Shark Tank India 4: Aman Gupta walks out of the deal when pitchers Devansh and Ackshay say, 'Air ho jayenge..'; Vineeta Singh calls it 'Wahiyat valuation'

The latest episode of Shark Tank India 4 showcased some innovative pitches that focused on the consumer market. The second pitch of the episode was by Devansh Jain Nawal and Ackshay Jain, the founders of Culture Circle, exemplified the modern, tech-savvy entrepreneur. With backgrounds in IIT Ahmedabad and corporate jobs, the team took a unique strategy to the luxury apparel sector, using an app-based platform and data analytics to transform the market. Their ask was Rs 1.2 crores for 0.5% equity on the valuation of Rs 240 crores. Aman reacts, 'hum pagal hai ka?'.
Talking about their background, the boys have been friends for the past 14 years. Ackshay joined JITO and he heads Gurugram's vertical. Ackshay further reveals that Devansh's shoes for the pitch were worth Rs 10 Lakhs, which surprised the Sharks. Which further made the sharks ask about their unit economics. After explaining the business and its model on how they work, they shared how they already had a round of Rs 16.2 crores at the valuation of Rs 80.2 crores.
Further Devansh and Ackshay gave a demo of their model and how their products were brand new, untouched, and in mint condition. Devansh shared that they authenticate before selling it out. Vineeta still tried to understand why big brands spend their time on authentication. Aman further grills the pitchers to understand how they are making money from the business regarding the take rate.
After understanding the profit, loss and business unit economics, Kunal also counts in the risks that come with the selling point. When asked about the amount they have as balance, Devansh revealed they have around Rs 17 to 17.2 crores in Fixed Deposit and around Rs 50 Lakhs add on. Vineeta asked, "Then why are you asking for investment? You can give equity for free on the flat round of investment. It is more like you want marketing and you don't even need to do a deal as you are going 4X the valuation. 200 cr wahiyat valuation."
The pitchers try to prove that they are here for a deal, when asked if they would raise down to Rs 80 cr, Devansh said that it would be unfair to the former investors. Kunal reveals that Rs 80 cr itself is a rich valuation. Vineeta and Kunal counter and feel that it is impossible to believe that they have come up with a deal. Vineeta decides to opt-out of the deal.
Kunal takes a risk and offers Rs 8 crore for 10% equity. While Ritesh offers Rs 1.2 crores at 1.33%. Furthermore, Aman gives a deal on the valuation of Rs 40 crores. Namita gives an offer of Rs 1.2 crores for 1.2% on the valuation of 100cr but with 0.5% royalty. Pitchers refused to accept the royalty.

Pitchers come back with a counteroffer at Rs 2.4 cr to 2% equity at Rs120 cr valuation. Namita changes to 1% equity. Aman and Ritesh come together for 1.5% equity. After the offers, Devansh gave a joint offer of Rs 1.2 cr at Rs 100 cr valuation. The sharks then gave an offer back of Rs 4 cr at 5% equity. Devash said, 'Namita .1% Royalty, air ho jayenge'. Aman flips on that and walks out of the deal, says, 'you have not come here for a deal, air hone aaye ho.'