A recent episode of Shark Tank India season 4 featured a face-off between two brands of self-watering plants -- Kyari and Nurturing Green. While Nurturign Green was able to secure a deal with SUGAR Cosmetics co-founder and CEO Vineeta Singh, Kyari rejected the one and only offer they had on the show.
Agam Choudhary, founder of the self-watering plants and plant tools brand Kyari, revealed in a recent interview why he declined the ₹4 crore offer by Titan Capital founder Kunal Bahl on Shark Tank India season 4.
He said that that his and his co-founder Saksham Jain's approach was very different at the time and that they were not focusing on the amount in a bank. He added that during their pitch, they mentioned that they had a good amount of cash credit limit, considering which they had funding for 6-7 months.
Choudhary further revealed how the show makers allegedly projected them as founders who had no capital to do business.
"The way the episode was put together suggests we didn’t have capital. If that was the case, how would we have survived to date? It was propaganda, and we didn’t have much time to explain the nitty gritty. It was shown completely differently. We were very clear with our valuation, and we tried to negotiate, but they were not ready. Considering all the scenarios, we just let go of the deal,” the Kyari founder told The Indian Express.
He also said that the 'sharks' tried to dilute the company's valuation, while adding he did not take the deal because it was less than the previous funding round's valuation.
"Our valuation was set at Rs 50 crore in the last round we raised in October 2024. In March, we raised funds at a valuation of Rs 70 crore. After Shark Tank, we are earning Rs 3.5 crore every month. The kind of valuation they were offering was not good. So, I have no regrets about rejecting the deal.”
During their pitch, Kyari founders sought a funding of ₹80 lakh in exchange for 0.8 per cent stake in their company, taking their valuation to ₹100 crore.
Bahl and Lenskart's Peyush Bansal made an offer of ₹3 crore for 7.5 per cent equity from Kunal and ₹1 crore for 2.5 per cent equity from Peyush, valuing the company at ₹40 crore.
Founders offered a counter of ₹1.6 crore for 2 per cent equity, valuing their company at ₹80 crore. Even after Peyush and Kunal disagreed, the founders remained firm on their valuation.
Kunal, however, offered to raise the valuation to ₹45 crore but said: “Great founders are decisive. Gajar mooli nahi karte. Say yes or no.”