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Shark Tank India 2: Throwback to when Vineeta Singh turned into pitcher after her husband came on stage
In the second season of Shark Tank India, Vineeta Singh turns pitcher along with her husband asking for investment in their company, Sugar Cosmetics. Here's what happened.
Shark Tank India 3 offers a platform where an entrepreneur gathers all hope and presents his or her business idea to the Sharks seeking an investment from them. It is common for viewers to have pitchers from across the nation appear on this business reality show. But did you know that the show witnessed a Shark becoming a pitcher, explaining the business approach before the experts?
Vineeta Singh becomes a pitcher on Shark Tank India 2
During an episode of Shark Tank India 2, everyone was left surprised after Vineeta Singh's husband, Kaushik Mukherjee, arrived on the stage representing Sugar Cosmetics. Before starting his pitch, he had a small request from the Sharks and asked, "Kya main thodi der ke liye aapki 2022 ki fellow Shark Vineeta Singh ko meri 2017 ki co-founder bana sakta hun? (Can I have your 2022 Fellow Shark Vineeta Singh be my 2017 Co-Founder for a while?)."
She and her husband started the pitch and claimed that their brand, Sugar Cosmetics, was of high quality and offered long-lasting makeup. Vineeta stated that their products were specially designed for Indian skin and suited Indian skin tones, including the deepest skin tones. The duo put forth an ask of Rs 1 crore in exchange for 2% equity in their business.
Anupam Mittal asked them about how and when they started Sugar Cosmetics. Kaushik revealed that he and Vineeta were in IIM Ahmedabad and got married in 2011. Vineeta Singh stated that she had always wanted to do something around women consumers, while her husband was passionate about e-commerce. Meanwhile, Aman Gupta asked them why they named their brand 'Sugar.'
Kaushik Mukherjee answered, "Shuru mein humne bahut alag naam socha tha brand ke liye. Wo brand ka naam tha Kickass cosmetics. Toh 5 naam jo shortlist hain humare...usmein se ek Sugar bhi tha. (Initially we thought of a very different name for the brand. The name of that brand was Kickass cosmetics. So 5 names are in our shortlist...one of them was Sugar). It seems young, but it gives you energy. Aur hum jab polls karne lage uska ek feedback bahut important tha. Unka yeh feedback tha ki yeh sunn ke mujhe lag raha hai ki yeh brand humne kahin suna hai (And when we started doing polls, and a particular feedback was very important. The feedback was that it seemed as if we had heard about this brand somewhere). That was very important for us."
Later, Peyush Bansal asked them about the average ticket value. Kaushik mentioned it to be around Rs 1100. Further, Vineeta Singh shared that they had a net revenue of Rs 75 lakhs in the last month (FY 16-17) and had an EBITDA of 5%.
When they mentioned raising an investment before coming on Shark Tank India at a valuation of Rs 15 crore, Anupam Mittal said, "Yeh thodi waahiyaat baat nahi hogayi lekin seedhe Rs 50 crore. Aap yeh sochiye risk kitna hai 5% ki margin hai. 75 lakh ka mahine ka sale hua hai, saal ka Rs 9 crore ho gaya. Growth hai ki ainvayi aa gaye aap (Isn't this nonsense that you are asking for Rs 50 crore? Just imagine how much the risk is; there is a margin of 5%. There have been monthly sales of Rs 75 lakhs, and the annual sales have become Rs 9 crores. Is there any growth?)."
However, after much discussion on sales and brand positioning, Anupam Mittal, Namita Thapar, Aman Gupta, Amit Jain, and Peyush Bansal offered the demanded valuation to Vineeta Singh and her husband. Lastly, it became a 5 Shark deal for Sugar Cosmetics at Rs 5 crore for 5% equity.
But there was a twist. A disclaimer was run on the screens, stating, 'the investment is not real and the pitch was in retrospect and based on their 2017 business and was done for educational/inspirational purpose.
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