Shark Tank India 3: Deepinder Goyal Backs Out Of His Own Offer, Says 'The Only Reason I Gave You...'

The third season of Shark Tank India has been creating a lot of buzz with its interesting pitches, surprising offers, and amazing deals. In a recent episode, Shark Tank India featured another interesting product and pitch. However, things became more intense when Zomato CEO Deepinder Goyal, the only investor to offer, unexpectedly changed his mind after the entrepreneurs accepted one of his initial offers, leaving them stunned. Goyal explained that he felt the entrepreneurs lacked vision.  He later made a final offer.

When siblings Yash Pradeep Sawardekar and Tulika Pradeep Sawardekar presented their product Goenchi (Of Goa) Feni, a modern artisanal feni brand, on Shark Tank India 3, the sharks immediately showed interest. “We make India’s finest feni on our farm with an authentic family recipe and sustainable practices using cashew apple and coconut flowers,” Tulika pitched to the Sharks.

The entrepreneurs also noted that their product, launched just six months ago, doesn’t contain additives, flavours, or sugar. Despite its recent debut, it’s already stocked in over 100 premium wine stores and retail outlets across Goa. “Unlike countries like Russia, Mexico and Japan, which make the best use of their homegrown spirits vodka, tequila and mezcal, and sake, respectively, indigenous spirits in India are often looked down upon by terming them ‘desi daru’, as a result of which many feni producers have given up on the product,” Yash said.

After outlining their product’s features, Yash and Tulika requested Rs 1 crore from the Sharks for a 5% equity stake, valuing their company at Rs 20 crore. During their presentation, Goyal inquired about the inspiration behind the product, and the entrepreneurs explained that it originated from the concept of crafting a distinctly Indian alcoholic beverage.

However, Deepinder Goyal surprised the other Sharks by extending two offers to the duo: Rs 1 crore for 10 percent equity or Rs 2 crore for 15 percent equity. “Both offers have fairness, so don’t negotiate,” he told them. While Yash and Tulika discussed, Namita Thapar talked to Goyal to understand why he decided to make the offer. “(So you are interested in it because) You can make it global as something coming from India,” Thapar asked and to this Goyal replied, “Yes, this will become like the pride of the nation.” “Mazaa aayega (it will be fun),” Thapar said.

However, surprising everyone, the entrepreneurs initially turned down the offer. Yash said that the equity amount made him hesitate. After the other Sharks emphasised the importance of what they were declining, the duo eventually agreed to Rs 1 crore for 10 percent equity. But Goyal refused this offer. “The only reason I gave you that choice is to check how you think. You are not thinking big,” he said. When he returned, Goyal made his final offer: Rs 2 crore for 15 percent equity, which the entrepreneurs accepted, sealing the deal.