Ganesh Balakrishnan, who broke down while talking about the struggles his company Flatheads Shoes is facing in a recent episode of Shark Tank India season 2, has shared an update. He said that his company has ‘sold out’ their inventory in India. Ganesh, the co-founder of Flatheads Shoes, appeared on the fifth episode of the Shark Tank India 2 to pitch his business and raise funds. (Also Read | Shark Tank India: Vineeta Singh, Piyush Bansal, Anupam Mittal at loggerheads over same pitch)
When the judges realised that Ganesh was struggling with his start-up they gave him advice on how to better his business. In the show, Ganesh received offer from Vineeta Singh and Peyush Bansal. They offered him ₹75 lakh for 33.3% equity in the company. This offer valued his company at ₹2.25 crore. But Ganesh had asked for a valuation of ₹25 crore and refused the offer. He also got a job offer from Anupam Mittal.
A few days ago, Ganesh had written a note on Linkedin and said, “To be honest, I was dreading the airing of the Flatheads pitch on Shark Tank India. Breaking down on national TV isn’t exactly great for one’s self confidence. What I definitely didn’t expect is the episode to be received the way it has been, and it is very very heartening to see that people are applauding the entrepreneurial spirit – of all startup founders, with me as a proxy. A heartfelt thank you to the sharks Anupam Mittal, Aman Gupta, Vineeta Singh, Peyush Bansal and Namita Thapar for helping me get some perspective.”
A part of his note read, “We’ve almost sold out our inventory in India, so pardon us if you aren’t able to find your size on www.flatheads.in. Would be amazing if you can tell your friends in the US and UAE to try our shoes. And by the way, did I mention that my 10 year old daughter wants to be an entrepreneur? She says she is a fan of Peyush’s no-nonsense mindset, and I know that she admires Vineeta for her cheerfulness and positivity.”
Later, Aman wrote a long note on Linkedin, “During the Flatheads pitch, I could see myself in Ganesh Balakrishnan. Since I could relate with him so much, I didn’t shy away from speaking my mind and told him to do what I would have done if I were him – start over.”
He also said, “It was tough feedback and it takes real character to accept it when someone tells you to stop doing what you’re doing and start afresh. And to top it all, it takes real guts to say no to a great funding offer on national TV to restart and recalibrate. I hope he is on to something huge soon.”
Ganesh shared Aman’s note and wrote on his Linkedin account, “Thanks for sharing this so openly Aman Gupta. While everybody says it took guts for me to say it on Shark Tank India, it takes 100x more courage for you to admit your failures when you are already one of the most recognizable faces in the Indian startup ecosystem. Respect!”
Shark Tank India 2 features–Anupam Mittal (founder-CEO of Shaadi.com), Aman Gupta (co-founder-CMO of boAt), Namita Thapar (executive director of Emcure Pharmaceuticals), Vineeta Singh (co-founder-CEO of SUGAR Cosmetics), Peyush Bansal (founder-CEO of Lenskart.com) and Amit Jain (co-founder-CEO of CarDekho Group and InsuranceDekho.com).