Shark Tank India 4: Ritesh Agarwal loses his calm and backs out of a deal when Anupam Mittal remarks 'aap yeh toh samajh gaye aapka baap kaun hai'
etimes.in | Jan 22, 2025, 05.26 PM IST
Conflicts among the 'sharks' have significantly decreased since Ashneer Grover's departure following the first season of Shark Tank India. However, the newest episode of the reality show included a heated exchange between Anupam Mittal and Ritesh Agarwal. Vineeta Singh, Namita Thapar, and Kunal Bahl were also part of the 'sharks' panel. Several 'sharks' have mocked Anupam's age at some point, and he has taken it well. But he appeared to lose patience when Ritesh made a similar remark in the latest episode, which stars husband-wife entrepreneur couple Sahil and Arunima. They pitched their luxury goods servicing startup Sneakinn and requested Rs 90 lakh in exchange for 3% equity, valuing the business at Rs 30 crore.
They stated that they saw a market gap when customers purchased costly shoes and bags for lakhs of rupees but did not have access to get such items serviced, mended, or refurbished. They claim to have expanded their sales to Rs 7 crore in only four years and plan to open physical outlets in numerous locations across the country. Ritesh mentioned that he had an intriguing contrast to offer. "I see your company as being in the diagnostics business," he added, and Vineeta rolled her eyes.
Ritesh further shared, “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 joked, “Aap bimaar jooton ki laboratory banayenge.” Ritesh paused, and retorted, “Humare yahan vriddhawaste aur bimaar ke aaspaas ke sharks hain, unko bhi saath leke chalenge.” Namita and Vineeta laughed out loud at Ritesh’s joke. But Anupam didn’t seem to take the joke. Turning towards Ritesh, he said, “Chalo, aap yeh toh samajh gaye aapka baap kaun hai.”
Ritesh went on to offer the entrepreneurs Rs 45 lakh for 5% stock and the remaining Rs 45 lakh as debt for 10%. Vineeta and Anupam teamed up and made an offer of Rs 90 lakh in exchange for a 10% stake. They also requested 1% in royalties, giving the other 'sharks' an opportunity to criticise Anupam's duplicity. Anupam is usually the one who dismisses royalties, claiming that asking for them is comparable to valuing a corporation at zero. Kunal repeated it. Namita told the founders not to accept the royalty contract. "It's very bad for your business," she replied, and Vineeta responded, "Hello, I'm also there."
Anupam stated that he is fine with eliminating the royalties, but this would also mean dropping Vineeta as a partner in the arrangement, as she desired the payments. The founders began negotiating but lost Ritesh's offer since he suspected they were leaning towards Anupam. With no negotiation strength, Anupam played hardball, threatening to cancel his offer as well if they did not agree to 6.5% equity. They did, and they walked away with a deal.
They stated that they saw a market gap when customers purchased costly shoes and bags for lakhs of rupees but did not have access to get such items serviced, mended, or refurbished. They claim to have expanded their sales to Rs 7 crore in only four years and plan to open physical outlets in numerous locations across the country. Ritesh mentioned that he had an intriguing contrast to offer. "I see your company as being in the diagnostics business," he added, and Vineeta rolled her eyes.
Ritesh further shared, “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 joked, “Aap bimaar jooton ki laboratory banayenge.” Ritesh paused, and retorted, “Humare yahan vriddhawaste aur bimaar ke aaspaas ke sharks hain, unko bhi saath leke chalenge.” Namita and Vineeta laughed out loud at Ritesh’s joke. But Anupam didn’t seem to take the joke. Turning towards Ritesh, he said, “Chalo, aap yeh toh samajh gaye aapka baap kaun hai.”
Ritesh went on to offer the entrepreneurs Rs 45 lakh for 5% stock and the remaining Rs 45 lakh as debt for 10%. Vineeta and Anupam teamed up and made an offer of Rs 90 lakh in exchange for a 10% stake. They also requested 1% in royalties, giving the other 'sharks' an opportunity to criticise Anupam's duplicity. Anupam is usually the one who dismisses royalties, claiming that asking for them is comparable to valuing a corporation at zero. Kunal repeated it. Namita told the founders not to accept the royalty contract. "It's very bad for your business," she replied, and Vineeta responded, "Hello, I'm also there."
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Anupam stated that he is fine with eliminating the royalties, but this would also mean dropping Vineeta as a partner in the arrangement, as she desired the payments. The founders began negotiating but lost Ritesh's offer since he suspected they were leaning towards Anupam. With no negotiation strength, Anupam played hardball, threatening to cancel his offer as well if they did not agree to 6.5% equity. They did, and they walked away with a deal.