Peyush Bansal tells 'emotional' Shark Tank India pitcher to take 'no more loans' after he reveals he sold his house to run loss-making business
Peyush Bansal on Shark Tank India 4.
which is currently streaming on SonyLIV, recently saw a father-daughter duo pitch their family-run garment business on the show, seeking Rs 80 lakh for 2 percent of the company. Valued at Rs 40 crore, the garment brand Go Devil, run by Vinish Arya and his daughter Angel Arya, started in 2022 strongly but faced some struggles in the following months. As the judges present on the panel – Anupam Mittal, Kunal Bahl, Vineeta Singh and Aman Gupta – investigated more about the business, they found some holes in the figures and expressed their concerns.
Vinish, who came across as an “emotional” entrepreneur, revealed that he has been working in the garment and leather goods industry since 1998, but has had many ups and downs – mainly during the 2008 global recession, and then during the 2020 pandemic. When Aman asked him to elaborate, Vinish said with a smile, “Life mein hi up down chala hai (Life has had many ups and downs).” Peyush called him “observant,” as he revealed that he has been handling the designing part of his Gen-Z clothing brand.
When the time came to share revenue figures, Vinish revaled that in the first year, the company made Rs 1.44 crore, Rs 2.45 crore in the second year, and in the third year, they have already made Rs 2.75 crore (in the first six months), and hoped to close the year at Rs 8 crore. While these sounded like good figures, the unit economics did not convince the ‘sharks’, and it was evident to them that Vinish did not have a strong hold over the finances.
The founder then revealed that he had invested Rs 2.5 crore of his own money into the business last year, by selling his house. He had then taken a Rs 3 crore loan from friends. Anupam was shocked to hear this, and advised Vinish to change his approach as he could foresee that the founder was going down a risky path and digging a hole that would be difficult to get out of. “This risk is dangerous,” he said. Peyush advised him to get a co-founder who can handle the business so Vinish can focus on design. He also told the founder to say no to any loans from now on. “Zero loans,” he said. Vinish and Angel walked away without a deal.
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