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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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Indian national dies in ICE custody in Arizona

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Indian Man dies ICE

SANTA CLARA, Calif. (Diya TV) — An Indian national died in Arizona near the California border while being held in the custody of Immigration and Customs Enforcement, the second person in a month to die at that location.

ICE officials said 21 year old Simratpal Singh was found unresponsive and not breathing while he awaited transfer to an ICE facility. ICE said earlier that day, Singh posted bond on charges of assault and sexual assault.

The Wadhwani Institute, led by Romesh and Sunil Wadhwani, won a $2M Google grant for an AI project which aims to help farmers control crop pests.

In Washington DC, Gita Gopinath, the chief economist of the International Monetary Fund, received the Pravasi Bharatiya Samman Award from Indian Ambassador Harsh Shringla.

And Facebook co-founder and Mark Zuckerberg’s former roommate Chris Hughes, in an op-ed, called for the breakup of the social network.

Zoom Founder & CEO Eric Yuan, among other prominent tech scions, flocked to TiECON over the weekend. We have full coverage including our exclusive one on ones with some of the prominent leaders in Silicon Valley.

Ravi Kapur & Alejandro Quintana contributed to this report.

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Blasts near major Sufi shrine in Lahore kills 10, wounds many

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Sufi Shrine bomb

LAHORE, Pakistan (Diya TV) — Pakistani police say a bomb targeting their forces guarding a Sufi shrine in Lahore killed at least ten people, with many more wounded. Among the dead are civilians, police officers and a security guard. Hundreds of people were nearby to mark Ramadan at the time of the explosion. The Pakistani Taliban is claiming responsibility for the attack.

After the New York Times released details how President Trump lost roughly $1 billion in the 1980s and 1990s, more than nearly any other American, Trump took to Twitter to defend his approach, saying his use of tax shelters was a “sport.”

As the world celebrates his 150th birth anniversary, New York Congresswoman Carolyn Maloney expects Mahatma Gandhi to be honored this year posthumously with the Congressional Gold Medal, America’s highest civilian award.

And global digital payment network Mastercard says they will invest $1 billion in India over the next 5 years, roughly one-third of which will be spent to set up a local payment processing center.

Ravi Kapur & Alejandro Quintana contributed to this report.

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Colorado Muslim restaurateurs win $675K in discrimination suit

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Colorado Muslim restaurateurs

DENVER (Diya TV) — A Colorado court ruled in favor of father and son restaurateurs Zuned & Rashad Khan to the tune of $675,000 after a landlord refused to sublease a restaurant space to them because they are Muslim.

U.S. Secretary of Commerce Wilbur Ross and Indian Minister of Commerce Suresh Prabhu met in New Delhi to talk trade and commerce. Bilateral ties between the nations grew more than 12% from 2017 to 2018.

In Sacramento, ten names of officers killed in the line of duty were added to the California Peace Officers’ memorial, including Corporal Ronil Singh of the Newman Police Department.

And investing icon Warren Buffett said Gregory Able and Ajit Jain, who are both on the Berkshire Hathaway board of directors, would join him and business partner Charlie Munger on the stage to answer shareholder questions in the near future.

Jain is credited with being a driving force behind Berkshire Hathaway’s success in insurance.

Ravi Kapur & Alejandro Quintana contributed to this report.

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