Ritesh Agarwal, founder and CEO of OYO Rooms, has been hogging headlines ever since he joined Shark Tank India 3 as the youngest shark. In a recent episode, Anand Nahar, a pitcher with his fast food brand Zorko, left not only Agarwal but also other sharks surprised. Pitching alongside his brother Amrit, the duo came on the show with their unique fast food brand from Surat. The sharks were entertained and intrigued by their pitch, but eyebrows were raised when the brothers asked for Rs 1.5 Crore for just 1% equity. However, the real shocker came when Anand revealed his prior desire to invest in Agarwal’s hotel chain and narrated his journey about contacting the company and even sending a personal mail to the CEO himself.
After explaining his idea behind opening the fast food chain, the pitcher shared, “Sir I wanted to invest in Oyo as well. I had even sent mail and the call centre people couldn’t understand what I wanted to say. I used to call continuously but it couldn’t happen and then you reached 10 million.” Anand further verified his claim by sharing a screenshot of the email he sent to Ritesh and the CEO was reportedly amused by the unexpected turn of events.
The Shark Tank India 3 episode took another unexpected turn when Anupam Mittal, the founder of Shaadi.com, inquired Anand Nahar about his financial capacity to invest. In a surprising revelation, the pitcher disclosed that he had around Rs 5-6 crore set aside for investments. He then spoke about his investments in small and medium enterprises (SMEs).
Further during the pitch, when Vineeta Singh, Co founder & CEO of SUGAR Cosmetics, asked about the rent of his store, the pitcher revealed that the rentals are below Rs 30,000. However, Vineeta wasn’t convinced and claimed that she pays Rs 70,000 rent for her store in Surat. In response, Anand humorously commented, “Ma’am, aapko fir loot liya unhone. I can get you the cheapest space. Agar main aapko dilaun? Aap kya denge?”
As the discussion progressed, Anupam Mittal and Aman Gupta, (co-founder of Boat) had a feeling that Zorko founders might be hiding something. Anupam then decided to opt out of the deal, followed by Vineeta and Peyush Bansal (Lenskart founder), who advised the brothers to focus on their stores. However, Aman believed that the brothers had the potential to grow and expressed interest in working with them.
Ritesh Agarwal and Aman Gupta presented Anand and Amrit Nahar with an offer on Shark Tank India 3. Their proposal included Rs 20 lakh in exchange for 1% equity, with Rs 1.3 crore in debt at 10% interest rate over three years. Despite the initial offer, Anand gave them a counter offer but Ritesh told him to trust in the partnership. Anand continued his negotiations further, leading to frustration and as a result, both Ritesh and Aman decided to back out.
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