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    'Shark Tank India 3': Why did Boat CEO Aman Gupta reject PM Modi praised business startup?

    Synopsis

    In a recent episode of Shark Tank India, Aman Gupta, co-founder of Boat, declined to invest in Daak Room, a startup praised by Prime Minister Narendra Modi. Despite accolades, Gupta expressed reservations, stating the venture didn't align with his interests. Alongside Peyush Bansal, CEO of Lenskart, Gupta opted out, citing concerns about the startup's business model.

    Boat CEO Aman GuptaAgencies
    Boat CEO Aman Gupta
    In the latest episode of 'Shark Tank India' Season 3, Aman Gupta, co-founder of Boat, made a decisive move by rejecting a startup pitch that had garnered praise from none other than Prime Minister Narendra Modi. The episode, which aired recently, featured Daak Room, a startup dedicated to promoting physical writing through various campaigns and products.

    The founders of Daak Room stepped into the tank seeking a Rs 36 lakh investment in exchange for a 4 per cent stake in their venture. Highlighting their mission to revive the art of physical writing, they shared their vision for the company, which had received accolades not only from celebrities but also from PM Modi himself.

    The Prime Minister extended his support to the startup through a letter of encouragement, recognising its efforts in inspiring the younger generation and contributing to nation-building.


    Aman Gupta's Reservations About Daak Room

    However, despite the commendations, Aman Gupta expressed his reservations about the viability of the business. He emphasised, “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.”

    Joining Aman in his decision was Peyush Bansal, CEO of Lenskart, who also opted not to invest in Daak Room. Peyush expressed his concerns regarding the clarity of the startup's services and revenue model, suggesting a shift towards transforming the business into a stationary brand.

    Ritesh Agarwal's Investment Offer

    Despite the setbacks, the founders of Daak Room managed to secure an investment deal from Ritesh Agarwal, the founder of OYO. Ritesh agreed to invest Rs 36 lakh in exchange for a 6 per cent stake in the company, with a provision to reduce his stake to 5 per cent upon the achievement of projected revenues.

    'Shark Tank India' Season 3 has introduced new dynamics with a panel of twelve judges, including established names like Namita Thapar, Anupam Mittal, Vineeta Singh, and Aman Gupta, alongside fresh faces such as Amit Jain, Ritesh Agarwal, Azhar Iqubal, and Radhika Gupta.

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