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Shark Tank India Throwback: Pitcher's demand of THIS amount made Anupam Mittal say, 'Biggest ask in Shark Tank history'
Shark Tank India season 1 saw a pitcher demanding an unexpected amount from the Sharks in its ice cream company that it claimed to be controlling cholesterol. Read to know if it secured any deal.
Shark Tank India is a business reality show that offers a platform for aspiring entrepreneurs to showcase their ideas before the sharks and ask them for an investment. The show is not only about grabbing deals and equity acquisition but also lets the entrepreneur have a clearer understanding of the business as Sharks gave their inputs as well. However, not every pitcher secures a deal on the show, while several firms go on to become impressive brands post-investment.
While season 3 of the show is currently going on, we would like to take you back to the first season, when a pitcher made an extraordinary demand. The first iteration of Shark Tank India saw an unexpected amount being asked by the pitcher from Sharks for its ice cream company. So, let us dive into the details.
Pitcher asks Rs 300 crore for 25% equity in its company
In the first season of the business reality show, an ice cream brand named Gopal's 56 pitched its idea of making vegan ice cream. The representative of the company on Shark Tank, Gaurav Goyal, also claimed that his brand was one of the first ice cream companies in the world to have fiber in their products and explained how it helps in controlling one’s cholesterol and weight. In addition to this, he also shared having an ayurvedic range of ice creams as well.
Coming back to his funding demand on the show, Goyal asked for Rs 300 crore from Sharks in exchange for 25% equity in his company. After hearing the demand, Shark Aman Gupta asked him, "Rs 300 crore hum denge? (Would we give Rs 300 crore?)" Shark Peyush Bansal
quickly mentioned that the valuation is Rs 1200 crore. Later, Shark Ashneer Grover asked Gaurav about his educational background. Further, the pitcher mentioned having its company open an outlet in California, and Ashneer showcased his disappointment.
Meanwhile, Shark Namita Thapar asked Gaurav, "Pro-biotic, dietary fibre, Ayurveda, yeh sab aapne use kiya hai, Bahut important hota question yeh hai ki kya aapne trials kiye hain (You have used words like pro-biotic, dietary fiber, Ayurveda, and everything; the important question to ask her is whether you have done proper trials) in terms of the benefit that you are claiming? Aur aapke paas yeh experts hain ki nahi? (And do you have these experts or not?" Gaurav said yes and mentioned having testing reports of the ingredients being used in his company's products.
Ashneer Grover cannot digest the asked valuation
Putting forth his opinion on the pitcher's ask, Ashneer commented, "Saari baat meko badhiyan lag rahi hain, ek cheez se jis se hum sab hil chuke hain aur jo ice cream khane ke baad dimaag thande karne par bhi nahi hazam ho rahi, woh aapki valuation hai (Everything looks good to me, the one thing which has shaken us and which even after eating ice cream, I cannot digest is your valuation)."
Shark Anupam Mittal asked the pitcher what he would do with such a big amount. Gaurav stated, "Yeh nahi hai ki Rs 300 crore infuse karna hai ek dum se fund (It is not that I will be going to infuse Rs 300 crore funds at once). So, the primary purpose was to setup a full-fledged production unit and marketing, and then the major amount would go to the inventory because the inventory is huge."
Further, Namita Thapar and Anupam Mittal did not make any deals with the pitcher. Peyush Bansal mentioned, "Gaurav, shayad aapki USP hai achh ice cream banana. Par aaj, I think abhi yeh investible nahi hai toh main bahar hun (Gaurav, maybe your USP is to make good ice cream; but today I think it is not investible, so I am out)." Shark Aman Gupta explained how a company's valuation is usually evaluated and that neither their money nor business was a joke. Lastly, Aman Gupta and Ashneer Grover gave no offer, and hence the pitcher had no deal to grab.
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