Unstop turns down the record-breaking offer of ₹5 Crores from Shark Tank India
The stakes in the second season of Shark Tank India are high, and recently, Amit Jain (Founder of CarDekho Group) raised the bar with an offer that surpassed any ever seen made on the show before. Although it was larger than what Unstop had requested initially - Rs 1 crore for 1% equity - they still chose to reject it.
Jain's offer of a Rs 5-crore cheque for 10 per cent equity met with disapproval from the founder. Discussions, debates and counter-offers followed until finally, Unstop accepted a Rs 2-crore offer in exchange for 4 per cent stake.
On board came Amit Jain, Aman Gupta, Anupam Mittal and Namita Thapar; Vineeta Singh chose not to join due to conflicts of interest. However, Vineeta saw the need for platforms such as Unstop to help students on their academic and professional paths, making a convincing argument for why others should invest in them.
"We are thrilled to have received an offer of INR 5 crore on Shark Tank, though we settled for a smaller sum due to lesser equity dilution and more Sharks on the Cap Table", said Ankit Aggarwal. "This is a testament to the success of Unstop and the potential it has for continued growth. Our mission is to help talented individuals from untapped corners of India find the right opportunities and succeed in their careers."
Unstop was established by Ankit Aggarwal, to assist talented individuals from various parts of the country in their pursuit for job opportunities. This platform enables them to be exposed to prospective employers and hone the abilities necessary for career progression. For employers, Unstop serves as an instrument to build a brand, source potentially suitable staff, interact with candidates, evaluate their skill sets and make hiring decisions. Presently, the company contains a membership of 4.5 million which includes recent graduates and employees with 0-5 years' experience.