Sony TV’s Shark Tank India is on to its finale week and with the last episode approaching soon, viewers have the chance to witness a few more pitches by entrepreneurs, until the next season arrives. In a recent pitch shared by Sony TV’s Instagram handle, the business owners of Growfitters were on the show to raise money for their fitness tracking and health insurance business.
The business model explained by the entrepreneurs had them rewarding the users by tracking their health activities, and at a later stage selling them health insurance. Peyush Bansal called their business a triangular model wherein the business has three aspects that were not necessarily in sync with each other and declared himself to be ‘out’ of the deal. Namita Thapar called it a cash-intensive business and was ‘out’ of the deal. Ashneer Grover said that most people are not health fanatics, and would rather be interested in eating gulab-jamuns. He also suggested to the entrepreneurs that they can probably make a business out of selling the data of those who are skipping their health routine, and was ‘out’. Anupam Mittal also followed suit.
Aman Gupta started his negotiation by calling the entrepreneurs’ business model a ‘confused sperm’. He too was of the opinion that the insurance aspect of the business was jarring, but appreciated the business owners’ energy. Aman made them a conditional offer that will only come into effect if his R&D team comes back with positive results for the business, and can find merit in it. He also seemed to suggest that the business can only work if the insurance aspect is removed.
The entrepreneurs had come in with an ask for Rs 50 lakh for 1% but Aman offered them Rs 50 lakh for 2%, and they happily accepted.
Shark Tank India airs on Sony TV, and is available on SonyLIV.
,