New Delhi-based founders Ishan Arora and Aamir Khan recently introduced their non-alcoholic beverage brand, Catwalk, on Shark Tank India Season 4. They pitched a drink that mimics the appearance of alcohol but lacks its effects. Seeking an investment of Rs 1 crore for 4.16 percent equity, they valued their company at Rs 24.04 crore.
During the pitch, Ishan shared that the idea for Catwalk struck him at Stanford University. This statement initially impressed Aman Gupta. However, Ishan later admitted he never attended Stanford. Instead, he holds a law degree and also studied at Berklee School of Music. He spoke about his career shifts and how they led him towards alcoholism. His co-founder introduced him to Catwalk, which helped him quit drinking.
The sharks raised concerns about the brand’s limitations. They also questioned the heavy spending on performance marketing, which had resulted in significant financial burn. The founders disclosed they had already raised two investment rounds—one from angel investors and another from friends and family. Vineeta Singh expressed skepticism over their valuation, commenting, “Make us also meet such angel investors who give you a valuation of Rs 24 crore based on sales of Rs 5 lakhs.”
Aman Gupta admired their design and business acumen but decided against investing. He believed this category required substantial funding with an uncertain outcome. He stated, “You are very interesting founders. It will be fun to work with you guys, but not for this one. If there is another business, please get in touch.”
Vineeta Singh liked their branding but felt their market strategy was unclear. She doubted, “This category will explode in the next 20 years. I like your branding and positioning, but I have 2-3 issues. Your go-to-market for a Rs 5 lakh per month business is a little confused. The only time when people want something cool like this is during social drinking. You have rushed to make these ready-to-drink products at home. I doubt that you both are patient enough to build a category-creation business, so I am out.”
Ritesh Agarwal noted that their product’s market fit was still in its early stages. Azhar Iqubal found their numbers unimpressive and chose not to invest. Kunal Bahl believed they were overestimating the market size. He felt their vision was too narrow and that they needed to rethink their product approach.
Despite their passion, the founders failed to secure a deal. The sharks appreciated their enthusiasm but believed the product required more development and strategic adjustments. The pitch highlighted the challenges of introducing a new category in a competitive market. The founders now face the task of refining their business model and proving that their vision can succeed.