This sister-duo declined Shark Tank funding: The truth about Quirksmith’s Shark Tank pitch
On Feb 13th, sisters Divya Batra and Pragya Batra pitched their poetry and design led jewelry brand Quirksmith in front of the Sharks at Shark Tank India Season 3 (Episode 17). What seemed like an intense negotiation, culminated into the duo declining the deal. In an Instagram post by the brand, the sisters write about reasons for not negotiating the deal - “The short answer is - we weren’t aligned with the Sharks’ evaluation of the brand’s worth. The long answer however is more nuanced.” They went on to explain their growth philosophy and the need to having a partner who aligns with that. The truth is, when scale is the only definition of growth - it scares me! I’m completely aware though that a lot of today’s scale businesses are built that way and while I understand that perspective, it's just not the one I align with. For us the size of the business is not the only metric - it is the community we’re building, the employment it generates, the many people who resonate with our story of taking the road less travelled. I've always had a discomfort with raising capital that expects exponential returns and growth at all costs. Valuation is a dark art I never got very comfortable with, but all models that I used find its place in a profitable business growing at a healthy rate. The truth is there is no right or wrong way to grow. But when 2 people join hands - their alignment on what growth is - is important for it to be a joyful ride.” The brand’s stance has been met with a lot of love and support from their community on Instagram. One IG user went on to state: “I am glad to witness new age India entrepreneurs are looking at sustainable growth rather than having a capitalist way of growth.” It indeed has been a fresh take to growth and entrepreneurship.
On Feb 13th, sisters Divya Batra and Pragya Batra pitched their poetry and design led jewelry brand Quirksmith in front of the Sharks at Shark Tank India Season 3 (Episode 17). What seemed like an intense negotiation, culminated into the duo declining the deal.
In an Instagram post by the brand, the sisters write about reasons for not negotiating the deal - “The short answer is - we weren’t aligned with the Sharks’ evaluation of the brand’s worth. The long answer however is more nuanced.”
They went on to explain their growth philosophy and the need to having a partner who aligns with that.
The truth is, when scale is the only definition of growth - it scares me!
I’m completely aware though that a lot of today’s scale businesses are built that way and while I understand that perspective, it's just not the one I align with.
For us the size of the business is not the only metric - it is the community we’re building, the employment it generates, the many people who resonate with our story of taking the road less travelled.
I've always had a discomfort with raising capital that expects exponential returns and growth at all costs. Valuation is a dark art I never got very comfortable with, but all models that I used find its place in a profitable business growing at a healthy rate.
The truth is there is no right or wrong way to grow. But when 2 people join hands - their alignment on what growth is - is important for it to be a joyful ride.”
The brand’s stance has been met with a lot of love and support from their community on Instagram.
One IG user went on to state: “I am glad to witness new age India entrepreneurs are looking at sustainable growth rather than having a capitalist way of growth.”
It indeed has been a fresh take to growth and entrepreneurship.
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