Shark Tank India Season 3: Anupam Mittal called this pitch ‘suicidal’. Read more
In a recent episode of Shark Tank India Season 3, the founders of Kolkata-based multi-brand cloud kitchen, EatVerse, found themselves in hot water as they pitched their ambitious plan for pan-India expansion, seeking ₹1 crore in exchange for one per cent of their company’s equity.
The judges, notably Anupam Mittal, scrutinized the founders’ strategy, highlighting the immense challenges posed by industry giants Swiggy and Zomato. Mittal went so far as to label their expansion plan as ‘suicidal,’ expressing doubts about its feasibility beyond a certain threshold.
Despite the founders’ hopes for a successful deal, Mittal opted out, emphasizing the high risks associated with their approach.
“You are a little lost. I think you can scale your business upto Rs 30-40 crore, but beyond that going into a new geography is a huge risk. You have not gone there yet and to go with Rs 1 crore, its suicidal. And that’s the reason I am out,” he explained.
Fellow shark and OYO Rooms founder and CEO Ritesh Agarwal questioned the pitchers on why they were not looking at the possibility of becoming a front-end brand. The EatVerse founders were also told seeking Rs 1 crore with a massive valuation of Rs 100 crore would not help them grow.
Shark Tank India season 3, which began on January 22, 2024, saw the return of familiar faces like Namita Thapar, Aman Gupta, Peyush Bansal, Anupam Mittal, and Vineeta Singh.
New additions to the panel include Amit Jain, Ritesh Agarwal, Azhar Iqubal, and Radhika Gupta, with film producer Ronnie Screwvala also joining the show recently.
The episode sheds light on the competitive landscape and strategic complexities within the food delivery and cloud kitchen industry, where established players like Swiggy and Zomato hold significant influence.
