Shark Tank India just aired and the show was amazing. The first two episodes were dry but this episode lifted spirits again.
Vinay Singhal, founder of Witty Feed and now Stage, surprised the sharks when they heard the story of how he lost 300 Cr in just one night. Witty Feed was a popular social media page that ruled content once. Vinay explains, due to Cambridge Analytica ran on Facebook to prove that Facebook had a hand in the manipulation of elections in the US.
It turns out that the account was banned because most of the content consumed is of those eligible voters who were manipulated. This made them lose 300 Cr in one night. Now, they are geared up for a new startup, Stage that gives a platform for local language and dialect speakers to consume entertainment at their ease.
Their ask was for 3 crores for 1% of equity (valuation=300 Cr). All the sharks were out while Namita, Peyush and Aman Gupta remained after identifying the risk and the high valuation.
They have made a deal with the trio of 0.6% of equity for 1.5 crores and another 1.5 crores in debt of 18% interest.
Shark tank airs on the Sony Liv app and Sony Set, Monday to Friday at 10 pm.