The fourth season of Shark Tank India began on Monday with a series of spectacular pitches. Karan and Advita, two entrepreneurs, appeared on the first show to promote their concierge service, Indulge. They stated that they are targeting the 12,000 ‘ultra-high net worth’ individuals who now reside in India, and that their service will provide all that the clients require in terms of ‘travel, retail, dining, experiences, and unique requests.” The panel of ‘sharks’, which included Anupam Mittal, Peyush Bansal, Namita Thapar, Vineeta Singh, and Aman Gupta, disagreed on the need and scalability of the firm. They sought for Rs 50 lakh in exchange for 1% equity.
The pitchers reported that they presently have 183 paying customers for whom they charge Rs 40,000 per month or Rs 4 lakh per year, plus expenses. Anupam was confident that they also receive a commission from their partners, and the entrepreneurs admitted that they earn 5% on every deal they make with their brand partners. Anupam was sceptical of the operation’s ethics and wanted to know if they were completely upfront with their clientele about the back-room dealings. They stated that their clients do not need to know.
Anupam stated that he and other ‘UHNW’ folks already have ‘executive assistants’ to handle their personal requirements. Aman, on the other hand, stated that he is the type of person who counts every rupee that he spends and cannot relate to the model at all. Peyush quipped that Namita is an ideal candidate for such a service because she ‘travels with an entourage’. He was also curious about some of the strangest demands the entrepreneurs had heard from their clients. They told a story about supplying a Diet Coke can to a customer in a Himalayan community. They said that it cost them Rs 4,000. Aman was stunned. “Rs 4,000 for a can of Coke?” asked him.
The entrepreneurs also stated that they have an app where clients can acquire everything from a ‘villa, yacht, and art’. Anupam asked probing questions about their revenue and wasn’t pleased with what he heard. “My main issue is credibility; I don’t believe what you’re saying, and your stats simply don’t fit the picture you’re presenting. “You need a lot more clarity before raising capital from an investor,” he stated.
Aman, Namita, and Vineeta also pulled out of the deal. Peyush expressed some curiosity, but as he requested the entrepreneurs to explain their share split, he discovered a previously unknown aspect that caused him to reconsider his mind. The entrepreneurs said that millionaire Nikhil Kamath provided them with Rs 75 lakh in startup investment at the start of their adventure, but has since abandoned the business. Peyush stated that he wished to withdraw due to the absence of clear details. The pitchers appeared to be dissatisfied with the experience in their post-pitch interviews. Advita was upset that her credibility had been called into question, while Karan replied, “Maybe it will be a learning experience for them if we perform well.” Meanwhile, Vineeta called the pitch as ‘random max’ as the episode concluded.
See More:Shark Tank India 4: Anupam Mittal and Namita Thapar react as Ritesh Agarwal gets called the ‘Richest Shark’; the former says, “Mujhe laga tha main world famous hun but..”
Keep reading this space for more updates on Shark Tank India.
