In a recent gripping episode of Shark Tank India 4, Ritesh Agarwal, the renowned founder of OYO, chose to side with Namita Thapar, sidelining fellow shark Vineeta Singh. The surprising move came during a pitch by two young founders of CoGrad, an education company aiming to revolutionize rural education.
CoGrad’s founders presented their innovative model of renting and rebranding closed-down facilities in villages as CoGrad institutions, charging Rs 500 per student per month. Their unique approach not only garnered interest but also impressed the sharks when they revealed that 60% of their students are young girls and that they aspire to reach 4 lakh students in the next decade.
Ritesh Agarwal’s interest piqued when the founders referred to their company as the ‘OYO of schools.’ However, not all sharks were convinced. Kunal Bahl and Anupam Mittal expressed concerns about the company’s reliance on revenue from side training sessions, arguing it might distract from their core business. Consequently, both sharks opted out of the deal.
Seizing the opportunity, Ritesh Agarwal offered a partnership to the pitchers, proposing to join forces with Namita Thapar to add value to the deal. This decision visibly left Vineeta Singh disappointed, as she had shown interest in the business as well.
In a dramatic turn of events, the founders requested all three sharks—Ritesh Agarwal, Namita Thapar, and Vineeta Singh—to come together. The negotiation concluded with the trio offering Rs 50 lakh for 6% equity and an additional Rs 50 lakh as debt for three years.
Shark Tank India 4, aired on SonyLIV, features an esteemed panel of judges including Anupam Mittal, Founder and CEO of Shaadi.com; Aman Gupta, Co-Founder and CMO of boAt; Peyush Bansal, Founder and CEO of Lenskart; Vineeta Singh, Co-Founder and CEO of SUGAR Cosmetics; and Amit Jain, Founder and CEO of CarDekho Group. The show continues to inspire entrepreneurs and showcase groundbreaking business ideas.
