Shark Tank India has returned with its second instalment on Sony Entertainment Television and Sony LIV with the motto “Entrepreneur ki Leher Ek Baar Firse”. Shark Tank India Season 2 episode 2 commenced the saga with its premiere on January 3, 2023 during the 10-11PM IST time slot. Payel Seth is the show’s creative director, while it’s been produced by Studio NEXT, with Ravikesh Vatsa as its writer.
The show is hosted by comedian Rahul Dua, and graced by six judges, better known as sharks – Anupam Mittal Founder-CEO of Shaadi.com – People Group; Aman Gupta, Co-Founder-CMO of boAt; Namita Thapar, Executive Director of Emcure Pharmaceuticals; Vineeta Singh, Co-Founder-CEO of SUGAR Cosmetics; Peyush Bansal, Founder-CEO of Lenskart.com and Amit Jain, Co-Founder-CEO of CarDekho Group and InsuranceDekho.com.
Today’s first team of pitchers presents an authentic Indian handloom brand for sarees, Very Much Indian. The vision they hope to grow with their image of handmade sarees in the future is that of the most trusted brand of traditional sarees in India. Handing out original and authentic Paithani sarees, the couple also welcomes their 63 year-old weaver to demonstrate how the handloom works.
Their ask for the business is Rs. 50 lakh for 3% equity, and forward the statistics of 2018’s sales recorded at Rs. 17 lakhs, which grew up to Rs. 1.5 crores in the 2021-22 cycle. With the average ticket size standing at 10,000 and the gross margin at 35%, Namita Thapar presents the sole offer of Rs. 50 lakhs for 10% equity, which is also joined by Aman Gupta. Although countered by the pair’s new ask for Rs. 75 lakh for 10% equity, after a few exchanges, the pitchers agree to go ahead with the sharks’ offer.
For the next pitch, a young boy, Divyajeet come out to introduce Watchout Wearables and is joined by Abhisek, the founder later on. Their product is the next-gen smart watch for kids with three fundamental features – safety (GPS), connectivity (video and audio calls) and curiosity (inbuilt object scanner).
Built as an independent device to be used without SIM cards, it’s both smart and safe, and supports many other technicalities that cater to a child’s needs. Abhisek asks them for Rs. 2 crores for 5% equity. Upon asking, he divulges the reason for this technology’s need after a tragic accident at the house, so the need for children’s safety. Anupam suggests a similar watch for senior citizens, and Abhisek has a prototype ready for that as well.
The price of the watch stands at the high-end bar of Rs 10,000, which severely concerns the sharks. Watchout Wearables’ founder defines the annual sales standing at Rs. 1.4 crore during the 2021-22 timeframe, with net margin 25%, and the projected sales for September rated at Rs. 30 lakhs. Abhisek doesn’t come from a coding background, but still had the conviction to develop the watch.
The only offer to met him is presented by Vineeta and Anupam for Rs. crore for 10% equity and Rs. 1 crore debt at 15% interest. As parents they see the potential in the vision but also believe in the concepts redundancy and limited as it targets only a specific demographic at a particular age. Seeing it as a risky bet, they place a non negotiable offer, which Abhisek finally accedes after giving it a lot of thought.
The final and third set of pitchers for the day are Priyank and Uttam, who hope to push the image of healthy lifestyle in India, especially after the pandemic’s breakout, with their company SoupX. Their vision for the brand is to earn its rightful place in the market for producing the first personalised soup-based meal as a replacement to full-fledged meals. Their motto is to promote healthy meals at an economical price. Founded in December 2021, their brand now has 99+ varieties of soups, all devoid of any kind of artificiality, and their items are available on demand as well as via subscription.
Also read: Kpop Comebacks in January 2023: TWICE, Monsta X, TOMORROW X TOGETHER and More
Their ask is for Rs. 75 lakhs for 6% equity. Offering both cold and hot soups both, they’ve curated 14 bases to be used by the chefs for the soups with a shelf life of 6 months. Keeping the soup as the pivotal centre, their meal is accompanied by “healthy” sides like garlic bread etc., which is instantly targeted upon by Anupam Mittal as questions their “superficial” knowledge related to health matters.
Vineeta asks them about the soup’s nutritional value, i.e. its composition after tasting it, but doesn’t receive a clear answer. Anupam is quite straightforward with his opinion that they can’t be in the health business without knowing the rudimentary basics.
Jumping forth to the statistics, their sales for August were recorded at Rs. 8 lakhs, with a gross margin around 45%, and monthly burns at Rs. 1-1.5 lakhs. Namita advises them to have a more in-depth understanding of what they’re dealing with, right when they also disclose that they’re working half-time, ans supporting the cause by moonlighting. Some sharks view it as a drawback, others respect their hustle. Ultimately, Vineeta is taken over by their promises of a better and dedicated future and she presents them with an offer of Rs. 50 lakhs for 20% equity and Rs. 25 lakhs debt at 12% interest, along with the condition that they both start working on the mission full-time.
A counter offer is suggested by the team for Rs. 50 lakhs for 18% equity and Rs. 25 lakhs debt at 12% interest. Vineeta goes along with it and seals the deal.
Shark Tank India Season 2 Episode 2 Review
No matter what anyone says, Anupam Mittal is today’s star. He earns the MVP title, rather snatches it away with poise. Yesterday’s episode was met with some backlash due to a brand in competition being turned away by the sharks. In the second episode, when it’s Watchout Wearables turn, the same subtle undertone shadows behind with Aman Gupta’s response to the pitch. Nevertheless, all eyes stay on Anupam Mittal and his command over wisdom pertaining to any and every field.
After a certain point, it feels as if the whole room dissolves away and only Mittal’s strong presence remains, and that to such an extent that you wait for him to show up on the screen and win us over yet again. Coming back to the content, the pitch ideas that came in today, maintained a balance between keeping up with our traditions, while also making the most of the new-age technology to come to our rescue in the hour of need.
All in all, Shark Tank India is an intriguing watch even if you’re neither involved with finances nor have the business jargon dictionary right by your side, just like I said yesterday. There’s an undeniable addictive quality to the show that keeps you seated throughout regardless of anything.
Shark Tank India Season 2 episodes will be broadcasted on Sony Entertainment Television and live-streamed on SonyLIV from Monday to Friday at 10 PM IST.
Also read: MasterChef India Season 7 Episode 2 Review: Passion and Simplicity Wins Over the Judges