The atmosphere in the latest Shark Tank India episode turned tense as a heated exchange unfolded between Anupam Mittal and Ritesh Agarwal. Joining Anupam and Ritesh on the panel were Vineeta Singh, Namita Thapar, and Kunal Bahl.
The drama began during a pitch by a husband-wife duo, Sahil and Arunima, who presented their luxury goods servicing startup, Sneakinn. They aimed to secure ₹90 lakh for 3% equity, valuing their business at ₹30 crore. The couple highlighted the lack of quality services for repairing or refurbishing high-end shoes and bags. They revealed impressive sales of ₹7 crore in four years and shared plans to establish physical outlets nationwide.
Ritesh compared their business model to diagnostic services, explaining that centralizing operations while maintaining pick-up centers could yield higher profit margins. Anupam funnily commented, “Aap bimaar jooton ki laboratory banayenge.” While presenting his perspective, he remarked, “Humare yahan vriddhawaste aur bimaar ke aaspaas ke sharks hain, unko bhi saath leke challenge,” which caused Vineeta and Namita to laugh. Anupam, however, didn’t take kindly to the comment. Responding to Ritesh, he said, “Chalo, aap yeh toh samajh gaye aapka baap kaun hai.”
Ritesh offered ₹45 lakh for 5% equity and an additional ₹45 lakh as debt at 10% interest. Anupam and Vineeta then collaborated on a counteroffer of ₹90 lakh for 10% equity, coupled with a 1% royalty. This led to sharp criticism from the other sharks, with Kunal calling out Anupam for going against his usual stance on royalties. Namita warned the entrepreneurs against agreeing to royalties, saying it would harm their business. Vineeta defended the proposal, asserting her involvement too.
The negotiations took a dramatic turn as Anupam made it clear he was willing to remove royalties if Vineeta wasn’t part of the deal. Meanwhile, Ritesh grew skeptical about the founders’ interest in his offer, noting they appeared inclined towards Anupam and Vineeta’s proposal. As a result, he withdrew his bid.
Without Ritesh in the running, Anupam seized the moment to push harder. He insisted on increasing his equity demand to 6.5%, signaling his willingness to walk away if the couple didn’t accept. After careful consideration, the founders agreed to Anupam’s terms, securing the deal.
The episode showcased a mix of strategic plays and personal dynamics among the sharks. Anupam’s firm stance and negotiation tactics ultimately won the day, while Ritesh’s remarks stirred tension. The deal reflected the complex interplay of collaboration, competition, and egos that often define the show. For the founders, it marked a significant milestone in their entrepreneurial journey, leaving viewers with much to discuss.