$1Mfor 10%
Protein Candy
Valued at $10M
The pitch
Karim Sumar & Nabeel El Khafif from Toronto, ON, pitched InstaRyde Inc. in Season 11, Episode 12, asking the Dragons for $500K for 12.5% of the company.
- Asked for$500K for 12.5%
- Valuation$4Mimplied by the ask
- OutcomeDealwith Manjit Minhas
- Final deal$500K for 25%valued at $2Mplus a royalty: 50% say at the table
Offers in the Den
| Dragon | Offer | Result |
|---|---|---|
| Michele Romanow | Believes the product lacks enough differentiation from Uber and Lyft | Out |
| Michael Wekerle | Believes founders lack expertise and sustainability against competitors | Out |
| Joe Mimran | Believes challenging Uber is foolhardy | Out |
| Jim Treliving | Concerned about the valuation | Out |
| Manjit Minhas | $500,000 for 25% equity and 50% say at the table | Accepted |
Karim Sumar and Nabeel El Khafif, from Toronto, Ontario, sought $500,000 for 12.5% of InstaRyde, an on-demand ride sharing platform launched in Toronto a few months earlier that differentiates itself from Uber by not using surge pricing and by offering tips to drivers, taking a 12.5% cut from fares. The company had completed almost 10,000 rides with over 6,000 users and 500 drivers signed up, and the founders had invested close to $700,000, including about $450,000 spent on building the app.
Michele Romanow went out, saying the company was not differentiated enough against competitors with billions in funding. Michael Wekerle went out, citing the founders' lack of expertise and sustainability against larger rivals. Joe Mimran went out, calling it foolhardy to challenge Uber. Jim Treliving went out over the valuation. Manjit Minhas initially offered $500,000 for 20% and a 50% say at the table, then agreed to $500,000 for 25% with a 50% say at the table, which the founders accepted.
Pitch details from CBC’s Dragons’ Den pitch page.
InstaRyde Inc. today
- StatusIn businessLast checked September 2026
InstaRyde Inc. is still operating and sells through its website.