Tumhara baap kaun hai: Anupam Mittal gets mad at Ritesh Agarwal on Shark Tank India, defeats him in negotiations

Sneaker Laundry Brand-Sneakinn

Three points you will get to know in this article:

  • Sneakinn, a unique venture from New Delhi appeared on shark tank India.
  • Arunima Singhal Jain and Sahil Jain of Gurugram founded this startup, which goes by the moniker SNEAKINN.
  • Tumhara baap kaun hai’: Anupam Mittal gets mad at Ritesh Agarwal on Shark Tank India, defeats him in negotiations.

Sneakinn, a unique venture from New Delhi appeared on Shark Tank

SNEAKINN logo

SNEAKINN on Shark Tank India-4: In recent years, the country’s luxury shoe and handbag industry has expanded quickly. As a result, numerous firms that produce or market high-end shoes and handbags have emerged. However, a firm that fixes these high-end purses and shoes was also featured in Shark Tank India’s fourth season. Arunima Singhal Jain and Sahil Jain of Gurugram founded this startup, which goes by the moniker SNEAKINN.

Click here to visit here to their official website : SNEAKINN

About the company

The firm was created by two founders who recognized a significant issue with the upkeep of high-end handbags and shoes. Over 20,000 clients have been handled by this startup thus far. The business operates a central workshop in addition to three storefronts in Delhi and Mumbai. Additionally, they offer courier services all around the nation. Every major city is where the corporation hopes to open a store.

The founders have been dating since their school days

Both of the founders have been dating since they were in school together. Although they began the business earlier, they were married in 2023. Even when studying in the UK, Sahil encountered difficulties keeping up with the upkeep of his pricey shoes. Upon his return to India, he discovered a significant void in this industry that might be addressed. He then launched this startup.

The business also repaired a customer’s shoes after his dog bit them. They also repaired a woman’s pricey purse that had been slightly burned when coal fell on it. The company even repaired ripped slippers. According to the startup, they offer specialized services, obtain high-quality materials from any source, fix your product, and then deliver it to you.

Where does how much revenue come from?

Cleaning services alone account for 40% of the business’s revenue. However, coloring accounts for 20% of sales. In addition, 3% comes from retail, 7% from shipping, 4% from product, and 20% from repair. In-store walk-ins account for 15% of total sales. On the other hand, pickup accounts for 80% of sales, with courier accounting for 5%. The company will make over Rs 7.3 crore this year!

In this business, the company’s gross margin is approximately 43%. Sales for the company were Rs 19.8 lakh in 2020–21 and Rs 1.5 crore the following year. The following year’s sales were Rs 3.8 crore, while the company’s 2024 revenues were Rs 5.9 crore.

The company’s sales so far this year have been at Rs 4.6 crore through November, and it intends to reach Rs 7.3 crore for the full year.

Shark Tank India 4: Anupam Mittal and Ritesh Agarwal made jibes at each other during the show.

Conflicts between the “sharks” have significantly decreased since Ashneer Grover left Shark Tank India during the first season. However, Anupam Mittal and Ritesh Agarwal engaged in a heated back and forth-in the most recent episode of the reality show. Kunal Bahl, Namita Thapar, and Vineeta Singh were also on the “sharks” panel. Anupam has been a good sport about the various “sharks” who have made fun of his age at one time or another.

However, when Ritesh made a similar remark in the most recent show, which featured Sahil and Arunima, a husband-wife business team, he appeared to lose patience. They valued the company at Rs 30 crore and requested Rs 90 lakh in exchange for 3% stake in their luxury goods servicing brand, Sneakinn.

They claimed to have identified a market niche when consumers purchased pricey shoes and bags for millions of rupees without knowing how to have them serviced, mended, or refurbished. They said that in just four years, their revenue had grown to Rs 7 crore, and they now intend to open real outlets in multiple locations throughout the nation.

Ritesh claimed to have a unique analogy to share. Vineeta rolled her eyes as he said, “I think your company is in the diagnostics business.”Ritesh went on, “In the past, testing services were offered by each store, but later, they established a centralized testing facility and pick-up centers in various cities.” They saw a disproportionate increase in their profit margin. “Aap bimaar jooton ki laboratory banayenge,” Anupam remarked with a giggle. “Humare yahan vriddhawaste aur bimaar ke aaspaas ke sharks hain, unko bhi saath leke chalenge,” Ritesh said after pausing.

Ritesh’s humor made Namita and Vineeta laugh a lot. Anupam, however, didn’t appear overly happy. “Chalo, aap yeh toh samajh gaye aapka baap kaun hai,” he added, turning to face Ritesh.

Ritesh continued by offering the business owners Rs 45 lakh in exchange for 5% equity and the remaining Rs 45 lakh in debt at a 10% interest rate. Anupam and Vineeta teamed together and offered Rs 90 lakh in return for 10% equity. Additionally, they requested 1% in royalties, which provided the other “sharks” with a pretext to expose Anupam’s duplicity.

Royalties are typically ridiculed by Anupam, who claims that requesting them is the same as valuing a business at zero. Kunal said it again. The founders were instructed by Namita not to accept the royalty agreement. She added, “It’s really bad for your business,” and Vineeta responded, “Hey, I’m there too.”

Since Vineeta wanted the royalties, Anupam stated that he would be okay with removing them, but doing so would also mean that she would no longer be a partner in the arrangement. After starting to negotiate, the founders lost Ritesh’s offer since he thought they were leaning more in Anupam’s direction.

With no negotiation strength, Anupam played hardball, and claimed that he will cancel his offer as well if they don’t agree to 6.5% equity. After doing so, they made a bargain and left.

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