Shark Tank updates: Ex-OYO employee presents idea to sharks; Ritesh Agarwal calls him 'best ambassador for OYO'

Shark Tank update: The latest season of Shark Tank India is off to an exciting start, showcasing a variety of innovative startup stories that elicit diverse emotions. In a recent episode, the spotlight was on Paurav Agarwal and Shamin, two young entrepreneurs from Delhi who pitched their idea for a unique concept called "Speed Kitchens" to the panel of sharks.

Their company, Speed Kitchens, aims to provide real estate resources to emerging brands for operating individual kitchens on a shared basis. Paurav and Shamin sought Rs 2 crore in exchange for a 3% equity stake, valuing their company at Rs 66 crore. During their pitch to the sharks – Aman Gupta, Ritesh Agarwal, Vineeta Singh, Azhar Iqubal, and Kunal Bahl – Paurav shared his international work experience, including his previous role at OYO before the onset of the pandemic.

During their conversation about his work at travel tech platform OYO, Vineeta inquired if Paurav had collaborated with Ritesh. Paurav sheepishly confirmed while Ritesh took a moment to remember him. Aman Gupta observed a significant shift in Paurav's behaviour whenever he interacted with Ritesh while presenting his ideas.

“Kuch toh gadbad hai Daya,” he joked, asking Paurav why he becomes so meek while talking to Ritesh.

Paurav stated that he had observed Ritesh closely, noting his different moods and temperaments, without seeing any signs of trouble. This revelation surprised Vineeta and the other individuals in the group, as they were used to Ritesh's typically amiable demeanor and were not aware of any potential anger problems.

The 'sharks' were curious to understand why Paurav did not directly approach Ritesh for fundraising instead of exploring other avenues.

He said: “After I left OYO, we lost touch. And I tried to reach out, but sir must’ve been busy.”

Recalling Paurav's stint at OYO, Ritesh said, “I cant tell you how happy I am seeing you here, there can’t be a better ambassador for OYO than you.”

During negotiations, the sharks proposed an investment of Rs 2 crore to the entrepreneurs in exchange for a 10% equity stake. Azhar expressed interest in participating in the offer. Similarly, Kunal was also impressed by Paurav and extended an offer of Rs 3 crore for a 10% stake.\

Ritesh said, “Money is not an issue, we can also give you Rs 3 crore.”

After a brief consultation, the entrepreneurs proposed to the 'sharks' a reduced equity ask of 4% and inquired about the possibility of forming a partnership involving all three parties. Eventually, they settled on a final offer of Rs 2 crore in exchange for a 6% stake, which was agreed upon by Paurav after initial attempts at further negotiation were unsuccessful.