In 2015, the trio of founders, Suman, Sujan, and Nishes Shrestha, ventured into the “Shark Tank” looking for the chance to reel in an investor to partner up with. When the Himalayan Dog Chew team announced their initial pitch of $750,000 for 5% equity in their business, valuing their company at $15 million. The impressive sales figures spoke for themselves — over 1 million packages of Himalayan Dog Chews sold, resulting in $5.6 million in revenue, despite the simplicity of the four-ingredient recipe.
The Sharks were thoroughly impressed by the brand but wondered why the company needed $750,000. “I’m about to ask you for a job. I don’t know why you’re here,” fashion retailer Daymond Johnson joked. “This is a great P.R. opportunity,” billionaire Mark Cuban chimed in. “You’re smart for trying to do it, but you don’t need us.” To the Sharks’ disappointment, the team admitted that they would utilize the money to pay themselves as they haven’t taken any profit since the company’s inception.
After the tense negotiations, investors Kevin O’Leary, Robert Herjavec, and Laurie Greiner offered the team a “venture debt” loan of $750,000 at 10% interest plus a combined 15% equity in the company. In the end, Suman, Sujan, and Nishes declined the joint offer, leaving with nothing but exposure to the “Shark Tank” audience. Well, it turns out that the Sharks were probably right about “not needing” the investors’ money.
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Nicki
