Shark Tank India Judges Left Speechless by CotoPay Founders' Elite Backgrounds
During a recent episode of Shark Tank India season 5, the panel of judges experienced a rare moment of stunned silence. The trio of entrepreneurs pitching their startup, CotoPay, revealed educational and professional backgrounds that left Anupam Mittal, Aman Gupta, and others utterly astonished.
Founders' Impressive Resumes Take Center Stage
Aviral Gupta, Vidit Sadana, and Syed Uzair Ahmed presented their innovative payment solution, CotoPay, which creates programmable online vouchers for corporate expenses. However, it was their personal histories that truly captivated the sharks.
- Aviral Gupta completed his schooling at the prestigious Doon School in Dehradun, pursued higher education at London Business School, and was a founding team member of the fintech giant BharatPe.
- Vidit Sadana studied at SRCC and IIM Ahmedabad before taking on a product manager role at ITC.
- Syed Uzair Ahmed brought over 20 years of experience, having contributed to landmark national projects such as Aadhaar and CoWin.
Anupam Mittal's Humorous Jab and Judges' Reactions
Anupam Mittal, known for his sharp wit, couldn't resist poking fun at the founders' high-achieving pasts. He quipped, "Aap teeno itne underachiever hai, kabhi bura nahi lagta?" (You guys are such underachievers. Don't you feel bad?). This lighthearted remark highlighted the irony of their modest pitch despite their stellar credentials.
Aman Gupta and Kanika Tekriwal also expressed admiration for the entrepreneurs' previous endeavors, acknowledging the challenges they had overcome. The judges' keen interest was palpable as they delved deeper into the CotoPay proposal.
CotoPay: A Novel Solution for Corporate Expense Management
The founders outlined a critical problem in today's business landscape: employers often struggle to track, control, and organize expenses incurred by employees during company activities. CotoPay addresses this by generating online vouchers that are exclusively usable for authorized payments.
When a QR code is scanned, the system identifies the merchant type and facilitates payment through the voucher. Notably, CotoPay is the first company of its kind in the market, planning to charge 0.5% to 0.7% of a company's total monthly expenditure for its services.
Deal Negotiations and Final Outcome
The entrepreneurs initially sought Rs 50 lakh for 1% equity, valuing their company at Rs 50 crore. Aman Gupta opted out, citing difficulties in implementing the solution across companies. However, other sharks showed strong interest.
- Anupam Mittal offered Rs 50 lakh for 2% equity.
- Kunal Bahl, Mohit Yadav, and Kanika Tekriwal made identical offers.
- Kunal, Anupam, and Mohit then increased their bids to Rs 75 lakh for 2% equity.
In a strategic move, the contestants countered with an offer of Rs 75 lakh for 3% equity, which both Kunal Bahl and Anupam Mittal accepted. Aman Gupta, despite not investing, cheered the outcome, exclaiming, "Arre waah, mazaa aa gaya" (Wow, that was enjoyable).
This episode underscored how exceptional backgrounds can influence investor perceptions, while also showcasing the competitive dynamics of Shark Tank India's deal-making process.
