In the recent episode of Shark Tank India Season 2, shark Amit Jain, co-founder and CEO of CarDekho Group, was willing to offer Rs 5 crore for 10 per cent equity in an online job platform called ‘Unstop’ that was pitched by Ankit Aggarwal.
Unstop is a completely self-funded startup that has created an online platform for businesses to find, assess, engage, and hire candidates across the country. Currently, the platform has over 1 crore graduates looking for work and over 200 companies. The company was founded in 2017 as ‘Dare2Compete,’ but it was later renamed “Unstop. The business evolved from a blog to a technology platform.
The goal for the founder is to reach out to as many candidates as possible and help them get recruited. The company in the end asked for Rs 1 crore against 1 per cent equity.
The founder said that SUGAR, CarDekho, and boAt are already in contact with the company for college tie-ups. He also said that they are different from other competing organizations as theirs is the only full-stack platform that handles branding, sourcing, and assessment.
The company has estimated the new year’s projected sales at Rs 30-25 crores, with a gross margin of 90 per cent and an EBITDA of 30 per cent.
After listening to the pitch Amit to invest Rs 5 crore for 10 per cent equity but Ankit Aggarwal felt that he would like to listen to the offers by the other sharks. Aman Gupta and Namita Thapar offer the next deal and a solo deal was offered by Anupam Mittal Ultimately the four sharks came together to offer a final deal of Rs 2 crore for 4 per cent equity. This was accepted by the founder closing the deal.