuing their company at Rs 66 crore. During their pitch to the sharks – Ritesh Agarwal, Aman Gupta, Azhar Iqubal, Vineeta Singh, and Kunal Bahl – Paurav shared his international work experience, including his stint at OYO before the outbreak of the pandemic.
boAt Lifestyle’s Aman Gupta observed a shift in Paurav's behaviour while presenting his ideas before OYO founder Ritesh Agarwal and jokingly commented, “Kuch toh gadbad hai Daya.”
Sugar cosmetics founder Vineeta Singh asked if Paurav had worked with Ritesh, to which Paurav confirmed.
Paurav said: “After I left OYO, we lost touch. And I tried to reach out, but sir must’ve been busy.”
Recalling the young entrepreneur’s tenure at OYO, Ritesh said, “I cant tell you how happy I am seeing you here, there can’t be a better ambassador for OYO than you.”
During negotiations, the angel investors proposed an investment of Rs 2 crore to the Delhi entrepreneurs in exchange for a 10% equity stake. inShorts founder Azhar showed interest in participating in the offer. Snapdeal founder Kunal Bahl was also impressed by the young entrepreneurs and extended an offer of Rs 3 crore for a 10% stake.
Ritesh disclosed, “Money is not an issue, we can also give you Rs 3 crore.”
The Delhi entrepreneurs Paurav and Shamin proposed a reduced equity ask of 4% and inquired the sharks about the possibility of forming a partnership involving all three parties.
Finally, the deal was settled on a final offer of Rs 2 crore in exchange for a 6% stake.
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