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.