Shark Tank India 5: bOAT’s Aman Gupta Mocks Oyo Founder Ritesh Agarwal, Says ‘We’re Not Selling Rooms Here’

BoAt co-founder Aman Gupta made a scathing comment to fellow Shark and OYO founder Ritesh Agarwal during a recent episode of Shark Tank India 5 while assessing a proposal from upscale dining business Early Morning Cartel in Mumbai’s Kandivali area. Despite early conflict, the episode ended with a cooperative agreement that acknowledged the benefits of joint mentoring between Sharks and entrepreneurs.

During a pitch, Aman made fun of Ritesh by pointing out that the Mumbai cafe founders were proposing a high-end eating experience rather than inexpensive rooms like OYO. The two Sharks had a rough start to the Early Morning Cartel pitch, but they eventually worked together to close the deal.

Early Morning Cartel Brings Premium Dining to the Tank

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brothers Neel (23) and Rishiraj (19) Kanwarjani introduced Early Morning Cartel (EMC), a Kandivali-based cafe with roots in the Japanese Omakase tradition. They asked for Rs 2 crore for 5 per cent stock, valuing the company at Rs 40 crore to support growth. The Sharks were drawn in by the brothers’ impressive financials, which included a Google rating of 4.7 and sales of almost Rs 1.14 crore in seven months (approximately Rs 15-20 lakhs per month) with an EBITDA margin of 32%.

Other Sharks had concerns about growing an idea linked to specialised culinary knowledge and real estate restrictions, but Ritesh Agarwal commended the creators and offered Rs 1 crore for 10 per cent ownership with a Rs 1 crore term loan. However, Vineeta Singh and Namita Thapar withdrew, citing these operational difficulties.

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Aman Gupta Mocks Ritesh Agarwal’s OYO

Recognising the potential of the founders, Aman Gupta expressed his optimism by offering Rs 2 crore for 10 per cent of the company. “Hum waise bhi yahan Rs 999 ke rooms nahi bech rahe (We’re not selling Rs 999 rooms here),” he said, comparing OYO Rooms’ value-oriented business with EMC’s luxury image.

In response, Ritesh quipped, “999 ke mics bhi nahi bech rahe yahan par.” (“We’re not selling mics for 999 here either”) — a light-hearted pushback on the jibe.

Following a brief period of intense negotiations, both Sharks decided to work together and offered Rs 2 crore for 14 per cent stake, which was eventually resolved at 12 per cent. The intense competition among investors before closing was alluded to by Kunal Bahl’s amusing remark, “Lene ke dene pad gaye, acid reflux ho gaya.”