Shark Tank India 3: Anupam Mittal Calls Pitcher's Business Plan 'Suicidal', Says 'You Are a Little Lost'

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Anupam Mittal told pitchers that the food industry they deal in is huge and therefore chances of them growing beyond a point is difficult.

In the recent episode of Shark Tank India season 3, founders of EatVerse introduced judges to their Kolkata-based multi-brand cloud kitchen. The pitchers asked for Rs 1 crore in return for one per cent of their company’s equity and left sharks shocked. They mentioned that even though their brand has a good hold in Kolkata, they wish to expand it at the pan-India level.

Following the pitch, Anupam Mittal told pitchers that the food industry they deal in is huge and therefore chances of them growing beyond a point is difficult. “The industry you are talking about, food delivery, cloud kitchen, this is a sub-industry. On top of it are two giants – Swiggy and Zomato. They are the gatekeepers. Your margin will be built by two things, either they let you make, but they are not doing charity. Or else, customers are jumping to come and eat your food unless there is proof of this. You won’t grow beyond 5-6 percent."

Mittal further called the idea to make their brand pan-India suicidal and declared that he would not be able to make an offer. “You are a little lost. I think you can scale your business up to Rs 30-40 crore, but beyond that going into a new geography is a huge risk. You have not gone there yet and to go now with Rs 1 crore, its suicide. And that’s the reason I am out," he added. The founders returned without any deal.

Shark Tank India returned with season three on January 22, 2024. Several familiar sharks from the previous seasons including Namita Thapar, Executive Director at Emcure Pharmaceuticals Limited, Aman Gupta, Co-founder of Boat, Peyush Bansal, Co-Founder and CEO of Lenskart, Anupam Mittal, Founder and Director of Shaadi.com and Vineeta Singh, CEO of Sugar Cosmetics, returned for Shark Tank India Season 3.

Joining them were also the new additions to the panel, which include Amit Jain, CEO and co-founder of Car Dekho, Ritesh Agarwal, Founder of OYO, Azhar Iqubal, Co-Founder and CEO of Inshorts, and Radhika Gupta, CEO of Edelweiss Capital. Recently, film producer Ronnie Screwvala also joined the show.