In a recent episode of the business reality show Shark Tank India, a retired Army officer with extensive conflict zone experience presented his military tactical gear brand, Spec-Ops, to the panel of investors, or “sharks,” as per a report by ABP.
His straightforward approach and unwavering demeanour left a lasting impact, evoking a mix of admiration and intimidation from the sharks Anupam Mittal, Aman Gupta, Namita Thapar, Vineeta Singh, and Amit Jain. Through skilled negotiation, the former officer secured a valuation significantly higher than initially offered, showcasing his ability to stand firm in the face of the sharks’ demands, the report added.
The founder candidly admitted his intention to leverage the show’s platform for publicity, earning praise from Aman for his honesty, a quality he attributed to the founder’s Army background. The sharks were further impressed when the founder disclosed that his sales for the previous year amounted to ₹6.2 crore, with projections of ₹8.5 crore for the current year, according to the report.
Despite initial scepticism from some sharks regarding the proposed ₹40 crore valuation, Aman eventually extended an offer valuing the company at ₹15 crore, citing the potential for virality in the emerging market. The report said this offer elicited an incredulous response from the founder, who felt the valuation underestimated the company’s worth.
After further negotiations, Aman and Amit jointly proposed an investment of ₹40 lakh for a 2 per cent equity stake and an additional ₹40 lakh in debt at 12 per cent interest for two years. Although half of his initial expectation, the founder accepted the offer, marking a tenfold increase from Aman’s initial valuation, as per the report.
