Mumbai: The latest episode of Shark Tank India witnessed an intense confrontation between judges Ritesh Agarwal and Anupam Mittal, as they clashed in a heated debate over a pitch by husband-wife entrepreneur couple Sahil and Arunima.
The couple sought an investment of Rs 90 lakh in exchange for 3 per cent equity, valuing their business at Rs 30 crore. They explained that they identified a market gap where customers were unable to get their high-end shoes and bags serviced, repaired, or refurbished, despite spending lakhs of rupees on them.
Impressed by their growth, the couple claimed to have expanded their sales to Rs 7 crore in just four years and planned to open physical outlets across the country.
Ritesh attempted to offer a contrasting perspective regarding the shoe business. However, his comment was met with scepticism, and the argument between him and Anupam Mittal escalated.
Ritesh shared his insights on the entrepreneurs’ business model, stating that they had successfully centralised their testing facilities and established pick-up centres in various cities, resulting in a significant increase in profit margins.
On the other hand, Anupam attempted to lighten the mood with a joke, saying, “You’ll create a laboratory for sick shoes.” However, Ritesh swiftly retorted, “We have elderly and sick sharks around us, and we’ll take them along too.”
Namita and Vineeta burst out laughing at Ritesh’s clever comeback.
The conversation took an intense turn when Anupam said, “Let’s go, you have finally understood who your father is.”
Ritesh, unfazed, proceeded to make an offer to the entrepreneurs, proposing Rs 45 lakh for 5 per cent equity and the remaining Rs 45 lakh as debt at 10 per cent interest.
Meanwhile, Vineeta and Anupam joined forces to make a counteroffer of Rs 90 lakh in exchange for a 10 per cent stake, along with a 1 per cent royalty. This move sparked criticism from the other sharks, who pointed out Anupam’s inconsistency, as he usually dismisses the concept of royalties, equating it to valuing a company at zero.
The tension between the two judges was palpable, with Vineeta Singh visibly rolling her eyes at Ritesh’s remark.
PNN
