The founders asked for ₹50 lakh in exchange for 1% equity, valuing the startup at ₹50 crore. But as soon as the sharks started questioning the pitch, things quickly fell apart.
The first red flag came from Shark Kunal Bahl, who immediately questioned Medial’s uniqueness.
“You took features from everywhere. A bit of Twitter, some LinkedIn, a little GitHub. What exactly makes this different?”
The lack of a clear product-market fit became a major concern.
- Shark Ritesh Agarwal pressed the founders on user engagement.
- Shark Anupam Mittal demanded hard retention numbers, only to be met with vague responses.
- Shark Kunal Bahl cut them off, saying, “If the answer is no, just say no.”
Things only got worse when the sharks questioned their acquisition strategy. As the founders struggled to defend their retention metrics, Anupam grew frustrated.
“Aap baat ghumaiye mat, don’t switch the narrative.”
The sharks felt Medial was burning cash to acquire users without a clear plan for keeping them engaged.
Shark Aman Gupta then asked a critical question—if the founders were willing to pivot their vision for funding. His concern? Building a product solely based on what investors wanted, rather than a clear mission.
Then came shark Anupam’s harshest critique, “Bhai, aapne apna product bhi aggregate karke banaya aur roadmap bhi sabka advice leke bana rahe ho. I don’t think you can build anything.”
Aman agreed and backed out. Namita Thapar followed, saying the founders lacked direction. Within minutes, every shark except Ritesh Agarwal was out.
Just when it seemed like Medial would walk away empty-handed, shark Ritesh Agarwal stepped up.
Despite shark Namita shaking her head, he saw potential. His offer was ₹50 lakh for 2.5% equity (cutting Medial’s valuation in half).
The founders reluctantly accepted, not their ideal valuation, but better than leaving with nothing.