In a recent episode of Shark Tank India Season 4, Ayush Chauhan, a young entrepreneur and founder of Dacby Technologies, took to the stage to launch his innovative venture.
Ayush, who dropped out of the Indian Institute of Technology (IIT), revealed that he buys and resells used gaming consoles and accessories online through his business. Seeking Rs 75 lakh for a 2.2% stake, Ayush valued his company at Rs 34.09 crore.
He also convinced two of his teammates to join him, but when the business didn't take off, he and his co-founders fell out and forced Ayush to buy their shares. He revealed that he took a loan to do so and mentioned that he is operating at a loss.
Answering OYO's Ritesh Agarwal, who is also a judge on the platform, Ayush said that he had only Rs 4,000 left in his personal bank account and had not received a salary for over a year.
He said that he has already raised funds of around two crore rupees but is burning around Rs 5 lakh per month. Out of this, he pays his 16 employees a salary of Rs 3.5 lakh and the balance is Rs 15 lakh. When asked how he survives, Ayush said his father gives him Rs 30,000 as pocket money every month.
Despite his challenges, Aayush's determination impressed everyone, including Namitha Thapar, who turned to Ritesh Agarwal and said, “He reminds me of you, Ritesh.”
This reminded Ritesh of his early days. “I used to live in a Barsati and I couldn't tell my parents because they would call me back home,” he said, offering Ayush Rs 10 lakh as a grant through his office, but only for his personal use.
However, Aman Gupta was vague in his assessment. “You have done many mistakes. You left IIT, you left your friends IIT, you took money from your parents, you raised money from investors. If I call you a good entrepreneur, I would be wrong,” he said. “You are not a good entrepreneur. You are not made for this. My suggestion to you, don't do business. ”