Shark Tank India 4: Anupam Mittal suspects scam after discovering saree business founder has wealth of Rs…

The panel members in the fourth season of Shark Tank India engaged in a heated bidding war for equity in a saree company.

Three of the panelists – Peyush Bansal, Aman Gupta, and Anupam Mittal – negotiated to close the deal with the founders of Sudathi, which is based out of Gujarat.

The founders’ ask was Rs 1 crore in exchange for 1% equity, which values their company at a whopping Rs 100 crore.

Vineeta Singh and Namita Thapar, who were also part of the panel, did not go ahead with the deal as they did not see growth prospects.

“Manyavar (ethnic wear brand) saw a gap in the market and they went deep. I’m sorry, but I’m looking at your products, and kya alag hai aapme (what is your differentiator)?” Namita, the executive director of Emcure Pharmaceuticals, asked Sudathi founders.

Anupam, on the other hand, seemed deeply interested in the backstory of Sudathi’s bumper sales. The founders said they were expecting a revenue of Rs 35 crore this year, despite being in business for less than two years.

When the founders told the panelists that their parents operate a trading business, Anupam was quick to ask, “How much equity do you have in that business?”

Hiren, the company’s CEO, told him that he has a 30% equity in that business, and that the business is worth Rs 300 crore. “Is it that you are simply selling the surplus stock from that business here at discounted rates?” Anupam asked, to which Hiren replied, “Absolutely not. Our products are 100% fresh, the designs are all new.”

Anupam was finally convinced. “I thought there was something fishy, but it seems to me that you’re being honest and transparent,” he told the founders.

When the founders asked if all three of them could come together for a 3% equity, Anupam refused. He took Aman aside for a chat, which apparently annoyed Peyush. “It seems like they don’t want to make a deal with me, it’s getting political, and I don’t want to be a part of this,” he said.

After a hard bargain, the three “sharks” closed the deal, taking home a 4% equity in the company.