Shark Tank India: How pitching perfect can let you swim with ‘sharks’

HIGHLIGHTS

Launched in 2001 as Tigers of Money in Japan, the format was adapted as Dragon’s Den in 2005 in the UK.
The show premiered in the US as Shark Tank in 2009 and now, it is the world’s top-ranked business reality show.
The show received 62,000 responses from India, according to the data shared by Anupam Mittal who is one of the ‘Sharks’ in the show

Unlike baseless shows that run in Indian television, India has finally got the real deal i.e. Shark Tank

The world knows that India is all about creative ideas, risks, enterprise, and entrepreneurship where a culture of start-ups is rising radically. The country is also among the fastest-growing major economies in the world and has moved from the fourth rank to the third rank globally in startups.

So, acknowledging this change in this modern world, (SET) Sony Entertainment Television has set up Shark Tank India to offer an opportunity to aspiring entrepreneurs with interesting/creative business ideas to have their ‘pitches’ evaluated by business experts who are the ‘Sharks’ to seek investments.

The show is a business reality television series and an Indian franchise of the American reality show Shark Tank that has been running for 13 seasons since 2009 in which entrepreneurs showcase their business presentations to a panel of five investors or sharks, who decide whether to invest in their company or they simply walk away empty-handed.

The creative sharks of the very first season of the show ‘Shark Tank India’ who play a key role in developing India’s entrepreneurial ecosystem are:

1. Ashneer Grover – Founder and managing director of BharatPe has a net worth of ₹700 crores according to multiple news reports.

2. Vineeta Singh – CEO and co-founder of Sugar Cosmetics has a net worth of around ₹59 crore at the moment as per news reports.

3. Peyush Bansal – Founder and CEO of Lenskart with a net worth of ₹600 crores as per India Times

4. Namita Thapar – Executive director of Emcure Pharmaceuticals with a net worth of ₹600 crores as per News18

5. Anupam Mittal – Founder and CEO of Shaadi.com – People Group which has a net worth of ₹185 crores according to News18

6. Ghazal Alagh – Co-founder and Chief Mama of Mamaearth has a net worth of close to ₹148 crores, according to India Times.

7. Aman Gupta – Co-founder and chief marketing officer at boAt has a whopping net worth of ₹700 crores as reported by India Times.

The selected applicants come face-to-face with the ‘Sharks’ (the investors) who listen to entrepreneurs pitch ideas for the business they wish to establish. ‘Sharks’ analyse, assess their business ideas, and make an offer based on the applicant’s final ‘pitch’ (their idea itself).

(SET) Sony Entertainment Television has acquired the rights for the Indian adaptation of the globally-successful business-reality format Shark Tank and the format has reinvigorated businesses in over 40 countries since its first launch in 2001. With over 180 seasons and winning over 30 awards globally, Shark Tank is still known to be the world’s No. 1 Business Reality show.

Since it is a spin-off of the international series, Shark Tank India struggles to match the United States level. The giant ‘shark’ or investor, in the American series of Shark Tank, is said to be Mark Cuban, the tech entrepreneur who became a billionaire two decades ago. Whereas, none of the judges in Shark Tank India is a billionaire yet. But still, the panel of judges consists of some of the country’s creative business leaders who are armed with years of experience and wisdom in the Indian market.

TROLLS & CRITICISM

It has only been a month and the sharks of the show are already being trolled and criticized and also have also become meme material. Social media is currently flooded with memes based on the show Shark Tank India and it all began when MyGov shared a meme featuring the ‘Shark’ Ashneer Grover to spread Covid-19 awareness. Paytm took to its Twitter and wrote, ““Welcome to Udhaar Tank India,” along with a screenshot of a fictitious conversation between four people over splitting a bill.

Namita Thapar, who appears as one of the ‘sharks’ on Shark Tank India was also criticized and trolled for using the same lines over and over again in the show.

She was heard saying, ‘Ye meri expertise nahi hai so I am out’, which was also featured in Paytm’s meme. However, Namita has responded to criticism about the show and shared her views on the same in her Instagram note.

While Namita still hasn’t made any direct references as to who exactly she addressed the note. Earlier this month, Paytm took a jibe at the show, calling it ‘Udhaar Tank India’ and tweeted a meme, incorporating some of the lines frequently spoken by the ‘sharks’ on the show.

HIGHEST OFFER ON SHARK TANK INDIA YET

Keto India founder Sahil Pruthi has bagged an offer of Rs 1.6 crore on Shark Tank India the highest offer on the show yet in which four ‘sharks’ expressed their interest in his healthcare tech startup.

Sahil who was inspired to launch Keto India after his mother underwent a major brain surgery around four years ago took to Facebook to share his excitement.

Sahil’s pitch was approved by ‘sharks’ Ashneer Grover of BharatPe, Peeyush Bansal of Lenskart.com, Namita Thapar of Emcure Pharmaceuticals and Aman Gupta of boAt. However, it was reported that later he turned the offer down, as the equity share they asked for was larger than Sahil’s offer of 1.25 per cent.

Here’s how much Shark Tank India’s judges have invested so far:

Aman Guptaof boat has invested around Rs 6.69 crore in 23 deals.
Namita Thaparof Emcure Pharmaceuticals invested approx. Rs 4.48 crore in 15 deals.
Peyush Bansal ofLenskart invested around Rs 4.19 crore in 16 deals.
Ashneer Groverof BharatPe invested roughly Rs 3.96 crore in some 15 deals.
Anupam Mittalof Shaadi.com has invested Rs 3.71 crore more or less in 16 deals
Vineeta Singhof Sugar Cosmetics invested somewhat Rs 1.52 crore in 6 deals

*(Data as per multiple news reports and figures may vary in upcoming episodes)