A trio of entrepreneurs recently presented their sports tech brand, Str8bat , on Shark Tank India, but their pitch left the panel of investors perplexed. The founders introduced their innovative product, which maps a cricket batsman’s shots and provides detailed analytics to help improve performance. They highlighted their partnerships with IPL franchise Rajasthan Royals and their backing from Cricket Australia .


Seeking ₹1.5 crore for 1% equity, the founders valued their company at a staggering ₹150 crore. However, the sharks were taken aback upon learning that the company has been burning crores annually. The entrepreneurs admitted that they spent several years refining their product-market fit, acknowledging that creating a new category in sports tech is a daunting challenge.


Investor Kunal Bahl referenced a well-known saying in the business world—“Hardware is hard.” He recognized the difficulties the team faced in introducing their technology to customers and teaching them its usage. Despite years of struggle, the founders emphasized that major companies had now placed their bets on them. They also revealed that over 50% of their company is owned by investors, with former India coach Greg Chappell being one of them.


While the sharks were impressed with the brand’s industry connections, they remained skeptical about its financials. Kunal Bahl, Ritesh Agarwal, and Vineeta Singh all backed out of the deal. However, Namita Thapar showed interest but raised concerns about the valuation. “My biggest problem is the ₹150 crore valuation. I want to know if you’re ready for a downround,” she asked. The founders, however, firmly refused to lower their valuation.


Further complicating matters, they declined to disclose details about their deal with cricket goods manufacturer SG. When questioned, their CEO stated, “I’m not comfortable sharing the pricing of a B2B deal, sorry.” He reassured the sharks that all figures provided were accurate, adding, “I’m not cooking these numbers up out of thin air, everything is signed and sealed.”