Shark Tank rejects five crore offer from Unstop
Sharks are using their wit to share the most useful insights.
Mumbai: Shark Tank India Season two is gaining momentum. While some businesses get outright rejected, some CEOs reject the offers made. This is the story of a founder who bargained for a lower amount just to ensure that his team is happy and he dilutes less.
India is the land of enterprising businessmen who have made a name for themselves on a global scale. Gone are the days when running and owning a business was restricted to just the rich. With Shark Tank’s Season 2, millions of viewers tune in to each episode of Shark Tank India. Some are still harping on about Ashneer Grover and his rough round the edges remark. While others are truly enthralled by the sheer ingenuity of some of the startups. With every mid sentence cut to break, the audience is at the edge of their seats. The Sharks too, are playing to the ebb and flow of the show and using their wit and knowledge to share the most useful insights.
One Delhi based startup, Unstop, saw hungry sharks circling around it with ample poking, prodding and name calling Unstop and Shark Tank: Founded by Ankit Aggrawal, Unstop is an early talent engagement and hiring platform that helps talented individuals from untapped corners of the country find their place in the job market. Through its platform, Unstop connects these individuals with the right employers and helps them build the skills and experience they need to succeed. On the other hand, employers leverage Unstop to Brand, Source, Engage, Assess and Hire right candidates. Today, the startup has a community of 4.5 million students, freshers and professionals with zero to five years of experience. As soon as Ankit Aggarwal hit the stage, the Sharks were captivated by his pitch. At one point, they had to jolt out of the trance and one of the Sharks said, “Please stop Unstop!” Some say that the secret to a Sharks’ favour is having your numbers, comms and charisma on point and Ankit delivered on all three.
Aggarwal received an offer of five crores for ten per cent equity from Jain. He was quick to decline the offer saying that it wouldn’t be fair to dilute that much equity and wanted to respect and increase the valuation at which his team was given shares, not VCs. Then we were all made privy to the magnanimity of Ankit Aggarwal so much so that Namita Thapar ended up calling him Ankit Makhanwal. After a little back and forth, and some negotiations, Aman Gupta, Anupam Mittal, Namita Thapar, and Amit Jain finally agreed on investing two crores for four per cent equity.
