Last Updated: January 10, 2023, 21:42 IST
Ganesh Balakrishnan had left everyone emotional with his pitch in Shark Tank India 2.
Ganesh Balakrishnan’s entrepreneurial spirit has been lauded by the Sharks and netizens alike.
One of the most-watched reality series on Indian television, Shark Tank India has gained immense popularity. So much so that the series has come back with its second season. However, there’s one episode of the current season that has been making headlines. One of the recent episodes was filled with emotions when Ganesh Balakrishnan who came to seek financing for his shoe company, Flatheads, broke down on camera. He was given a deal, but he declined it. He did, however, become popular on Twitter, which aided his company, which was otherwise in danger of failing.
What Happened With Ganesh Balakrishnan In Shark Tank India 2
On the show, Ganesh Balakrishnan claimed that Flatheads first appeared in 2019, but problems arose as a result of the Covid-19 pandemic-induced lockdown that kept people indoors. The entrepreneur broke down while admitting that his business is failing and that he is in need of money. He added that in order to keep the company viable for the past two months, he had contributed Rs 35 lakh from his personal savings.
Initially, the Sharks were not convinced by his pitch and asked Ganesh Balakrishnan what were his future intentions with the company. Ganesh stated that he would look for employment, collaborate with an expert in the field, and then attempt to launch his own firm.
Meanwhile, two sharks, Peyush Bansal and Vineeta Singh, then made a proposal to Ganesh Balakrishnan offering him Rs 75 lakh in exchange for 33.3% of the company’s shares. His business was valued at Rs 2.25 crore in this offer. However, Ganesh requested a valuation of Rs 25 crore given that his business generated Rs 3.4 crore in sales in FY22. Despite the fact that Ganesh used his own funds to fund the operation of the company recently, he turned down their offer.
Ganesh Balakrishnan Impresses Audience, Leaves All Emotional
Ganesh Balakrishnan and his company began trending on Twitter and Google trends shortly after the episode was broadcast on Sony. This helped the failing company gain recognition. Surprisingly, Flatheads was able to sell off all of its inventory in under 48 hours. The founder shared his joy via LinkedIn in a heartfelt note.
“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,” he wrote.
Who Is Ganesh Balakrishnan?
Ganesh Balakrishnan’s entrepreneurial spirit has been lauded by the Sharks and netizens alike. So here’s what we know about him so far: He is an entrepreneur with a background in the IIT and 20 years of experience working abroad. He is a co-founder of the company Flatheads which makes casual shoes for the urban workforce and sells them for between Rs 1,000 and Rs 5,000 per pair. Additionally, it sells the first sneakers made of linen and banana fiber.
Ganesh has held positions with organisations including Momoe Technologies, ShopClues, Bain & Company, Honeywell Technology, and others before founding Flatheads. In addition, he co-founded Momoe, a mobile payments platform that was bought by startup unicorn ShopClues.
