Anupam Mittal was the only Shark to even offer a deal
Anupam Mittal was taken by an unexpected surprise when a company he had a bitter experience with in the past came on Shark Tank India 3 as pitchers. Nonetheless, he presented a deal to them and that was even accepted. The experience was with a health ageing company who had refused to take his sample owing to technical difficulties.
Who are they?
Three founders of Decode Age aka Darshit Patel, Parth Amin and Rakesh Somani, pride their company to be India’s ‘first and only longevity-focused company.’ They came with the vision to transform 80s into ‘new 50s.’ The trio pointed out how 70 percent of people show premature ageing signs owing to the modern lifestyle. They compared it to Yayati from Mahabharata and how entrepreneur Bryan Johnson looks after pursuing youthful vitality.
Anupam Mittal’s experience with them
The founders asked for Rs. 1 crore for 1.25 percent equity. The company’s value is at Rs. 80 crores. In the midst of questions from the Sharks, Anupam Mittal recalled his incident with the brand. He had gone to give a sample for testing but they refused to accept it. This is owing to a lab issue which they claimed would take six months to resolve.
How they struck the deal with Anupam
Namita Thapar was the first to say ‘I am out’ and every Shark, except Anupam, followed suit. Namita opted out saying they were on the higher price and they only had the first mover advantage. Anupam previously offered Rs. 1 crore for 2.5 percent equity and 1 percent revenue until recouping 1.5 per cent of his investment. The counteroffer was for 1.75 percent equity without the royalty. Anupam then revised his offer to 2.25 per cent equity plus 1 per cent royalty until Rs. 1.5 crore is recovered. Thus, the deal was made and Anupam came on board as the sole investor in the brand.