A few days after Peyush Bansal broke Shark Tank India records with an investment of Rs 5 crore in the lifestyle brand NOOE, another record was broken on the latest episode of the reality show. Three generations of the Savani family came together to pitch their company, Savani Heritage Conservation, which takes up high-revenue projects to restore historical buildings. On their portfolio are landmark structures like Mumbai's Royal Opera House and the Cellular Jail in the Andaman and Nicobar Islands. They said that they have restored over 300 historical buildings across 20 states, and asked for Rs 3 crore in funding in exchange of 1% equity, valuing their company at a whopping Rs 300 crore.
The panel of 'sharks' on the episode comprised Anupam Mittal, Ritesh Agarwal, Kunal Bahl, Namita Thapar and Vineeta Singh. Vineeta was the one who observed that the company's gross revenue in the last year, Rs 124 crore, is a record for Shark Tank. The entrepreneurs said that they will easily hit Rs 300 crore this year, which inspired several gasps among the panel. They also claimed to have already earned over Rs 125 crore so far, and said that they have projects worth Rs 850 crore in hand. They also told the 'sharks' that the majority of their revenue comes from government projects, and only a small part of it comes via private projects. These kind of numbers have never been seen on the show, and while several of the 'sharks' were impressed by both the business and the noble cause, Anupam became suspicious.
"When you say that you receive all payments within a maximum of 30 days, I don't know how to tell you this, but this is not possible. I don't know why, but I don't believe what you're saying. You're either hiding something, or you're telling half truths," he said, adding that he has worked with government companies before. Kunal and Namita dropped out of the deal, citing their lack of expertise in the field. Kunal said that he prefers investing in young talent with a lack of mentorship and funds. Ritesh, however, expressed interest as he has plans of expanding his hotel business into the heritage space. Saying that they could be of use to each other, he offered the entrepreneurs Rs 1 crore in exchange of 1% equity, and Rs 2 crore in debt for 10% interest.
But before the entrepreneurs could reply, Anupam made his feelings known. Addressing the elderly patriarch, he said that he is reminded of his father. "My father started working for Rs 100, and he worked so hard, he made enough money for seven generations of his family. That's exactly what you've done. You've created wealth for seven generations. But that's the extent of the praise I'm willing to give you." Addressing his nephew, Anupam continued, "You talk a big game, you want to go public, but this isn't how it's done. So what if your work is noble? Your numbers should reflect that nobility. You have not been able to answer a single numbers-related question properly."
Anupam backed out of the deal, and advised the elderly patriarch, "Pull their ears, get your house in order. I think you've come to Shark Tank to show off your credentials. Nothing wrong with that, but I'm out." He also questioned Ritesh's interest, saying, "I have no idea why Ritesh went for this. In my opinion, it's an undoable deal. He's certainly more restless than us." But the deal went through, and they entrepreneurs agreed to Ritesh's debt terms, and got him to lower his equity ask to 0.8%.
For the latest news from across India, Political updates, Explainers, Sports News, Opinion, Entertainment Updates and more Top News, visit Indian Express. Subscribe to our award-winning Newsletter Download our App here Android & iOS
2025-01-22T07:40:42Z