MUMBAI: Another coffee startup just appeared on Shark Tank India 3, a business reality show, looking for funding from the "sharks." Even though the company's founders were unable to win over every investor, they did manage to secure an unexpected investment from Ritesh Agarwal. Since this was Ritesh's first experience with coffee, it appears that he was taken aback by both the beverage's flavor and the business's profitability, as he ended up being the only "shark" to provide them with a proposal.
Toffee Coffee Roasters' investors approached them with an offer of Rs 60 lakh for 2% of the company, valuing it at Rs 30 crore. Vineeta Singh showed quick thinking when she did the math and discovered that the company was selling its goods for a significantly higher price than its competitors. Aman Gupta, who also understood that the firm needed to be refocused, exited the negotiation. Additionally, Aman advised them to concentrate on promoting a select few things rather than advertising all of their products.
While Peyush Bansal was somewhat interested by the company, it was Ritesh Agarwal who claimed to have never had a cup of coffee in his life who proposed the real offer. "A non-coffee drinker is making an offer?" said Radhika Gupta. The pitchers accepted Ritesh's offer of Rs 35 lakh for 2% of their company, referring to them as "baazigar."
Ritesh previously stated in an interview that he dislikes the term "shark" personally. He also added, “I personally don’t like to call myself a shark. I am more like a dolphin probably. When I was coming to the show, my motivation was very simple, I want to support founders. This has been my goal and Shark Tank has not disappointed me. Great ideas are valuable, but more than that it is the founder and person behind the company that matters. I believe the jockey is more important than the horse.”
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Credit- The Indian express
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