Prateek Palnetra and Vishwanath introduced the brand ‘Free Bowler’.
Anupam Mittal said – there is no demand for it in the market.
The founders got a loan of 25 lakhs and a loan of 50 lakhs.
Mumbai. Business reality show Shark Tank India Season 2 (Shark Tank India Season 2) Two young entrepreneurs arrived with a business related to bowling machines, but the shark rejected their business idea. Prateek Palnetra and Vishwanath come to introduce ‘Free Bowler’, a bowling machine brand. He told that they are the only brand which offers bowling machine at very low cost. He asked for 75 lakhs for 7.5% equity in his brand but failed to impress the sharks.
However, when he revealed that his brand ambassador is Indian cricket team bowler Ravichandran Ashwin, the sharks became happy. Prateek also shared that he is the cousin of Indian batsman KL Rahul.
Business in loss that’s why shark didn’t show interest
When Shark asked about his background, he told that he was an under-16 player and is now a certified umpire. Prateek Palnetra shared that his background is connected to cricket as KL Rahul is his cousin. He showed the demo of his product and told the rate to the sharks. However, most of the sharks refused to invest in that company as Prateek and Vishwanath told that their business was loss making.
Anupam Mittal said that there is no demand for this product in the market. I am surprised that you do not know anything about the market. You have been working for more than 5 years, yet your business is in loss, why so?
Deal done for 25 lakhs and loan of 50 lakhs
Namita Thapar offered a deal to the owners and she offered 25 lakhs for 15% equity and 50 lakhs loan at 5% interest. However, Prateek and Vishwanath presented a counter offer and Namita said, ‘I am giving you an offer and you are giving me a counter, the other sharks are not even showing interest.’
After this Prateek and Vishwanath locked the deal for 7.5% equity for 25 lakhs and took a loan of 50 lakhs at 10% interest. On this, Anupam Mittal asked, ‘How will you pay so much interest? You don’t have anything.’
FIRST PUBLISHED : January 14, 2023, 10:47 IST