Shockingly! In Shark Tank S2: Sharks found fraud in startup’s partnership. How? Read below..
Since its inception, Shark Tank has been a huge hit, and this holds true for its Indian franchise as well. Sony’s hit TV show has paved the way for budding entrepreneurs to find success. However, in one instance in Shark Tank Season 2, the feedback from the Sharks proved to be an eye-opener for the pitcher, leading to their exit from the firm.
How Sharks Found Fraud in ‘Gavin Paris’ Partnership?
In Shark Tank Season 2, Kishore Jairamka (40) and Ashutosh Roy (26) pitched their fashion brand ‘Gavin Paris,’ specializing in oversized T-shirts and similar products. However, during the pitch, the Sharks noticed that the entire business was run by Ashutosh, whose marketing and operational skills had generated ₹1.4 crore in sales within just 7 months. Despite his efforts, Ashutosh was neither paid a salary nor offered equity; instead, he received a commission of ₹25 per product from Kishore, who had invested ₹50 lakh in the startup.
Upon learning this, Anupam Mittal, Amit Jain and the other Sharks questioned Kishore about why he hadn’t granted equity to his co-founder. Kishore responded that they were in discussions and would address it later. When Anupam insisted, Kishore offered Ashutosh 10% equity. However, the Sharks sensed Kishore’s reluctance and advised Ashutosh to exit Gavin Paris and start his own company.
Throughout the negotiation, Kishore failed to convince the Sharks. Despite receiving an offer from Vineeta and Anupam, he hesitated and ultimately decided not to proceed with the deal, as the Sharks suspected his reluctance to offer salary and 40% equity to Ashutosh.
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Ashutosh Roy Got Backed by Sharks
Aman Gupta and Amit Jain advised Ashutosh to start his own startup and assured him that they would provide funding if he does not receive equity and salary in Gavin Paris.
Ashutosh Roy Exits from Gavin Paris and Starts Offmint
After receiving priceless advice from the Sharks, Ashutosh exited Gavin Paris and founded his own luxury fashion brand called Offmint. Offmint has been featured in various media outlets such as Aajtak, India Today, Hindustan Times, Zee News, Mid Day, ABP News, Republic TV, Outlook, and more.
Shark Tank Season 2: Watch Gavin Paris Full Episode for Free
