New Delhi: Shark Tank India recently featured an anxious presentation from the husband-wife pair behind Gulabo Jaipur, a clothing firm, but the sharks were merely unsure about them. In return for 1% ownership, the entrepreneurs requested capital of Rs 90 lakh, making their company worth Rs 90 crore. The couple stated that their objective is to push the brand worldwide, and this was their first round of fundraising.
Aman Gupta was the first to back out
Aman Gupta was the first to back out of the transaction after trying on their outfits because he thought the entrepreneurs were so ignorant of their industry and were making up reasons for their lack of competitive awareness. According to Vineeta Singh, there was a "contradiction" between the brand's actual identity and the vision the entrepreneurs had for it. “Your brand and your execution aren’t matching, you’ll have to think long-term,” she told them.
Namita Thapar
According to Namita Thapar, there is nothing about the merchandise that distinguishes them from what is offered in Jaipur's numerous marketplaces.
“The biggest gap in your business is that there’s a lot of competition making clothes like this. Your USP isn’t standing out… Focus on processes, and only then you’ll be ready for investor funding. You’re not currently, and that’s why I’m out,” she added.
Anupam Mittal
Anupam Mittal gave the entrepreneurs credit for starting a company that is currently making millions of dollars, but he doubted that it could grow to be a Rs 500 crore brand.
Upon inquiring, “Besides you two, the next highly paid person, how much do they earn and what is their role?” ,he was disheartened to discover that the third-most significant individual within the organisation was receiving less than Rs 50,000 per month.
He also withdrew, saying, "Your business is not investable from my perspective." Even though the business owners were positive they would earn more than Rs 20 crore in revenue the next year, they ultimately walked away empty-handed.