Season 2 of Shark Tank India, one of the most popular reality shows on Indian television, has provided its audience with an introduction to some cutting-edge terms in the world of business. With each new episode, viewers are exposed to fresh takes on running a company.
In one such program, two brothers named Akash Agrawal and Ashish Agrawal from Raipur, India, presented their spice company, Zoff. To spread the word that they are a “healthy fit,” the duo recently revealed that Shilpa Shetty, a well-known fitness expert, will be representing their brand. The founders also caught the Sharks off guard by admitting that they had not yet hired a chief executive officer.
The business owners have expressed their goal of becoming one of India’s top five masala brands and have asked for Rs 1 crore (about $1.5 million) in return for 0.5% ownership. The company’s creator even appeared on the program to give a presentation and demonstrate the goods.
During the conversation, Akash and Ashish told the sharks that they don’t have a CEO yet, which shocked all five of them. Namita Thapar asked them about this and said, “When an investor comes to any company, there has to be a point person who can answer all of their questions. Why isn’t there a CEO in the company you work for now?” Akash said, “We haven’t thought about it yet.” She then asked him, “How come you haven’t found an investor yet, so let’s talk about it?” Anupam Mittal went on to say that it all doesn’t matter because they came here to sell, not to invest.
Anupam Mittal made them an offer of Rs 1 crore for 2% stock, on the proviso that their Rs 18 crore in debt will be converted to equity at a later date. Both Aman Gupta and Vineeta Singh presented their own proposals, though. Amit Jain, another of the sharks, offered them Rs 1 crore in exchange for 1.5% of the company.
Anupam retracted his offer later on when he saw that the businesspeople were befuddled. At the end of the day, Akash and Ashish settled on a deal with Aman Gupta that would see them sell 1.25 per cent of the company to him for Rs 1 crore.
Season 2 of Shark Tank airs on Sony Entertainment every Monday through Friday at 10 p.m. This season’s sharks are Aman Gupta, Peeyush Bansal, Anupam Mittal, Amit Jain, Vineeta Singh, and Namita Thapar.