As Shark Tank India’s third season unfolds with a fresh panel of judges and innovative deal structures, questions about the authenticity of deals struck on the show have emerged. Anupam Mittal, the founder of Shaadi.com and one of the judges on the latest season, addressed the concerns in an interview with Mint, providing insights into the intricate process behind the scenes.
Previous seasons of Shark Tank India witnessed judges pledging over ₹120 crore to various contestants and their ventures. However, instances surfaced where some participants claimed they did not receive the promised funds. In light of this, Anupam Mittal shed light on the complexities and realities of the deal-making process on the popular reality show.
Anupam Mittal revealed that the execution of deals initiated on Shark Tank can span a duration of one month to over a year. The timeline, he explained, depends on the preparedness of the company seeking funding. Mittal shared, “Our teams get in touch with the founders, and then typically we create a WhatsApp group. We start the diligence process and paperwork parallelly and connect with them to flag issues – if they’ve not met the conditions or if the claims are wrong. And then we wait for them to complete the process. Some of them do, some of them never come back to us.”
The seasoned entrepreneur cited the example of Zillionaire, a Jaipur-based venture that secured a ₹1 crore investment from Anupam Mittal during Season 2. He recounted the challenges faced by the team in registering the company, highlighting the hurdles in the process.
Addressing the concerns about funds not reaching certain contestants, Mittal clarified that in the majority of cases where deals fall through after the initial commitment, it is because the founder has opted out, often due to perceived better valuations elsewhere. He stated, “90% of the time…if a deal does not happen after the initial commitment…it’s because the founder backed out because they think they got a better valuation outside.”
Anupam Mittal’s candid revelations provide a behind-the-scenes glimpse into the complexities of Shark Tank India, showcasing the intricate negotiations, due diligence, and challenges faced by both judges and aspiring entrepreneurs on their quest for successful deals.
Sources By Agencies
