Things get tense in the latest episode of 'Shark Tank India 4' as Anupam Mittal and Ritesh Agarwal made jibes at each other.
Shark Tank India 4 has entered its third week. While viewers would agree that Ashneer Grover's departure drastically reduced conflicts between the 'sharks', the latest episode of the show has made the viewers question it. The episode saw a heated exchange between co-founder and CEO of People Group, Anupam Mittal and founder and CEO of OYO, Ritesh Agarwal. The panel of 'sharks' also included co-founder and CEO of Sugar Cosmetics, Vineeta Singh, executive director of Emcure Pharmaceuticals, Namita Thapar and co-founder of Snapdeal and Titan Capital, Kunal Bahl.
There have been several instances when the 'sharks' have made fun of Anupam’s age, and he has been a good sport about it. However, when Ritesh Agarwal made a similar comment, he lost his cool. The incident occurred in the latest episode of Shark Tank India 4 when a husband-wife entrepreneur duo, Sahil and Arunima, came to pitch their brand. The duo represented their luxury goods servicing brand Sneakinn and asked for Rs. 90 lakh in exchange for 3 per cent equity, valuing the company at Rs. 30 crore.
Sahil and Arunima stated that they noticed a gap in the market where people bought luxurious products like expensive shoes and bags worth lakhs of rupees but didn't have options to get those goods serviced, repaired and refurbished. They revealed that their revenue in the past four years had increased to Rs. 7 crore, and now they desire to open physical stores across the company. Ritesh said that he had an unusual comparison to make, "I see your company as being in the diagnostics business," to which Vineeta was seen rolling her eyes. Ritesh was quoted saying:
"Earlier, every store would provide testing services, but later, they set up a centralised testing facility and pick-up centres in different cities. Their profit margin grew disproportionately."
Anupam laughed and said, "Aap bimaar jooton ki laboratory banayenge," to which Ritesh paused, humorously responded, "Humare yahan vriddhawasta aur bimaari ke aaspaas ke sharks hain, unko bhi saath leke chalenge." While Namita and Vineeta found Ritesh's jab funny, Anupam was not pleased by it and told Ritesh:
"Chalo, aap yeh toh samajh gaye aapka baap kaun hai."
Continuing the pitch, Ritesh made an offer of Rs. 45 lakh for 5 per cent equity and the remaining Rs. 45 lakh as debt for 10 per cent. Vineeta and Anupam joined hands and made an offer of Rs. 90 lahks in exchange for 10 per cent equity. The duo also asked for 1 per cent in royalties, which gave the other 'sharks' an excuse to point out Anupam's hypocrisy. For the unversed, Anupam is usually against royalties since he believes it sets the valuation of the company at 0.
Kunal repeats this while Namita asks the founder not to accept the deal with royalty. Anupam responds and says that he is okay with dropping the royalties. However, to do that, he would have to drop Vineeta as a partner in the deal. Founders negotiate with the sharks, but in the bidding, Ritesh pulls off his offer as he senses the pitchers are inclined towards Anupam. With no negotiating power left, Anupam gave the pictures a final bet at 6.5 per cent equity, which they accepted.
What are your thoughts on Anupam Mittal and Ritesh Agarwal's quarrel on the show?
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