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Aman Gupta told the Shark Tank India 4’s pitcher that the brand will soon run out of money.
The company put its valuation at Rs 100 crore. (Photo Credits: Instagram)
Shark Tank India Season Four has already kicked off this week. Undoubtedly, the Sharks, including Anupam Mittal (Shaadi.com), Aman Gupta (boAt Lifestyle), Vineeta Singh (SUGAR Cosmetics), Namita Thapar (Emcure Pharmaceuticals), Peyush Bansal (Lenskart), Kunal Bahl (Snapdeal), Ritesh Agarwal (OYO) and others are bringing waves on social media with their lavish investment decision. In the latest episode of the business reality show, an entrepreneur named Kiran Shah pitched his no-sugar ice cream brand, Go Zero and asked for a Rs 1 crore investment from the Sharks.
The ice cream brand has been winning hearts in the market with its unique products for over 50 years. Additionally, their brand, Apsara Ice Creams, has become a household name in the category of the popular ice cream chains in Mumbai. After noticing a significant increase in the demand for zero-sugar products, Kiran Shah and his team thought of expanding their business. Hence, they approached Shark Tank India with their latest proposals for Go Zero. With a valuation of Rs 100 crore for his age-old brand, the entrepreneur asked for Rs 1 crore in exchange for 1 per cent equity in his ice cream business on the show.
As Kiran took the stage to pitch his brand and asked for investment, all the Sharks, including the lactose-intolerant Anupam Mittal, also showed their interest. He tasted a vegan alternative from the brand. The ice cream brand entrepreneur also mentioned that he has seen a 30% increase in the zero-sugar ice cream category every year and thus, was to focus primarily on the quick commerce sector, which accounts for 70 per cent of his sales. He revealed his plans are projecting towards earning Rs 33 crore revenue for the year.
Afterwards, reacting to the pitcher’s ask for the investment, Anupam regarded Kiran as a ‘founder-market fit’ but claimed, “Dar lag raha hai aap zyada hi smart ho (I fear that you might be too smart),” adding, “Rs 1 crore se kuch nai hoga (Nothing will happen in Rs 1 crore), you will run out of money in the next few months.” He also offered Rs 2 crore for 5 per cent equity which came alongside a condition that the brand needs to make Rs 10 crore very soon.
On the other hand, Aman offered Rs 1 crore for 2 per cent equity, but Kiran countered him by asking if he would be okay with a 1.5 per cent stake. To this, Aman, known for his heroic comments, said, “There’s no difference between 1.5 per cent and 2 per cent in my eyes; I’m fine with it.”
On the other hand, Kunal and Peyush backed out. For those unaware, the CEO of Lenskart has recently broken records by making a huge investment of Rs 5 crore in the brand NOOE (Never Odd Or Even), a luxury brand based on minimalist design and sustainability. Meanwhile, the CEO of Snapdeal revealed that he wants to avoid a conflict of interest as he recently invested in the rival brand NOTO.
For the unversed, the other impressive lineup of Sharks of the season is Amit Jain, Deepinder, Azhar Iqubal, Varun Dua, Ronnie Screwvala, Kunal Bahl and Viraj Bahl. The show airs on Sony Liv from Monday to Friday at 8 pm.