On the latest episode of Shark Tank India, Sanjay, a 20-year-old entrepreneur from a small town in Rajasthan, presented his business idea, NearBook, a platform designed to buy and sell used books. The young entrepreneur revealed that he had been given a six-month deadline by his father to make the business work, or he would have to start looking for a regular job. Sanjay’s father, a failed entrepreneur who had previously tried his hand at various ventures in Mumbai, had faced multiple setbacks. He even ventured into acting and singing but couldn’t make it. Eventually, his father turned to farming and is now working in Chennai. Despite these struggles, He asked for Rs 40 lakh in exchange for 20% equity in NearBook, valuing the company at Rs 2 crore.
Sanjay pitched NearBook as a platform where buyers and sellers could list used books. He expressed his vision of expanding the business to earn revenue through advertising. What caught the attention of the sharks, however, was Sanjay’s mention of a mystery benefactor who had invested Rs 6 lakh in his venture. When asked about the identity of this person, Sanjay revealed that he couldn’t disclose the benefactor’s name as the individual moonlights for him. In an even more surprising twist, Sanjay admitted that he had never met this person, which left the sharks puzzled and intrigued.
Despite the intrigue, the sharks were cautious. Anupam Mittal, one of the investors, acknowledged Sanjay’s grit but was skeptical about the classifieds industry. He pointed out that many entrepreneurs had failed in this sector and emphasized the looming presence of Amazon, which could easily dominate the market if they chose to do so. He ultimately decided not to invest, citing these concerns. Namita Thapar echoed Anupam’s sentiments, expressing doubts about the viability of classifieds businesses in today’s market. She believed there might not be enough demand to support a platform like NearBook in the long run.
Vineeta Singh, however, took a different approach. She highlighted the cultural importance of books in India, particularly the reverence for books as symbols of Saraswati, the goddess of knowledge. She noted that many Indians are reluctant to throw away their books. Despite this, she chose not to invest, stating that she wasn’t convinced about the business’s potential.
Ritesh Agarwal, on the other hand, praised Sanjay for his determination and offered to mentor him offline, though he too refrained from investing in the business. Just as the pitch seemed to be ending without any offers, something unexpected happened.
Anupam Mittal, who had already backed out, spoke up again. “Mujhe bechaini ho rahi hai,” Anupam said, expressing his empathy for the young entrepreneur. He revealed that when he was Sanjay’s age, he lacked a mentor to guide him in the world of business. Anupam went on to say that Sanjay’s stubbornness was a valuable trait, and he believed he had the potential to succeed. He added that he would be betraying his own beliefs if he didn’t support someone who reminded him of his younger self.
Anupam offered Sanjay the Rs 40 lakh that he had originally requested, providing a lifeline for the young entrepreneur. He assured Sanjay that even if this business venture didn’t work out, they could build something together in the future. An emotional Sanjay was visibly moved as Anupam handed over a cheque, marking a turning point in his entrepreneurial journey. Anupam concluded by saying, “I would’ve had sleepless nights if I didn’t make you a deal,” further emphasizing his commitment to Sanjay’s success.
This moment of mentorship and belief in the young entrepreneur was a testament to the power of support and guidance in business. Sanjay, who had walked into the Shark Tank with uncertainty, left the stage with hope and a newfound sense of direction. With Anupam Mittal by his side, Sanjay’s journey is bound to be one to watch.