'Shark Tank India 4's Vineeta Singh has been in the cosmetic line for years, so when the pitchers claimed they were doing Rs. 20 crores in sales yearly, the 'shark' had her doubts. Read to know more.
Vineeta Singh is well-known in the cosmetic entrepreneurial world. So, when a couple of sibling entrepreneurs on the latest episode of Shark Tank India 4 appeared with a product that was under her field, it didn't take Vineeta long to sense 'daal mein kuch kaala hai'. The brother-sister duo presented figures of their skincare brand, Personal Touch, which didn't float 'shark' Vineeta's boat.
The co-founder and CEO of Sugar Cosmetics, Vineeta Singh, was joined on the episode by co-founder and CMO of BoAt lifestyle, Aman Gupta, co-founder of Snapdeal and Titan Capital, Kunal Bahl, co-founder and chairman of Inshorts, Azhar Iqubal and founder and CEO of OYO, Ritesh Agarwal. The entrepreneurs, Aditi and Ashish Jawa appeared on the show and asked for Rs. 1.2 crore in exchange for 1 per cent equity, valuing their company at Rs. 120 crore.
During their pitch, Ashish revealed that he had no background in the pharmaceutical sector, yet he had launched a pharma company a while back. Unfortunately, it was shut down shortly after. He added that the same thing happened to another business, but their skincare brand, Personal Touch, took off. Talking about numbers, Ashish shared that they increased sales from Rs. 1.5 crore to over Rs. 20 crore in just a year. The pitchers added that they also organised a concert with B Praak, which gave them Rs 2.7 crore in sales.
No sooner than the 'sharks' started digging deeper, they found several flaws in the company. Vineeta Singh revealed that she wasn't convinced by their social media authenticity since a reel shown by the pitchers showed 2 million views and only 700k likes. Azhar also pointed out that it wasn't possible, while Vineeta and Aman pressed that the post must've been boosted, which the pitchers denied.
Azhar continued to ask the pitchers about their sales and what percentage of them were organic. Upon not getting a satisfactory response, he stated, "How do you not know the attribution analysis of your marketing?" Kumal was also disappointed by the lack of information and said, "I'm very disappointed that you don’t know the details." Aman, Azhar, and Kunal backed out of the deal, while Ritesh offered to give them some tips during a meeting later.
Vineeta Singh felt like the rest of the panel was being too kind to the pitchers, Aditi and Ashish. She noted, "I’m struggling to give you credit. Daal mein kuch kaala hai." She further mentioned that the cost of their products is too high, highlighting that they are selling something that costs less than Rs. 200 for Rs. 2000. Vineeta even pointed out that the duo were taken advantage of and said, "Cousin aapko loot raha hai."
However, she didn't shy away from implying they were faking their numbers. Pitchers are still determined to prove their authenticity to the 'shark' offered to show their Shopify dashboard. They explained the sales spike by stating that they use the 'drop' model, which makes the user wait for new launches. However, still unconvinced, Vineeta also opted out, leaving the pitchers without a deal. She stated:
"From what I know, consumers don’t wait for one specific day in three months to shop. I feel they are entering sales themselves, which can either be genuine or fake. They could also be taking orders on calls on launch days. It’s impossible to show 100% increase in sales for an online business."
What are your thoughts on Vineeta Singh's response to the pitchers on Shark Tank India 4?
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