Shark Tank India 3: Aman Gupta Rejects Startup Praised By PM Modi, Says ‘It’s Not a Business’

In the recent episode of Shark Tank India season 3, Aman Gupta rejected a startup pitch which was even praised by Prime Minister Narendra Modi. We saw the founders of a startup named Daak Room pitching their company. They explained that Daak Room promotes physical writing through their campaigns and products. They then asked for Rs 36 lakh equity in return for a 4 per cent stake in their company.

During the pitch, Daak Room founders also shared that their startup was also praised by Prime Minister Narendra Modi. They revealed that PM Modi sent them a letter of encouragement and praised their business for inspiring the younger generation.

However, Aman Gupta rejected the pitch saying it is not a business. “This used to happen in very old times. It’s not a business. 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 said.

Peyush Bansal also decided not to invest in Daak Room and rather suggested the founders to transform their business into a stationary brand. “I am not able to understand what your exact service that is being offered is, and what your revenue model is,” he said.

The Daak Room founders got a deal from Ritesh for Rs 36 lakh in exchange for a 6 per cent stake. He also added a condition to his offer and informed the pitchers that his stake would be lowered to 5 per cent if the brand met the projected revenue.

Shark Tank India returned with season three on January 22, 2024. Several familiar sharks from the previous seasons including 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, returned for Shark Tank India Season 3. Joining them were also the new additions to the panel, which include 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.