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 present his innovative business.
Ayush, who dropped out of the Indian Institute of Technology (IIT), revealed that he buys and resells used game consoles and accessories online through his business. Seeking Rs 75 crore for 2.2% equity, Ayush valued his company at Rs 34.09 crore.
He also convinced two of his associates to join him, but when the business didn't take off, it caused conflict between him and his co-founders, forcing Ayush to buy out their stake. He revealed that he went into debt because of this, adding that he was running at a loss.
Responding to 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who is also a judge on the platform, Ayush said that he had only Rs 4,000 left in his personal bank account and had not withdrawn his salary for over a year.
He said he has already raised funds of around Rs 2 crore but will burn through around Rs 5 crore per month. Of this, it pays its 16 employees Rs 3.5 million in salary and has a balance of Rs 15 million. Asked how he survives, Ayush said his father gives him Rs 30,000 as pocket money every month.
Despite his challenges, Ayush's determination impressed everyone, including Namita Thapar, who turned to Ritesh Agarwal and remarked, “He reminds me of you, Ritesh.”
This reminded Ritesh of his early days. “I was staying in barsaati, I couldn't tell my parents because they would have called 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 straightforward in his assessment. “You made a lot of mistakes. You dropped out of IIT, you forced your friends to drop out of IIT, you took money from your parents, you got money from investors. If I call you a good businessman, I will be wrong,” he said. “You are not a good businessman. You are not cut out for this. My suggestion to you, don't do it.”
