The newest instalment of Shark Tank India season 3 commenced with a shoe brand presenting its business to the sharks on Wednesday. The brand emphasises offering high-quality shoes with cutting-edge designs at an affordable price point. Presenting samples of its products, it invites the sharks to try them out. While co-founder of boAt Aman Gupta expresses strong interest in the shoes, Namita Thapar, CEO of Emcure Pharmaceuticals and CEO of Zomato, Deepinder Goyal, remain less convinced.
The pitchers disclosed that their ask was Rs 2.5 crores in exchange for 1 per cent equity in the company. Their proposal surprised everyone, prompting questions about their unit economics, gross profit, and more.
The pitchers provided detailed insights into their business and urged the sharks to invest. After examining the brand design and logo, Deepindra criticised their inconsistency, rating the design language as a mere 2 out of 10.
After seeing the products, Goyal was disappointed and said, “There's no consistency in branding. The design language will score two out of ten.” Vineeta Singh, Co-Founder and CEO of SUGAR Cosmetics, said, “l like the quality.”
Namita then pressed the pitchers to identify their unique selling point, to which they cited their price point.
However, Namita expressed disappointment, emphasising that a brand should always be the differentiator, not just pricing. “I don't see a USP. Branding... It's important to create a culture. It can't be created on just pricing,” Namita added.
CEO of Shaadi.com, Anupam Mittal, requested to see their numbers, which turned out to be impressive. In addition, the brand’s expected sales figures for the financial year 2023-24 were projected at approximately Rs 65-70 crores. Despite the promising discussion and substantial numbers, all five sharks declined to invest, stating they were not interested in the deal as the focus area and USP of the brand did not align with the vision of the Sharks.
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