Shark Tank India: Ritesh Agarwal’s Ex-OYO Employee’s Pitch Leaves Judges Surprised

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Shark Tank India: Ritesh Agarwal’s Ex-OYO Employee’s Pitch Leaves Judges Surprised

Shark Tank India continues to deliver gripping moments as budding entrepreneurs share innovative business ideas with a panel of expert investors, also known as ‘sharks.’ The latest episode featured a compelling pitch from Paurav and Shamin, founders of Speed Kitchens, whose idea of “We Work for cloud kitchens” caught everyone’s attention.

Speed Kitchens is a unique business model that provides shared kitchen spaces for brands, reducing logistical hassles. The startup already boasts notable partners such as Haldiram’s, Chaayos, and Daryaganj. The duo sought ₹2 crore for 3% equity, valuing their company at ₹66 crore.

Ritesh Agarwal’s Connection With The Founders

The highlight of the pitch was Paurav’s past association with Ritesh Agarwal, founder of OYO and one of the sharks on the panel. Vineeta Singh was quick to ask, “Have you worked with Ritesh?” Paurav nodded shyly, recounting his experience at OYO before the pandemic. Ritesh, after a moment of recollection, acknowledged him warmly, stating, “I can’t tell you how happy I am seeing you here.”

However, Aman Gupta, another shark, noticed a shift in Paurav’s demeanor whenever he addressed Ritesh. “Kuch toh gadbad hai, Daya,” he joked, referring to a popular catchphrase from CID. Paurav attributed this to his familiarity with Ritesh’s various moods, particularly his temper. This revelation surprised the sharks, especially Vineeta Singh, who exclaimed, “Hum toh maan hi nahi sakte.”

Why Speed Kitchens Stands Out?

The concept of Speed Kitchens impressed the sharks due to its practicality and profitability. Kunal Bahl remarked, “Normally, founders opt for businesses that are sexy, like creating an app. This is not a sexy business, and that’s why you’re profitable.”

By offering cloud kitchen solutions, the startup addresses the growing demand for delivery-based dining experiences. Brands can operate efficiently without worrying about setting up individual kitchens, saving time and resources.

Investment Offers On The Table

Ritesh Agarwal expressed his support for Paurav and offered ₹2 crore for 10% equity, later teaming up with Azhar Iqubal to sweeten the deal. Kunal Bahl, impressed by the business’s potential, raised the stakes with an offer of ₹3 crore for 10%.

The founders, valuing their company’s worth, countered with a proposal of ₹2 crore for 6% equity, eventually accepting it after some negotiation. This marked a significant milestone for the young entrepreneurs, who secured funding while gaining mentorship from seasoned investors.

Lessons From The Pitch : Shark Tank

This episode underscored the importance of resilience and leveraging past experiences. Paurav and Shamin’s journey from OYO to Shark Tank India reflects the entrepreneurial spirit of identifying gaps in the market and providing innovative solutions.

Ritesh Agarwal’s genuine support for his former employee also highlighted the value of maintaining professional relationships. Despite their history, Ritesh offered constructive feedback and investment, proving his commitment to nurturing budding entrepreneurs.

As Shark Tank India continues to spotlight inspiring stories, pitches like these showcase the power of innovative ideas and the impact of mentorship in shaping the future of Indian startups.

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