MUMBAI: Shark Tank India season 3's latest episode featured EatVerse founders introducing judges to their multi-brand cloud kitchen located in Kolkata. Sharks were taken aback when the pitchers requested Rs 1 crore in exchange for 1% of their company's equity. Even though their brand is well-established in Kolkata, they expressed their desire to grow it throughout all of India.
Anupam Mittal told pitchers after the pitch that because the food sector is so large, it is doubtful that it will continue to grow.
“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 went on to describe the idea of taking their brand nationwide as suicidal and said 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.
Season three of Shark Tank India premiered on January 22, 2024. Shark Tank India Season 3 saw the return of several well-known sharks from previous seasons, including Vineeta Singh, CEO of Sugar Cosmetics, Peyush Bansal, co-founder and CEO of Lenskart, Aman Gupta, cofounder of Boat, and Namita Thapar, executive director of Emcure Pharmaceuticals Limited.
Amit Jain, the CEO and co-founder of Car Dekho, Ritesh Agarwal, the founder of OYO, Azhar Iqubal, the co-founder and CEO of Inshorts, and Radhika Gupta, the CEO of Edelweiss Capital, joined them on the panel. Ronnie Screwvala, a film producer, just joined the program as well.
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Credit- News 18
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