Shark Tank India: Vineeta Singh Critiques Teenage Entrepreneur’s Pitch on Memotag

SUGAR Cosmetics co-founder and CEO Vineeta Singh expressed her frustration during a recent episode of Shark Tank India season 4’s campus special when a teenage entrepreneur pitched his business idea. Reyansh Juneja presented Memotag, a venture aimed at assisting numerous patients dealing with dementia.

Innovation in Dementia Care with Memotag

The innovative product not only anticipates behaviour patterns of dementia patients but also has the capacity to notify family members if a patient experiences a fall. Additionally, it establishes a geo-fenced area to prevent patients from wandering beyond a designated boundary.

Motivation Behind Memotag

Reyansh shared with the ‘sharks’ that his inspiration for creating this product stemmed from observing the difficulties his grandfather faced due to dementia. He highlighted that Memotag is also capable of sending reminders and making phone calls to patients, hence improving communication.

Investment Proposal for Memotag

The teenager sought an investment of ₹50 lakh in exchange for a 5 per cent stake in his venture, placing a valuation of ₹10 crore on the business.

Challenges During the Pitch

Despite his enthusiasm, Reyansh admitted that his product was still under development, and he was unable to showcase its functionality. Instead, he displayed a prototype that was not fully operational.

Reactions from the Sharks

Shaadi.com founder Anupam Mittal and Emcure Pharmaceuticals executive director Namita Thapar expressed their disappointment with Reyansh’s presentation. Thapar particularly advised him to refine the product further before seeking investment.

During the pitch, Reyansh claimed he had orders amounting to ~₹5 crore, yet it was later revealed that no funds had been transferred to his account. Other sharks, Kunal Bahl and Ritesh Agarwal, also refrained from investing, suggesting that Reyansh be better prepared and focused in his role as a founder.

Vineeta Singh’s Insights

Regardless of Reyansh’s age, Singh expressed her candid feedback regarding his pitch. She remarked that she found his presentation to be the “most disappointing” in the campus special episode.

Vineeta Singh further added, “The fact that your product is at zero, and you’re cooking up so many stories around it to cover it up, makes it very difficult to trust you as a founder. You’ve created an appealing package with excellent branding, but it lacks substance. It’s a firm no.”

Lessons Learned

Though Reyansh left without securing a deal, he reflected that he gained a valuable ‘reality check’ from his experience on the show.

Personal Touch Skincare: Aditi and Ashish Jawa’s Experience on Shark Tank India Season 4

Last month, Aditi and Ashish Jawa, who are siblings and co-founders of the skincare brand Personal Touch, appeared on Shark Tank India Season 4, seeking Rs 1.2 crore in exchange for 1 percent equity in their venture. The presentation, however, took an unforeseen twist as they encountered rigorous questioning, including allegations of manipulating sales figures. Vineeta Singh notably remarked, “Daal mein kuch kaala hai.”

A month following the show’s airing, the Jawa siblings discussed their experience on Ayushman Pandita’s podcast. Ashish recounted the anxiety of the situation, stating that when doubts arose regarding their sales data, he was determined to dispel any misconceptions about their credibility. He suggested showing the Shopify dashboard to Vineeta and the other investors to substantiate their claims.

Inconsistencies Noticed by the Sharks

For those unfamiliar, the Sharks noted discrepancies in the founders’ assertions during their pitch on Shark Tank India Season 4. Vineeta questioned the validity of their social media performance metrics. In one instance, the pitchers displayed a Reel boasting 2 million views but only 700 likes, which led Azhar Iqubal to express skepticism about its authenticity. Vineeta and Aman Gupta speculated that the post might have been artificially boosted, and despite insisting that the engagement was genuine, the Sharks remained doubtful.

Intense Scrutiny and Filming Conditions

Ashish continued, describing their nerve-wracking experience of waiting for over an hour while facing intense scrutiny. The situation was exacerbated by the presence of cameras filming the entire encounter. “As we entered from the green room, cameras were thrust right into our faces. We were instructed to sit and showcase our Shopify dashboard. It’s understandable for anyone to feel overwhelmed, particularly when one has built a Rs 35 crore business, only to be faced with accusations of wrongdoing,” he explained.

