Shark Tank India 3: Anupam Mittal Questions Founders Why Their Top Employee Only Earns Rs 50k Since Their Company Is Worth Rs 90 Crores
Anupam Mittal was shocked after knowing that the top employee of a clothing brand, worth Rs 90 crores, earns around Rs 50,000 during the recent episode of Shark Tank India season 3
One of the most-watched reality shows on Indian television, Shark Tank India, is currently airing its third season. The show started with a bang, as the makers introduced six new sharks to the business reality show. Having made it to the headlines ever since its premiere, the recent episode saw a husband-wife entrepreneur team pitching their clothing brand Gulabo Jaipur to the sharks. However, their nervous pitch only drew uncertainty from the panel.
As reported by Indian Express, the entrepreneurs asked for funding of Rs 90 lakh in exchange for 1% equity, which would mean that their company is valued at Rs 90 crore. Since it was the first round of funding, the couple said that their goal was to take their brand global. Aman Gupta was the first one to back out of the deal after sampling their clothes. He informed them that they lacked knowledge about their business and just making excuses on why they were disconnected from their competition. ALSO READ: Shark Tank India Season 3: Ashneer Grover RESPONDS To Anupam Mittal's 'Jisko Gussa Ata Tha Woh Gaya' Remark - WATCH
Vineeta Singh pointed out the contradiction in the entrepreneur’s vision for their brand. She told them, “Your brand and your execution aren’t matching, you’ll have to think long-term.” On the other hand, Namita Thappar too expressed how she can’t see any product that distinguishes their brand from something that is already available in many marketplaces of Jaipur. She clearly told them that their “USP isn’t standing out.” ALSO READ: Shark Tank India Season 3: Anupam Mittal Takes A Dig At Aman Gupta, Says 'Yeh Paise Nahi Deta'
Founder of Shaadi.com, Anupam Mittal went on to heap praises on the entrepreneur couple for creating a business that is earning crores in profit. He expressed how he is unsure that the brand would scale Rs 500 crore. He went on to enquire about their highly paid employee and asked them how much they earn and what is their role. Mittal was shocked and disappointed to know that the third most important person in the company earns less than Rs 50,000 per month. He told them, “Your business is not investable from my perspective.”
The couple had to leave the show empty-handed despite being sure that the company would hit over Rs 20 crore in revenue in the upcoming year.
Talking about the show, Shark Tank India is an Indian franchise of the American show of the same name, where known entrepreneurs listen to different business ideas and decide whether or not they want to invest in those ideas.
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