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Indian American Shaan Patel wins $250k investment from Mark Cuban

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Shaan Patel on ABC's "Shark Tank."

Shaan Patel on ABC’s “Shark Tank.”

(Diya TV) — Indian American Shaan Patel, who once scored perfectly on his SAT exams, appeared on the Jan. 29 episode of the hit ABC show “Shark Tank,” where he aced the show’s panel of investors as well—Patel pitched his education start-up company, 2400 Expert, and departed with a new business partner in Mark Cuban.

Cuban became the lone “Shark” intrigued with Patel’s idea after Kevin O’Leary, Daymond John, Robert Herjavec and Lori Greiner bowed out of the running. After entertaining Patel’s pitch for a $250,000 investment in exchange for 10 percent of the company, Cuban countered with a 20 percent stake of the same dollar amount—Patel runs the company himself, which now offers six-week SAT and ACT prep courses online and in-person, across 20 U.S. cities.

His hope is to see 2400 Expert expand into major markets, such as Boston, New York, and Washington D.C. In the four years of its existence, Patel told the Sharks that his company has generated $1.2 million in sales, adding that each year, the company’s sales have doubled. Even with the rapid growth, Kevin O’Leary expressed concern over how serious Patel’s passion for the company is—his aspirations to one day become a doctor led O’Leary to opine, “you can’t be a part-time entrepreneur.”

Fashion mogul Daymond John was the first Shark to withdraw, “I’m out,” John said, doubting the business’ ability to scale, soon thereafter, QVC queen Lori Greiner, and computer securities expert Robert Herjavec both passed. Both cited Patel’s “lack of direction,” for they thought he was undecided as well, between being an entrepreneur or a doctor.

Patel, a resident of Las Vegas, hadn’t always boasted the perfect score trophy he bears now. He scored average on his first attempt, but after more diligent studying, he was rewarded with the 2400 mark. Now, his company boasts thousands of clients whom have been accepted into Ivy League institutions, won millions of dollars in college scholarships, and have in turn, earned SAT scores of 2400. Despite his intellectual capacity, Patel said he was nervous, citing the fact that out of the 50,000 who apply to be a part of the show, approximately 100 are selected. And the Sharks are very savvy business minds.

“Not only was I going to pitch some of the most famous investors in the world, but I also knew that my pitch would likely air in front of millions of Americans,” Patel said. “When I was in the ‘Shark Tank,’ I noticed that the ‘Sharks’ are very, very smart. There is a reason they are so successful — it is not by accident.”

But Patel was happy with the outcome, and is excited about the idea of working alongside someone with the stature of Cuban—the Dallas Mavericks owner took his barebones businesses AudiotNet and Broadcast.com, and built them into empires. In the end, Broadcast.com was acquired by Yahoo! for $5.7 billion in stock.

“Mark Cuban is my business partner,” Patel said backstage, smiling from ear to ear. “That’s pretty cool.”

A long road traveled for a 26-year-old who went from living in a motel, to a Shark Tank victory.

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New Zealand eliminates India in cricket World Cup

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New Zealand wins Cricket

MANCHESTER, England (Diya TV) — After a rain delay stopped play between New Zealand and India, when play resumed, the Kiwis held on to win by 18 runs, knocking India out of the Cricket World Cup. It’s on to the championship round for New Zealand.

The United States Immigration and Customs Enforcement (ICE) raided an Indian restaurant in Washington DC, detaining several employees.

Airbnb, the Silicon Valley couchsurfing startup turned hospitality behemoth, says they made a direct economic impact of around $150 million in India in 2018.

Indian Airbnb hosts collectively made almost $28 million and welcomed nearly 800,000 guests last year. 

Chennai-based speech recognition startup, Uniphore Software Systems, raised $38 million as part of its Series C round. They’ve received funding from California venture capital firm March Capital Partners and former Cisco CEO John Chambers. 

And Indo-Australian Priya Serrao was crowned Miss Universe Australia 2019.

The 26-year-old policy advisor from the state of Victoria said she will use her new platform to promote multiculturalism. 

Ravi Kapur contributed to this report.

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Trump says tariffs by India are ‘No longer acceptable’

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Tariffs no longer acceptable

WASHINGTON (Diya TV) — In a tweet, President Trump targeted India once again, saying “India has long had a field day putting Tariffs on American products. No longer acceptable.”

Yet earlier this year, the Trump administration stripped India of a preferential status that exempted billions of dollars worth of products from U.S. levies.

One of the most unique characters ever to run for President has died. Billionaire businessman Ross Perot was 89. Many give his independent campaign in 1992 credit for helping Bill Clinton beat incumbent George H.W. Bush.

A day after Democratic Congressman Eric Swalwell got out of the race, another billionaire businessman, Tom Steyer, jumped into the Presidential fray.

India’s OlaCabs recently launched its ride-sharing services in London. And now Ola Electric, their electric vehicle spinoff, just raised a $250 million Series B round at a $1 billion valuation. It plans to bring 10,000 vehicles to the road this year.

And the world will have to wait another day to find out who will play for the Cricket World Cup, after a rain delay stopped play between New Zealand and India.

Ravi Kapur contributed to this report.

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Trump meets Modi & Abe in Japan

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OSAKA, Japan (Diya TV) — President Donald Trump held a trilateral meeting with Indian Prime Minister Narendra Modi and Japanese Prime Minister Shinzo Abe. According to Ivanka Trump, the conversation encompassed 5G technology, working through details on trade and ongoing national security interests for each party.

From Japan, President Trump went to South Korea and entered the demilitarized zone between South Korea and North Korea. He then walked into North Korea to meet with Chairman Kim Jong Un, becoming the first sitting President to ever to enter North Korea.

Silicon Valley startup Fungible announced they’ve raised $200 million from a group of investors including Softbank, taking their total raise to $300 million. A leader in data-centric computing, Fungible is led by CEO Pradeep Sindhu, who previously founded Juniper Networks.

The NBA free agency signing period kicked off with a bombshell: Kevin Durant is leaving behind the team he won two championships with, The Golden State Warriors, for the upstart Brooklyn Nets. Kyrie Irving will join him there. The Warriors traded for the Nets player most impacted by those deals, D’Angelo Russell.

And England beat India by 31 runs in the Cricket World Cup, giving Team India its first loss of the Cup. India will face Bangladesh next.

Ravi Kapur contributed to this report.

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