Emotional Reactions and Frustration

Aditi, visibly affected by the experience, expressed her feelings, stating that it was disheartening to work tirelessly for two years, building a Rs 35 crore company, only to face public discrediting. She highlighted their continuous efforts to affirm that their numbers were not falsified.

Frustration over the hasty judgments made during the pitch became evident. Aditi pointed out, “In such a high-pressure environment, it’s nearly impossible for anyone to halt and properly evaluate the dashboard. Rather than taking the time to scrutinise the details, Vineeta hastily formed conclusions, launching a barrage of criticism against our startup.”

Ashish further remarked on the misrepresentation of their data, stating, “Without valid justification, they alleged that our daily revenue figures represented monthly income, completely altering the narrative. While we realise it is their decision to invest or not, there is no need to manipulate the facts or mischaracterise our business if they choose not to proceed.”

Chokhat: A Home Decor Brand Inspired by Nature

Chokhat is a promising home decor brand initiated by Prachi from New Delhi, who presented her venture on Shark Tank India, intending to establish an Indian alternative to IKEA. She proposed a request of ₹50 lakh for a 7% stake, valuing her enterprise at ₹7 crore. The brand is focused on luxury home decor, drawing inspiration from animals and nature, with the goal of making premium decor more reachable for consumers.

Prachi’s Journey with Chokhat

Since launching the business in 2018, Prachi had been managing Chokhat independently but has recently started bringing in new hires. When Anupam Mittal inquired about staff salaries, it came to light that her top employee previously earned ₹15,000 before their termination last month.

Chokhat currently employs two individuals, with one receiving ₹10,000 monthly and another at ₹7,000. Prachi confessed that her hesitation to hire earlier was rooted in the anxiety of needing to let employees go.

Addressing Concerns from the Sharks

Anupam highlighted a critical issue by stating, “On one hand, you say you want to do the best for your employees; on the other hand, you are paying them below minimum wage.” Prachi acknowledged her necessity for guidance in building a robust team and sought financial support to secure a salary runway for her employees for a year.

Peyush Bansal and Aman Gupta raised questions about her growth potential if she remained reluctant to take necessary steps, asking, “How do you know when to hire and when to let someone go?”

Adapting to Challenges

While the sharks were moved by her dedication and drive, her struggles in adapting to the market dynamics were evident. Prachi admitted her experience with selling on Amazon was subpar due to elevated return rates. Vineeta Singh encouraged a reevaluation of her approach, stating, “If you antagonise your customers, you will never reach their homes.”

Future Ambitions for Chokhat

Despite facing obstacles, Prachi shared her ambitious objectives. Following a revenue of ₹4.5 lakh in her second year, she is aiming for ₹1 crore this year, with aspirations to elevate her income to ₹6 crore within three years by diversifying into various home decor categories.

Deal Sealed

The episode culminated with Anupam Mittal and Peyush Bansal proposing ₹30 lakh for a 10% equity stake, accompanied by ₹20 lakh in debt at a 10% interest rate for one year, finalising the agreement with Prachi.

Offmint: Ashutosh Kumar’s Journey on Shark Tank India

Offmint has made waves in the entrepreneurial world, especially with Ashutosh Kumar, its founder, who made history on Shark Tank India by being the first entrepreneur to present two different brands. Although his debut during Season 2 didn’t end with a deal, the impact it had was significant. The encouragement received from the Sharks during that initial appearance became a crucial turning point in his life, ultimately setting the stage for his return with Offmint. However, the emotional stakes were considerably higher during his second pitch.

Ashutosh Kumar’s Vision for Offmint

Ashutosh made it clear that he was not looking for financial investment but rather sought the expertise of the Sharks. He expressed, “I’m not here for the money; I’m here to seek the Sharks’ expertise as Guru Dakshina.” His vision for Offmint focuses on honouring his late father’s memory while developing a sustainable fast-fashion brand.

