WYLD is the world's first social currency payment card which you can use to shop and earn money by giving shoutouts to brands. Let's see how this brand impressed the sharks in the 8th episode of season 3.
WYLD was founded in October 2021 by Dishant Sanghvi, Yash Saklacha and Rij Eappen. The business model is based on the fundamental belief that everybody in today’s world is an influencer on some level. “We all influence people every day, be it our friends, family, colleagues, or our social circle. So we set out to build a platform that allows everybody on social media with as little as a thousand followers and above to monetize their social following, just like influencers,” said Raj Eappen, CMO of WYLD.
WYLD is simply a visa-powered payment cart that lets users earn cashback, ranging between 30% to 100% on everyday purchases from over 200 partner brands for giving the brand a shout-out on their Instagram. So, basically, a customer turns into a marketer for the brand.
Experience on Shark Tank
The initial ask from WYLD was Rs. 50 lakh for 0.5% equity. After their pitch, they got offers from all five sharks, each one trying to one up the other's valuation. Finally, all offered the same valuation but the deal was closed with Anupam Mittal, CEO of Shaadi.com at Rs. 75 lakh for 1.5% equity.
Talking beyond the deal, this Shark Tank experience was exciting for the co-founders to say the least. “We went in thinking that it would be great to get an offer from a shark, but getting five offers was a massive validation for our business model,” said Rij. Besides the fact that they got one of the most experienced investors in the country as their investor and mentor, the visibility that the show provided them is a once-in-a-lifetime opportunity that they are all very grateful for.
Have you watched this episode? What did you think? Tell us in the comments below!
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