Main highlights
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What happens after an entrepreneur “closes” a deal on air? -
As Mittal tackles Shark Tank India's evaluation process -
Shark Tank India 3 Initiatives
There has been a lot of debate over the legitimacy of Shark Tank India. Some entrepreneurs say they made deals on the show but never actually received the funds. The Shark Tank India judge has pledged more than Rs 120 crore to investors in the last two seasons. However, Anupam Mittal, founder and CEO of Shaadi.com, came forward to explain the paperwork process before the funds are released.
What happens after an entrepreneur “closes” a deal on air?
Shark Tank India provides a platform for Indian startups and entrepreneurs to present their ideas and secure investment for their businesses. The reality show has recently come under fire for failing to pay promised investments to companies featured on the broadcast. However, data shows that 40% of Season 1's deals were completed within his first year, and the initial promised amount of Rs 40 billion turned into an investment of Rs 17 billion (excluding debt). Anupam Mittal justifies the process by explaining that the execution schedule can vary from a month to over a year, depending on the company's readiness.
Taking up the concerns of entrepreneurs further, Mittal added: “They hadn't even formed a company. And the ROC website had been down for three months. My team tried to help them and find other ways…to registrar companies. I went directly… But for three months it was impossible to register a new company.”
As Mittal tackles Shark Tank India's evaluation process
In an exclusive interview with Mint, Anupam Mittal details the evaluation process. He said: “Our team contacts the founders and then typically creates a WhatsApp group. We work with them to flag issues if they're wrong, and then we wait for them to complete the process. Some come back, and some never come back.”
Mittal's statement holds the entrepreneurs responsible for their last-minute withdrawal from the contract.
“90% of the time… if the deal doesn’t close after the initial commitment… it’s because the founder walked away thinking they had a better reputation externally. Let’s say you commit to 20 deals and 10 close. At least 7 or 8 out of 10 cases will be cases in which the founder has withdrawn.And there will be two or three instances in which the claims are incorrect or the necessary conditions are not met. ” says Anupam.
Shark Tank India 3 Initiatives
Shark Tank India Season 3 is all about showcasing the best. Mittal emphasizes the importance of “authenticity” and highlights the great founders and investments to watch this season. Therefore he says: “As always, you know how much money comes in in the winter. It's always summer in the tank. There's going to be a lot of good, sound investments.”
Shark Tank India Season 3 will have an extensive investor panel of 12 judges including Mittal, Aman Gupta, Amit Jain, Namita Thapar, Payush Bansal and Vinita Singh.
