A 79-year-old founder pitched his auto manufacturing company, MK, on the latest episode of Shark Tank India, which is airing its fourth season currently. He was joined by his co-founder, the son of his old friend. They asked for Rs 3.5 crore in exchange of 5% equity, valuing their company at Rs 70 crore. They admitted that they haven’t sold any units so far, but aim to build around 100 units per month. The founder, Bhupen, said that he wants to make MK a Rs 200 crore-plus company that can take on bigger players such as Bajaj. He also told the panel of ‘sharks’ that he has been watching the show for years, and that his wife egged him on to pitch his brand by telling him to take inspiration from the young women who appear on the show.
All the ‘sharks’ were impressed with Bhupen’s drive, even at his age. Aman Gupta was overjoyed after Bhupen told him that his wife admires him deeply. But Aman was also the first to back out of the deal, saying that he doesn’t have much experience in the automobile industry. Bhupen said that he started his career in 1972, and eventually found himself in the company of the late politician George Fernandes. He said that he always dreamt of starting his own auto company, and had answers for every question posed to him by the ‘sharks’. Namita Thapar wanted to know how he’d compete in a market dominated by Bajaj and the likes, and Bhupen said that his autos are more powerful, and also cheaper.
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He said that every manufacturer sources parts from the same suppliers, and that he ultimately wants to build his own manufacturing unit. Bhupen’s partner said that he studied in the US, where he received his PHD, and he subsequently got his post-doctorate fellowship in Tokyo in 1991. Aman joked, “Uss time Ritesh paida hone hi waale the,” making a reference to his fellow ‘shark’, Ritesh Agarwal.
Ritesh said that he takes a keen interest in the electric vehicle market, but admitted that he cannot make an offer at this stage. He offered to connect Bhupen with people at Uber and other such companies, and advised them to begin a partnership with them. Kunal Bahl offered similar advice, and said that the automobile industry relies heavily on volumes. Namita and Vineeta Singh also backed out, but offered to link the founders up with valuable players in the market. Namita said that she is also concerned about the possible dangers of electric vehicles. In the end, the founders left without a deal, but several of the ‘sharks’ got up from their seats and touched Bhupen’s feet as a mark of respect.