Shark Tank India 3: Recently, investors Anupam Mittal, Aman Gupta, Ritesh Agarwal, and Namita Thapar engaged with the founders of EatVerse, a multi-brand cloud kitchen based in Kolkata. The entrepreneurs sought Rs 1 crore in exchange for a one percent equity stake in their company, leaving the sharks surprised. However, the founders' presentation lacked persuasive skills to such an extent that Anupam deemed their aspirations of nationwide expansion 'suicidal.'
Despite having a strong presence in Kolkata, they expressed their desire to expand their brand nationwide. After the pitch, Anupam Mittal conveyed to the founders that the food industry they operate in is vast, making it challenging for them to achieve significant growth. Anupam Mittal told the pitchers, "The industry you are talking about, food delivery, cloud kitchen, this is a sub industry. On top of it are two giants – Swiggy and Zomato. They are the gatekeepers. Your margin will be built by two things, either they let you make, but they are not doing charity. Or else, customers are jumping to come and eat your food unless there is proof of this. You won’t grow beyond 5-6 percent."
The Shaadi.com founder went on to describe the notion of expanding their brand nationwide as 'suicidal' and stated that he would not be able to extend an offer, "You are a little lost. I think you can scale your business up to Rs 30-40 crore, but beyond that going into a new geography is a huge risk. You have not gone there yet and to go now with Rs 1 crore, its suicide. And that’s the reason I am out." The founders returned without any deal.
About Shark Tank India 3
In the show, aspiring entrepreneurs pitch their business ideas to a panel of investors, known as 'sharks,' in hopes of securing investment for their ventures. The show provides a platform for budding entrepreneurs to showcase their ideas, receive valuable feedback, and potentially secure funding to take their businesses to the next level.
The business show made its return with season three debuting on January 22, 2024. The panel of judges consisted of familiar faces from previous seasons, including Namita Thapar, Executive Director at Emcure Pharmaceuticals Limited; Aman Gupta, Co-founder of Boat; Peyush Bansal, Co-Founder and CEO of Lenskart; Anupam Mittal, Founder and Director of Shaadi.com; and Vineeta Singh, CEO of Sugar Cosmetics.
Accompanying them were new additions to the panel, such as Amit Jain, CEO and co-founder of Car Dekho; Ritesh Agarwal, Founder of OYO; Azhar Iqubal, Co-Founder and CEO of Inshorts; and Radhika Gupta, CEO of Edelweiss Capital.