In Episode 3 of Shark Tank India Season 5, a founder from Gurugram left all sharks shocked. Ashish Lath, Founder of SaveSage, told sharks that in the last 10 years he has not paid for a single air travel for him and his wife.
Ashish Lath revealed that he owns 15 Credit Cards and courtesy of his CC (Credit Card) points, he has been able to do plethora of free air travel .
Ashish Lath who is a former CFA during his pitch at Shark Tank India Season 5 explained,
"I have boarded more than 400 flights without spending a single penny. I just use my Credit Card smartly. On every swipe of Credit Card you earn reward point. We either ignore those reward points or let it expire. Now, everyone will get the full value of their credit cards from SaveSage."
Lath further explained that SaveSage is AI-powered platform for Credit Card and Reward Optimisation. It analysies your spending and then give you suggestions what type of credit card is good for you. Which credit card you should use. It tracks your reward points, and guides you how you can use them on free flights, hotels, jewelries. In India, there is a total of 11 crore credit cards.
The founder originally asked for Rs 1 crore investment from sharks in exchange for 1 percent equity i.e. Rs 100 crore valuation.
The episode also witnessed a friendly faceoff between shark Aman Gupta and SaveSage Founder Ashish Lath. Aman Gupta said that he himself uses Credit Card and hence he has a deep knowledge about it.
After a friendly faceoff, Ashish Lath said, "I have not paid for flight for me and my wife in last 10 years. More than 360 domestic flights, 80 international flights, 100 free hotel nights. In last 3 years, we have bought Rs 15 lakh worth of jewellery without paying a single penny. In last 3 years, I have got 23% return in value terms on all credit card spends."
In the end, SaveSage secured four sharks deal of Rs 4 crore for 9% equity from Namita Thapar, Anupam Mittal, Mohit Yadav, and Kunal Bahl.
