A sibling duo from Delhi recently presented their food truck manufacturing business, Schickwheel, on Shark Tank India. They pitched the idea of making their company a household name in the industry, much like Colgate is to toothpaste. The brothers sought Rs 75 lakh in exchange for just 1% equity, valuing their business at Rs 75 crore. The duo shared that they originally planned to start a food business themselves but soon realized the difficulty of sourcing food trucks in India. They identified a market gap and pivoted to manufacturing custom trucks, kiosks, and carts for brands and corporates.
Starting their operations eight years ago, the brothers were optimistic about their progress. They were on track to hit Rs 15 crore in revenue this year, a milestone they hoped would demonstrate the potential of their business. However, not all the sharks were convinced by the pitch.
Peyush Bansal, the co-founder of Lenskart, was the first to voice concerns. While he recognized the brothers’ ambition, he pointed out that their profitability was still too low. He suggested that they would need to overhaul their processes if they wanted to scale and make the business more sustainable. Without a clear exit strategy, Peyush decided to withdraw from the deal.
Vineeta Singh, on the other hand, showed interest but expressed reservations over the company’s valuation. She offered them a deal based on a Rs 7.5 crore valuation, significantly lower than what the brothers had hoped for. The brothers rejected this offer outright, standing firm on their valuation.
Anupam Mittal, also engaged with the pitch. He appreciated the potential but suggested the brothers needed to standardize their food trucks and increase their profit margins. He also warned that their pricing strategy might make them vulnerable to competition from smaller, more affordable players. He didn’t see a large-scale future for Schickwheel if they continued with their current approach. According to Anupam, many food trucks on the market did the job well without using high-quality materials, and a smaller entrepreneur looking to start a food business would not be able to afford Schickwheel’s products. He expressed his doubts, stating, “Yeh bada business nahi banega.”
Aman Gupta, co-founder of boAt, saw something different in the pitch. He recalled nostalgic memories of eating street food at local stalls with his wife, which made him feel that there was indeed an opportunity for Schickwheel. Despite the concerns about the business’s scale, Aman made the brothers an offer: Rs 75 lakh for 5% equity. This offer reflected his belief that Schickwheel could succeed, but at a slightly reduced valuation. However, the brothers were firm in their stance and refused to negotiate on the valuation, which led Aman to back out of the deal.
Kunal Bahl, the co-founder of Snapdeal, joined the discussion with a more aggressive offer. He suggested that if the brothers were willing to work with him, he could help take Schickwheel public in 25 years. He offered Rs 2 crore for 10% equity, betting on the long-term potential of the business. After some deliberation and consulting their father over the phone, the brothers rejected the offer as well. They explained that they can’t go lower than 50 crores valuation. Kunal was taken aback by their refusal and commented, “Aap yeh jo gajar mooli kar rahe ho, it won’t make a difference in the long run. There is no difference between 6% and 4% when you build a business big enough to go the IPO level.”
The episode ended on a note of tension, with the brothers walking away from the show without securing a deal. Their bold stance on valuation and equity left the sharks divided, and the outcome raised questions about whether their approach would prove to be a smart long-term strategy or a missed opportunity for growth.