Refuses Shark Tank funding offer, but Ganesh Balakrishnan sells all Flatheads India stock
Despite the company staring at shutdown, Balakrishnan had refused the only deal he received on the show from Peyush Bansal and Vineeta Singh because they had valued it at Rs 2.25 crore
Shark Tank India S2’s Friday episode has been creating much buzz. The show featured IIT-IIM startup founder IIT-IIM startup founder Ganesh Balakrishnan making a pitch for his venture Flatheads Shoes.
When Balakrishnan came to the show, his company was staring at shutdown. He had personally invested Rs 35 lakh in the last two months to keep the company going. Despite being in such a difficult situation, Balakrishnan rejected the only deal he received on the show from Peyush Bansal (co-founder, Lenskart) and Vineeta Singh (co-founder, Sugar Cosmetics). The two offered Rs 75 lakh for 33.3% equity, valuing the company at Rs 2.25 crore. This valuation was much lower than what Balakrishnan had asked for. He had asked for the valuation to be Rs 25 crore. He claimed that his company had raised Rs 5.2 crore in April 2021, at a pre-money valuation of ₹28 crore, from angel investors.
However, things changed for the good for Balakrishnan after the episode aired. Shortly after the episode aired, Flatheads Shoes trended on social media. So much was the buzz that Balakrishnan then sold out its inventory in India.