A Heartfelt Story Behind the Brand

When asked by Anupam Mittal to share his backstory, Ashutosh revealed a deeply emotional moment: he lost his father on the same day he appeared on Shark Tank India Season 2. This tragic event marked a significant turning point for him, leading him to take on more responsibilities for his family. His heartfelt story resonated with the Sharks, particularly for Aman Gupta, who admitted, “I got goosebumps hearing his story.”

Support from Family and Unexpected Allies

Amidst his grief, Ashutosh discovered strength in his family’s support and found an unexpected ally in Rani Ahluwalia, a Shark Tank India enthusiast from London. Recognising his vision, she decided to invest Rs 5 crore, becoming a co-founder of Offmint.

A Unique Proposal in the Shark Tank

With Rani’s initial investment providing a strong foundation, Ashutosh approached the Sharks again, presenting them with a unique proposition — asking for just Rs 10 in return for their guidance. Namita Thapar was quick to support a deal involving all five Sharks. However, Anupam Mittal required clarity on the brand’s unique selling proposition and sales figures before finalising his agreement.

The Deal is Sealed

In the end, the Sharks offered Rs 10 lakh for 4% equity in Offmint. Ashutosh successfully clinched a deal with all five Sharks: Anupam Mittal, Aman Gupta, Vineeta Singh, Peyush Bansal, and Namita Thapar. They appreciated his determination and mission. Offmint is celebrated for its environmentally-conscious approach, and every customer receives a pen embedded with seeds as a reminder of its commitment to sustainability.

Eri Weave: A Journey of Resilience and Sustainability in Silk Clothing

Eri Weave, a silk clothing brand founded in Meghalaya by Iaishah Rymbai, made a notable appearance on Shark Tank India season 4. During her pitch, she shared her personal and financial challenges, resonating emotionally with the ‘sharks’.

Iaishah, alongside her daughter and co-founder Lebaini Rymbai, was in search of an investment of ₹20 lakh in exchange for 12 per cent equity, aimed at expanding their business and increasing brand visibility. This approach valued their company at ₹1.67 crore.

Eri Weave’s Eco-Friendly Products

The brand specializes in the production of eri silk yarn, which is organically dyed and handwoven into fabric. Their offerings, which include scarves, shawls, and yardage fabric, are eco-conscious and reflect a commitment to sustainability.

Commitment to Indigenous Craftsmanship

Eri Weave aims to uphold traditional craftsmanship while advancing sustainable silk production. According to their website, the dyeing process for eri silk employs natural elements such as lac, turmeric, leaves, and barks. Traditional weaving techniques are utilized to create their unique scarves, shawls, and fabric.

Personal Journey of Resilience

During her pitch, Rymbai revealed that she married young at 20 years old, but her marriage ended unfavorably, leading to her divorce. She is a mother to four daughters and faced the responsibility of ensuring their education and overall well-being.

To provide for her daughters, she turned to weaving. Shockingly, she disclosed to the ‘sharks’ that she was burdened with a debt of ₹35 lakh, which hindered her ability to grow her business.

Upon learning about her situation, Peyush Bansal, co-founder and CEO of Lenskart, remarked on the challenges of being trapped in debt. The Rymbais successfully garnered an investment of ₹20 lakh for 12 per cent equity from Anupam Mittal, founder and CEO of Shaadi.com, alongside Namita Thapar, executive director at Emcure Pharmaceuticals.

Support and Empowerment for Women Entrepreneurs

In addition to financial support, Thapar emphasized the limitless potential of women in this country, stating that there are no boundaries to what they can achieve. Vineeta Singh, co-founder and CEO of SUGAR Cosmetics, also expressed her willingness to assist the Rymbai duo in any initiatives they wished to pursue.

The ‘sharks’ even provided strategic suggestions aimed at establishing Eri Weave as a prominent brand in the market.

