Image: Vineeta Singh, Aman Gupta, Ghazal Alagh, Namita Thapar, Anupam Mittal Instagram handle
Inspired by an American business reality TV series, India introduced Shark Tank India in 2021 on Sony Entertainment. The first season of Shark Tank India featured seven sharks who participated in and finalized various investment deals. The third season of Shark Tank India premiered on January 22, 2024.
The third season of Shark Tank India features Aman Gupta, co-founder and CMO of boAt; Amit Jain, CEO and co-founder of CarDekho Group; Anupam Mittal, founder and CEO of Shaadi.com; Namita Thapar, executive director of Emcure Pharmaceuticals; Vineeta Singh, co-founder and CEO of SUGAR Cosmetics; Peyush Bansal, founder and CEO of Lenskart.com; Ritesh Agarwal, founder and CEO of OYO Rooms; Deepinder Goyal, founder and CEO of Zomato; Radhika Gupta, Edelweiss CEO, and Azhar Iqubal, CEO of Inshorts.
Shark Tank India saw several pitches that were well-received by the ‘Sharks’. The entrepreneurs and startup founders not only impressed the multi-millionaire judges but also secured the capital they sought.
Despite these successes, not all pitches on Shark Tank met expectations. Many failed to attract any investment from the investors on the show. Nonetheless, there were instances where pitches that didn’t secure investment on Shark Tank ended up thriving.
The 5 most successful Shark Tank India products that didn’t get a deal are:
Zypp:
Founded in 2017, Zypp Electric, a Gurugram-based startup, specializes in providing tech-enabled EV-as-a-service solutions tailored for last-mile delivery within India. The founders asked for Rs. 2.2 crore for a 1 percent equity stake during their appearance on Shark Tank India, but unfortunately, sharks rejected the deal.
Nevertheless, the company has successfully secured funding at significant stages and has experienced substantial growth over the past year. The company aims to utilize debt for expansion and intends to deploy 1.5 lakh electric scooters across India by 2025. The company has raised $1 million in debt funding from Northern Arc to expand its EV Fleet services.
Moonshine Meadery:
Founded in 2018 by Rohan Rehani and Nitin Vishwas, Moonshine is Asia and India’s first meadery to bring back the oldest alcoholic beverage, mead, made from natural honey. During their pitch on the show, the Pune-based startup presented an intriguing pitch, concluding with a request for INR 80 lakh for a 0.5 percent equity stake. In response, when the Sharks proposed INR 1 crore for a 2.5 percent stake in their firm, the partners opted to decline the offer and walk away.
Despite the interest shown by all the sharks, the founders did not find the counteroffer appealing, leading to the rejection of the deal. The company raised $675,000 from Rainmatter Capital and Grip Invest in July 2023. The funds were intended to be used for the expansion of the Moonshine Honey Project, a brand focused on honey and beekeeping.
Urban Monkey:
Founded in 2013 by Yash Gangwal, Urban Monkey is a streetwear fashion brand committed to shining a positive light on India’s underground culture. The company sells its products through its website and is not featured on any e-commerce portals.
The brand has strategically partnered with celebrities and influencers, including Rannvijay, Raftaar, and Divine, to enhance its market presence. The brand entered Shark Tank India with a valuation of INR 100 crores.
Urban Monkey’s diverse product line includes caps, sunglasses, belts, backpacks, clothing, and more. The founder sought an INR 1 crore investment for a 1 percent equity stake. Despite the brand’s success and celebrity endorsements, the sharks opted to decline the deal.
Agri Tourism:
Founded by Pandurang Taware in 2003, Agri Tourism boasts a net worth of INR 40 crores. Its mission revolves around simplifying direct connections between tourists and farmers, thereby fostering a mutually beneficial experience for both parties involved.
During the appearance on the show, Pandurang asked for INR 50 lakhs in exchange for a 5 percent equity stake. Despite the evident potential of the business, the sharks rejected the deal. Pandurang revealed its partnerships with over 600 farmers, drawing in over 700,000 tourists in the 2018-2019, resulting in a total income of 53 Crores.
The company primarily caters to domestic tourism, targeting the 23 Crore individuals traveling within the country. Their vision centers around reshaping people’s perspectives on farming lifestyles and advocating for village living as an alternative to urban migration. In the past year alone, the business raked in earnings of 79 Lakhs.
While the sharks rejected the deal, Namita Thapar later expressed regret over not investing in the startup. Following the show’s conclusion, she not only decided to invest but also formed a partnership with Pandurang in 2022. This video was widely distributed across various social media platforms and prominently showcased on Agri Tourism’s homepage.
Shades of Spring:
Founded in 2019 by Nidhi Gupta and Anju Bhagat, Shades of Spring is a Bengaluru-based startup specializing in flower gifting. The sharks were impressed by their business, but the offer left the investors shaking their heads during their appearance on the show.
Ashneer Grover expressed skepticism, arguing that a valuation of 300 crores with a revenue of 9 crores seemed illogical. While he respected their business, he candidly remarked that the founders seemed ‘bewakoof’ (foolish) for seeking such a specific amount. The founders asked for 3 crores INR in exchange for a 1 percent equity stake in the company, valuing the brand at 300 crores INR. Despite its success before appearing on the show, the sharks rejected the deal.
