Shark Tank India: Sharks Blast Masala brand for having no CEO; Anupam says “you’re here for marketing”
In the February 8 episode of Shark Tank India Season 2, the Sharks got annoyed when a masala company entrepreneur Akash and Ashish Agrawal revealed they had no CEO. While Namita asked who will be their talking point. Anupam tore his cheque. He also accused them of coming on the show just for marketing and not an investment.
Shark Tank
Shark Tank 2, which was released on January 2 sees entrepreneurs from different walks of life pitching their brands to some big-shot investors, also called Sharks. The Sharks include Amit Jain, Peyush Bansal, Namita Thapar, Aman Gupta, Vineeta Singh, and Anupam Mittal. There were three pitches in the episode.
What Exactly happened:
In the first episode, masala brand owners and brothers Akash and Ashish Agarwal pitched their masala brand. They also revealed that Shilpa Shetty is their brand ambassador, hence proving that their company sells healthy products. Their ask was Rs 1 crore for 0.5 percent equity. The brothers also gave a demo of their product. Coming to the business part, Akash and Ashish revealed that they don’t have a company CEO currently. This shocked the Sharks. Namita questioned, “In whichever company when an investor arrives, there has to be a point person who will answer all their questions. In your current company, why is there no CEO?”
Anupam said that they have come here for marketing and not an investment. He offered them Rs 1 crore for 2 percent equity at the valuation of Rs 50 crore and Rs 18 crore debt that will be converted to equity. Aman Gupta offered Rs 1 crore for 2 percent equity. Vineeta offered Rs 50 lakh for 0.75 percent equity and Rs 50 lakh debt. Amit’s offer was Rs 1 crore for 1.5 percent equity. In the end, Anupam opted out and tore his cheque. Akash and Ashish went with Aman’s revised deal – Rs 1 crore for 1.25 percent equity.
