Home Entertainment Shark Tank India Lenskart Deal!! – Also find Jain Shikanji, Woloo and Elcare

Shark Tank India Lenskart Deal!! – Also find Jain Shikanji, Woloo and Elcare

Lenskart on Shark Tank

In the latest episode of Shark Tank India on 4th February 2022, we saw some products with a twist and great innovative ideas. This episode had all seven sharks present at once.

Jain Shikanji

Jain Shikanji is a well-established brand that has been in business for more than 64 years now. This was presented by Anubhav Jain. Jain Shikanji’s journey began in 1957 from Modi Nagar, Uttar Pradesh.

They have many products like Thandai, pickles, chaat masala, etc. out of which shikanji masala is the best selling and widely famous. Interestingly, they also have some “secret” ingredients which he did not reveal to the sharks too. They have sold their products to millions of people to date.

His ask was 40 lakhs for equity of 8%. Sharks Peyush, Namita, and Ghazal walked out without offering any deal. Sharks Vineeta, Ashneer, Aman, and Anupam gave him an offer of 40 lakhs for 30% equity. He went out of the room to take a moment to think about the offer and accepted without countering it.

So the deal finally got closed at 40 lakhs for 30% with Sharks Vineeta, Ashneer, Aman, and Anupam coming on board.

Woloo

Woloo is a revolutionary platform which is created with the motive to provide users with hygienic washrooms outside their homes, especially public places. This is a huge problem in a country with a vast population like India. This pitch was presented by entrepreneurs Manish, Rupali and Supreet.

This app navigates users to the nearby, hygienic washrooms available in the area. It also certifies washrooms from A-Grade restaurants in terms of hygiene and safety. They have about 1200 restaurants certified in Mumbai itself. This app has a subscription-based model.

Their ask was 50 lakhs for equity of 4%. All the Sharks except Namita walked out without offering any deal. Shark Namita gave them an offer of 25 lakhs for 10% equity and 25 lakhs as debt at 12% interest. They made a counteroffer of 35 lakhs for 6% equity. But it was unacceptable to Namita and the entrepreneurs did not want to dilute so much so they walked out without taking the deal.

Elcare

Elcare is an online website presented by Pankaj Bhai, Aashna Mutneja, and Suresh Mutneja and was developed with the aim to take better care of senior citizens. They make the lives of senior citizens simpler and they do so at an affordable rate. They provide 360 care for the elder members at their doorstep. Jobs on this website include a variety of tasks like taking them to temples or banks to even setting up ICUs in their homes. The best part of their service includes that all of these jobs are done by verified ex-service personnel of India.

The initial ask was of 1 crore in return for 2.5% equity, valuing their company at a whopping 40 crores. All the sharks did not agree with the valuation of the company and thought that it was still in an early stage. So, owing to their scaling and focus issues, they had to walk out without any deal being offered to them.

Lenskart

This was a huge twist in the whole series of Shark Tank India! Shark Peyush Bansal came in as an entrepreneur to ask for an investment in his company, Lenskart. He is the co-founder and CEO of the said company.

He began the pitch by stating the problem faced by numerous people on a daily basis which is vision impairment. According to him, every one of three people face this issue. His vision is to make spectacles and contact lenses easily accessible and affordable.

Shark Peyush’s initial ask for the company was for 1 crore for 1% equity in Lenskart. Shark Aman started off with an offer to match the 1 crore for 50% equity in the company. Shark Namita offered the 1 crore in return for 20% equity at which point things got out of hand and everyone was auctioning with lower and lower stakes in equity. Later on, Shark Namita reduced her equity ask to 10% but Shark Aman swooped in reducing his initial non-negotiable 50% stake to 5% for 1 crore to which Peyush happily agreed.

Unfortunately, this was not a Real Deal. Shark Peyush returned the cheque to Shark Aman. This was all just for fun.

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