Jinesh Vohra, the entrepreneur behind the cashback shopping app Sprive, has lifted the lid on what really happens after securing an investment on Dragons' Den. He landed a £50,000 injection from Touker Suleyman, Deborah Meaden, and Peter Jones in exchange for five per cent equity in his venture.
How the App Works
Sprive allows users to earn cashback on everyday purchases, which is then directed towards paying off their mortgage. The app is compatible with major supermarkets such as Asda, Morrisons, and Tesco, along with numerous other household brands.
Transformational Backing
Mr Vohra described the dragons' support as "transformational" for the business. He explained: "We've effectively doubled in size, and it has been amazing to see so many people connect with our mission of helping homeowners pay off their mortgage faster through everyday shopping." On a personal note, he added: "The best part was sharing the experience with my boys and watching it with them. Seeing how proud they were meant everything to me. Hopefully, it shows them that anything is possible."
A Gruelling Day in the Den
Despite being a long-time viewer of the show, Mr Vohra found the experience intense. "I was in the studio for around seven hours, and the actual pitch and questioning lasted about an hour and a half. It's a long, draining day, with bright lights, cameras in your face and no retakes, so you really have to stay composed under pressure. I'm proud that I managed to hold my nerve," he said.
Surprising Moments Behind the Scenes
Peter Jones was the first dragon to express interest. Mr Vohra said: "The dragons are hugely trusted when it comes to money and business, so for them to really challenge me, dig into the detail and then still say they wanted to back Sprive was massive." He noted that away from the cameras, the dragons are surprisingly approachable. "All of them were really nice. I'm a big football fan, so even though I don't support Manchester United, it was great to see how down to earth Gary Neville was," he shared.
What Didn't Make the Final Cut
Mr Vohra revealed that the broadcast version omitted significant portions of his pitch. "I spoke about the fact that around three million people are expected to still have a mortgage in retirement, which is a major issue in the UK housing market. I also talked about how 59 per cent of mortgage products sold are now 40-year terms," he explained. He added that both Gary Neville and Steven Bartlett admitted afterwards they'd probably withdrawn from the deal prematurely after hearing his real-life customer examples.
The Investment Reality
Contrary to popular belief, the investment does not appear in the entrepreneur's account immediately. "We haven't completed the deal yet, as there is still a full due diligence process to go through. I think sometimes people watch the show and assume the money lands in your bank account the next day, but that's not how it works in reality," Mr Vohra said. He expects the dragons to add value through their network and strategic advice.
Future Plans for Sprive
Mr Vohra has ambitious plans for the app. "One major area of focus is building an online shopping assistant so that every shop customers make can help them save towards their mortgage. We're also looking at building what we believe could be the world's first savings product where the value created helps people pay off their mortgage faster," he said. Additionally, he plans to introduce weekly prize draws where one new customer has their next monthly mortgage payment paid by Sprive.
Beyond Sprive, he envisions using everyday spending to tackle other debts, such as student loans. "I believe there's a real opportunity there. In fact, I think a product like this could potentially help the government save around £1.5billion over five years if people with student debt were able to put even £25 a month towards repayments through everyday shopping. I've tried to get traction on that idea, but so far without success," he concluded.
