Anupam Mittal saves a young entrepreneur from leaving empty-handed, turning around the young entrepreneur’s fate on Shark Tank India.
Anupam Mittal saves a young entrepreneur from leaving empty-handed, turning around the young entrepreneur's fate on Shark Tank India.
A young entrepreneur named Sanjay Modi, who is 20 years old and hails from a small town in Rajasthan, showcased his platform for buying and selling used books, called NearBook, on the latest episode of Shark Tank India. He shared that his father, who faced several business failures, has given him a six-month deadline to make his venture successful or else he will need to find a job. Sanjay recounted how his father was scammed in Mumbai while attempting to launch different businesses, and after trying his luck in acting and singing, he eventually turned to farming and is now working in Chennai. Sanjay admitted to having inherited some of his father’s eccentricities, as he requested Rs 40 lakh for 20% equity, valuing his business at Rs 2 crore.
He explained that his platform allows users to list used books for buying and selling, with plans to generate revenue through advertising in the future. Additionally, he mentioned having a mysterious benefactor who invested Rs 6 lakh in his venture. When the sharks inquired about the identity of this benefactor, Sanjay stated he couldn’t disclose it because the benefactor works for him in a secretive manner, and he has never met this person, which left the sharks astonished.
Anupam Mittal commended Sanjay’s determination but pointed out that the classifieds industry has proven challenging for many entrepreneurs. He mentioned Amazon, stating that they could easily dominate the market if they chose to. Due to these concerns, he decided not to proceed with the investment. Namita Thapar echoed Anupam’s sentiments, suggesting that the classifieds market might no longer exist. However, Vineeta Singh disagreed, noting that Indians are often reluctant to discard used books as they hold a cultural significance, viewing them as Saraswati. Despite this, she also chose not to invest in Sanjay’s venture. Ritesh Agarwal praised Sanjay’s ambition and offered offline mentorship but did not make an investment either. Lastly, Kunal Bahl also opted out, citing a lack of trust.
Just as Sanjay was about to leave without any deal, Anupam intervened. “Mujhe bechaini ho rahi hai,” he said. “When I was your age, I didn’t have a mentor to tell me how to run a business. I think you need a real mentor, because your stubbornness is a quality. And I would be betraying my beliefs if I don’t support a boy who reminds me of myself. I’m going to give you your dream deal. If not this, we’ll build something else,” he stated.
Anupam offered Sanjay the Rs 40 lakh he had requested, which left the young entrepreneur feeling very emotional. “I would have lost sleep if I didn’t make you a deal,” Anupam said as he handed Sanjay the cheque.
The Shark mentioned that he sees himself as a young entrepreneur, sharing that he started his entrepreneurial journey with a book platform at the age of 13. He tried various ideas, but none were successful. Eventually, he got the chance to study in the United States, where he learned how to build a successful business.
