In the latest episode of Shark Tank India, a retired Army officer, renowned for his experience in conflict zones, showcased his military tactical gear brand, Spec-Ops, to the five sharks – Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, and Amit Jain.
His straightforward demeanor and assertive attitude impressed and somewhat intimidated the sharks. This was evident as the retired officer managed to secure a valuation ten times higher than his initial offer, thanks to his strong negotiation tactics and refusal to yield to the sharks.
Initially, he proposed Rs 80 lakh for 2% equity, highlighting his current sales of military tactical gear, including combat shirts, cargo pants, and regular T-shirts, to Army officers. However, he expressed his ambition to transition his brand into a B2C business catering to civilians. This aspect particularly intrigued Anupam and Aman. Nevertheless, Namita raised a fundamental question, inquiring about his strategy for selling to officers without government contracts.
An ex-Army soldier pitched his company plan to the sharks in a recent episode of Shark Tank India 3, asking for Rs 80 lakh in exchange for a 2% equity stake.
The former officer revealed that he now sells Army officers military tactical items like combat shirts, cargo pants, and T-shirts. But when he stated that he wanted to take his company into the B2C market, Anupam Mittal and Aman Gupta became interested.
Referred to as a “straight shooter” by Namita Thapar, the ex-officer admitted that he intended to use the Shark Tank India platform for both publicity and fundraising.
A visibly impressed Aman commended, “What you’ve just said is something many people here fabricate. That’s the Army honesty shining through.”
The Army veteran disclosed that he would end the year with Rs 8.5 crore in sales, prompting Aman to question why he sought a Rs 40 crore valuation.
Read more:Reliance Power, led by Anil Ambani, settles bank dues, hits 5% upper circuit
Namita then opted out of the deal, explaining, “Your business isn’t feasible for investment, and here’s why. It’ll be challenging for an investor to join you as scalability is limited, and we won’t see an exit strategy. Moreover, camouflage prints are readily available on platforms like Amazon and Flipkart. However, I have immense respect for your achievements.”
Despite expressing concerns, Aman extended an offer but proposed a valuation of only Rs 2 crore, significantly lower than the initial ask.
This response seemed to offend the entrepreneur, who retorted, “The valuation you’re offering, I wouldn’t even consider it outside of this platform. I don’t mean to be disrespectful, but comprehending a business’s intricacies in such a short time is challenging. Currently, I have an order worth Rs 8 crore, which I’ll fulfill within three months.”
Read more:Xiaomi 14 Lite: Launch Date, Specifications, and Price in India
Aman revised his offer, proposing a valuation of Rs 15 crore and remarked, “I see great potential in this emerging space, with the brand holding virality potential. That’s the risk I’m willing to take.”
The founder chuckled at Aman’s rationale, retorting, “At Rs 15 crore, there’s hardly any risk involved, I can assure you that…” eliciting laughter from Vineeta Singh and Namita Thapar.
He added, “Perhaps I’ve taken it personally. Maybe I’m interpreting this as the value you’re assigning to me.”
Vineeta attempted to clarify, stating, “No, sir. We’re simply aiming to maximize our returns. This valuation isn’t a reflection of your worth.”
Read more:Priyanka Chopra, Nick Jonas, and Daughter Malti Marie Visit Ram Mandir in Ayodhya; Pictures Go Viral
Aman then turned to Amit Jain, inquiring if he would join in the deal. Together, they proposed Rs 40 lakh for 2% equity, along with Rs 40 lakh in debt at 12% interest over two years.
Expressing concern about the entrepreneur’s steadfast demeanor, Aman asked if he should be wary. The pitcher responded that he was open to learning from both Aman and Amit as he sealed the deal, securing half of his initial valuation but ten times more than Aman’s original offer.
Read more:Vedaa Teaser Released: Check Out John Abraham’s New Avatar! When’s the Release Date?
Read more:Bihar’s Seat-sharing Finalized for LS Elections 2024: BJP to Contest 17, JD(U) 16, LJP (RV) 5
