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Shark Tank India season 2 returned to TV on January 2 amid much anticipation. The business reality television series, unlike, the previous season, is married with controversies. One of the ‘sharks’ of the show, Anupam Mittal decided to invest in a personalized wheelchair company only to back off at the end moment.
A personalized wheelchair company named Neomotion appeared on the show seeking Rs 1 crore for 1 percent of the company. After listening to their pitch, Anupam said that if they could make the product at a lesser price, they might get honoured with a Bharat Ratna.
When the Sharks and the entrepreneurs were trying to discuss the cost of manufacturing the product on the Shark Tank India season 2, Anupam Mittal mentioned that India is known for “frugal engineering,” and stated, “Kyun dil chhota kar rahe ho, aap aavishkar ko iss tarah se kyun nahi soch rahe ke isko Rs 25,000 mein kaise banau. Agar aap ye Rs 25,000 mein bana dete ho na, aapko business hi nahi, aapko Bharat Ratna milega.” The founders then revealed that they could come down to Rs 80k but not more than that.
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The Shaadi.com founder and Namita Thapar jointly offered them an investment of Rs 50 lakh for 4 percent equity and 50 lakhs in debt but later backed out. Fellow Shark Tank India ‘shark’, Peyush Bansal made an offer as well. He suggested Rs 1 crore for 5 percent equity on the condition that they give him 5 percent of revenues till he gets Rs 1 crore back but the entrepreneurs were adamant about sticking to their valuation.
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After much back and forth, Anupam branded them “money-minded” while they stayed true to their vision and declined all offers, not even presenting a counteroffer. Peyush eventually gave them the deal they wanted, and it was closed.
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