PremiumShark Tank India: When Lenskart's Peyush Bansal made an offer and later backed out for a 'stress-free life'
Bansal was the only shark on the show to make an offer to an integrated OTT service providing platform, which he later declined, leaving everyone surprised.
Last Updated: 07.44 PM, Mar 28, 2022
The business reality show, Shark Tank India has witnessed many pitches, winning investments from the sharks. It has also given some important B-tips to budding entrepreneurs. But very rarely has any shark gone back on their word and declined the offer after making one.
A pitch for PlayBox TV made the shark Peyush Bansal, co-founder of Lenskart, decline the offer after he made one. The pitch was for an integrated OTT service providing platform, which will give customers access to all content in different OTT platforms with just one click or a remote. The founder said the USP of the service is that it offers the service, partnering with the local broadband service providers on a commission basis, rather than collaborating with big names in the market.
The founder demanded Rs 1 crore for 3.5 equity. After a long discussion, almost all sharks backed out either saying that it is too risky for them to invest as they are early adopters in a declining market or sharing that they do not have proper understanding or expertise in this sector. The founder said they already have an investor, which has a 40 per cent stake in the company. Hearing the revenues that the company made, Peyush Bansal said it looks like the founder has made this company so that it can be later sold to their competitor Jio. Yet, he decides to make an offer. He offers a deal of Rs 50 lakh for 20 per cent equity and Rs 50 lakh as a loan for 12 per cent interest annually.
The founder takes a while to discuss with his strategic partner and gets back to Bansal. But before he says anything, Bansal asks about the person who's tagged along with the founder and he reveals that he looks into the creatives and PR for the company and he is the son of their first investor. Bansal immediately backs out, saying he should have revealed it earlier and he's not comfortable with investing in the company as it lacks clarity when it comes to decision making. He attributed the success of his company, Lenskart to the decision-making process at the organisation. He added that he has had an experience earlier where he faced a lot of issues with startups, he's invested in since there was no clarity in decision making. He said, "Mereko stress-free life chahiye."
The founder and the PR, who seem to have come to the show, for more publicity, politely thanked the judges and walked out.
Meanwhile, the show is available to stream on SonyLIV. Season one of the show also had Ashneer Grover, Aman Gupta, Anupam Mittal, Ghazal Alagh, Vineeta Singh and Namita Thapar judging the show. It was hosted by Rannvijay Singha. The makers are yet to make an official announcement about season two of the show, which is an official adaptation of the US show, Shark Tank.