Shark Tank India 3: Aman Gupta rejects startup praised by PM Modi, says it's not business

Shark Tank India 3: In the latest episode of reality television show Shark Tank India, boAt founder Aman Gupta has turned down a startup pitch which was praised by Prime Minister Narendra Modi, saying "It's not business". 

Daak Room promotes physical writing through their campaigns and products. After a thorough discussion about their business, the founders had asked for Rs 36 lakh for a 4% stake in the company.

The company also cited an encouragement from Prime Minister of India, Narendra Modi, who wrote a letter to them, appreciating the efforts of Daak Room and acknowledging their contribution to nation-building and inspiring the younger generation.

Rejecting the pitch, Gupta said, “This used to happen in very old times. It’s not a business. I am out because I don’t have the same passion for writing like you guys, so I won’t be able to add more value.” 

Daak founders eventually cracked a deal with Ritesh Agarwal for Rs 36 lakh in exchange for a 6% stake, with the condition that if they meet their projected revenue, the stake would be lowered to 5%. 

This season, the four main judges, Anupam Mittal, Namita Thapar, Peyush, Aman, and Vineeta, are joined by new additions: Deepinder Goyal, Founder and CEO of Zomato; Azhar Iqubal, Co-founder & CEO of Inshorts; Ritesh, Founder & CEO of OYO Rooms; Radhika, MD & CEO of Edelweiss MF; Varun Dua, Founder of ACKO; and Ronnie Screwvala, Co-Founder and Chairperson of UpGrad.