Aman Gupta, co-founder and CMO of boAt, tore up a cheque after initially offering a deal to two entrepreneurial brothers, Anand Nahar and Amrit on 'Shark Tank India 3' . The episode, which aired on Sony LIV, showcased the brothers pitching their fast food brand Zorko, seeking Rs 1.5 crore for one percent equity.
Initially, the sharks seemed interested, with Aman Gupta and Ritesh Agarwal, founder and CEO of OYO Rooms, proposing a combined offer of Rs 20 lakh for one percent equity and a Rs 1.3 crore debt at 10 percent interest over three years. However, negotiations hit a snag when the brothers counter-offered, requesting 100 hours of advisory time from the sharks in addition to the financial terms.
Aman Gupta expressed his inability to commit such advisory hours, emphasizing his desire to support the brothers without making false promises. Ritesh Agarwal was willing to commit 20 hours but insisted that the brothers trust Aman Gupta's less quantifiable commitment.
As the brothers persisted in their demand for committed advisory time, frustration mounted. Aman Gupta, feeling cornered by the insistence, tore up the cheque and backed out of the deal with an apologetic "Bhai tu mujhe maaf kar," indicating his regret and the need for forgiveness from the pitchers.
Ritesh Agarwal also withdrew his offer, citing the brothers' indecisiveness as the reason. Agarwal said, “I don’t have a problem in committing hours, you can take 20 hours of commitment from me, but from Aman’s side you have to put your trust and believe him”.
The incident quickly gained attention, with the video posted on the official YouTube channel of Shark Tank India garnering nearly a million views.
Zorko, established in 2016 by the Nahar brothers from Surat, Gujarat, has achieved a remarkable feat by inaugurating 150 outlets in just 17 months, all without external funding. The restaurant chain presents a diverse menu featuring over 80 varieties of food products, including pizza, sandwiches, burgers, toast, momos, milkshakes, and more, leaving you craving their offerings.
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