Shark Tank India Insights from Beast Life’s Co-Founder

Raj Gupta, one of the co-founders of the protein brand Beast Life, recently shared insights on a podcast regarding his experience on Shark Tank India. He revealed that during the pitching process, the judges, referred to as ‘sharks’, appeared to have more interest in Gaurav Taneja, known as Flying Beast, rather than the actual product being presented. This feedback highlighted a notable incident where Taneja faced significant criticism from the judges, especially Anupam Mittal, whose comments labelling Taneja as a ‘terrible’ entrepreneur have sparked significant discussion online.

Pitch Dynamics and Judge Interactions

Gupta detailed that the judges seemed to be ‘trying to mess around’ instead of concentrating on the merits of their product, which led to increased tension regarding disproportionate equity distribution. He felt compelled to reiterate the need to discuss their product, but the judges consistently redirected the conversation.

“I sensed that the ‘sharks’ were more intrigued by Gaurav than the product. I insisted that we should focus on the product, but the moment we attempted to discuss the business, the judges would divert our attention. They even encouraged conflict by highlighting issues with equity distribution,” he remarked during the podcast.

Editing and Presentation Concerns

Gupta expressed disappointment with how the final edit of the show did not include the positive feedback they received about their product. He stressed that Shark Tank India is promoted as an unscripted series, asserting that no retakes are allowed during the pitches.

“Shark Tank India is genuinely unscripted; everything occurred in real-time. Founders typically prepare for two to three days leading up to the shoot, but we had minimal practice,” he commented. Regardless of this preparation, Gupta felt the editing led to a narrative that misrepresented the strengths of their business.

Gaurav Taneja’s Experience

Gaurav Taneja voiced his concerns regarding the producers of the show, stating that edits to his segment portrayed him unfavorably. He acknowledged that his time on Shark Tank did not yield any benefits.

Taneja, alongside Gupta, pitched their protein brand in an earlier episode of Shark Tank, revealing impressive sales figures of ₹1 crore within just one hour of launching their website. They sought an investment of ₹1 crore in exchange for a 1 per cent stake in their company, aimed at expanding their offerings of easily digestible proteins.

Hexafun Fails to Impress on Shark Tank India

Hexafun, a lifestyle accessories brand, made an appearance on the latest episode of Shark Tank India. Founders Harshit and Manali aimed to secure ₹1 crore for 4% equity, which would place the business valuation at ₹25 crore. Unfortunately, the panel of sharks turned down their pitch, pointing out concerns regarding quality, pricing, branding, and overall business viability.

About Hexafun’s Offerings

Hexafun primarily focuses on selling handkerchiefs, socks, and various accessories. However, the brand’s pricing, which exceeds that of competitors like Jockey, attracted negative feedback. Prior to their presentation, the founders presented the sharks with custom handkerchiefs, but this backfired when Namita Thapar noticed a typographical error. She commented, “While I appreciate the effort, I cannot wear something that has a spelling mistake. You’re spreading yourself too thin by attempting too much simultaneously.”

Concerns About the Brand Name

Namita expressed further reservations about the brand name, Hexafun. She explained her view, stating, “Take the example of Zerodha – ‘zero’ means nothing, while ‘rodha’ in Sanskrit translates to ‘hurdle’. It’s a clever name that relates directly to the business. However, your brand name is complex and hard to grasp.”

Challenges in the Pitch

As Manali tried to defend the choice of name, Aman Gupta interrupted, saying, “You will spend your entire life explaining it.” Aman further doubted the emphasis on handkerchiefs, labelling it a “dying category.” He raised questions concerning the financial sustainability of Hexafun, inquiring, “I would be surprised if you reveal that you are profitable.”

The founders confessed to burning through more than ₹6 crore over the past five years, which included ₹4 crore of their own savings and an additional ₹2 crore from friends and family.

Advice from the Sharks

Kunal Bahl advised Harshit and Manali to reconsider their business strategy entirely. He mentioned, “Every start-up reaches a critical juncture where regrouping is essential,” sharing his personal experiences from a decade ago.

Anupam Mittal delivered the most intense feedback. He pointed out the visible loose threads on their product, stating, “This displays such low quality.” He mocked their suitcase cover by asking, “Who would purchase a ₹5000 suitcase to carry ₹3000 clothes?”