The latest episode of
Shark Tank India 3
introduced three unique pitches in the sectors of footwear, art and craft and Ayurveda. The first pitch of the day was for a
footwear brand
. The brand's COO and founder
Satyajit Mittal
from Pune. After listening to his pitch, he shared that his USP was his shoes can organically grow upto 3 sizes with each pair of shoes for kids. His ask is Rs 80 Lakhs for 1% equity at the valuation of Rs 80 cr.
Satyajit then shares his list of winning renowned awards and talks about his story, both Vineeta and Anupam ask him not to digress from his current brand and continue on what makes his footwear brand different from others as a scalable model. Satyajit yet again continues with his salesman explanations. Anupam then says, "We can come to all of this later, first show us the product."
Vineeta, Anupam and Aman enquire about how these shows are comfortable and how the size is managed. Peyush added, "My son uses these shoes and we as parents feel that it is getting tight so within 6 months we end up changing the shoes." Satyajit yet again digresses from answering the right way and gives a description of his product and size. Aman then gets irritated, he says, "Tu ghuma mat, ruk ja. We want to ask questions but we don't understand."
Anupam, Vineeta and Aman get agitated and ask him about his sales and financial differences. Peyush then inquires about his store's rent and other expenses. Vineeta then tells Satyajit not to add other narratives. Aman says, "I am starting to get irritated now." Peyush then asks Satyajit to be to the point and not digress.
When Anupam asks about the co-founder, Satyajit first lies about having a co-founder and later reveals that there isn't any. Aman says, "Nervous nahi, oversmart hai." Aman loses his calm and backs out, says "Meko banda tu bilkul pasand nahi aaya, tu nautanki laga bohot bada. Tune kisi ki nahi suni. I am not saying you might not do well, you might be the next big brand I don't care."
After the whole discussion, all the Sharks decide to back out from the deal. Peyush then reveals the real reason why the deal didn't strike between them before, he said, "Today you had a deal on Shark Tank like we had one. When you came to me you didn't have even 1% revenue. You were pre-revenue. I still decided to bet Rs 1 cr on you at 10% equity. You were fixated that you wanted Rs 15 cr. You found some ultra HNIs, on 0 revenue I was ready to give you Rs 1cr. Even if you deal here, it will take a few months. In between all of this, you had a good sale, but you didn't close the round. I was giving you 5 times more revenue on Rs 2 cr which is much better than Shark Tank. You then told me you want less money I agreed to that too. But you didn't close the deal."
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Peyush then shared, "Here if you get a deal, then again you will meet another HNI who will give you an evaluation of Rs 80 cr and again you will say the deal was less. My only advice to you is you have to somewhere stick to being authentic. If you get a deal here then please honour it outside. Don't get swayed by the HNI and nothing happens."
All the sharks backed out and he went without a deal.
English (US) ·