(MENAFN- Live Mint) Shark Tank India Season 4: During the second episode of Shark Tank India Season 4, sharks faced a unique challenge from Mayur Bharatbhai Gediya, the founder of Surat -based BL Fabric. With many lehenga-cholis on display, Gediya asked the sharks to guess the price of a blue one.
“Whoever guesses it right will get the lehenga,” Gediya said.“This is a trending lehenga. Ye pehenke jahan bhi jaoge, chhaa jaoge (Wherever you go wearing this, you'll steal the show).”
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Snapdeal CEO Kunal Bahl started the guessing game. He said the price would be ₹3,000.
Vineeta Singh, the co-founder of Sugar Cosmetics, said,“I'd predict a cheaper price because I want to win.” Her guess was ₹1,800.
Ritesh Agarwal, CEO of OYO Rooms, went lower with ₹1,500 while Namita Thapar, Executive director of Emcure Pharmaceuticals, went even lower with ₹1,400. Aman Gupta, the co-founder of boAt Lifestyle, went higher with ₹5,000.
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After that, the Shark Tank India Season 4 participant revealed the price to be ₹3,799, which meant Kunal Bahl turned out to be the winner. To this, Vineeta mimicked what the BL Fabric founder claimed earlier and quipped,“Wherever you go wearing this, you'll steal the show.”
Kunal smiled and said he was gifting it to Vineeta, which made the entrepreneur happy.
BL Fabric gets the deal
As per the founder, BL Fabric specialises in three types of embroidery: sequin work, thread work and zari work. Over the past three years, the company claims to have served more than 65,000 customers.
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During the Shark Tank India Season 4 episode, Gediya's pitch impressed the Sharks. While he initially asked for ₹1 crore for 2% equity with a valuation of ₹50 crore, he earned a joint conditional offer from Ritesh Agarwal and Kunal Bahl: ₹1 crore for 5% equity.
The deal included a clause allowing Mayur to reclaim 1% equity if BL Fabric achieves ₹15 crore in sales during FY24-25.
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