PremiumShark Tank India 3 - ‘Disappointed’ Anupam Mittal asks founders, ‘Why such low pay to senior-most employee?’
Anupam Mittal deemed a company "not investable" on a recent episode of Shark Tank India 3 after discovering the salary of the company's senior employee.
Last Updated: 02.58 PM, Feb 28, 2024
Shark Tank India is one of the most loved reality shows in India. After two successful seasons, the third season is currently streaming. In a recent episode of the show, a husband-and-wife duo who owns a company called Gulabo Jaipur was featured. However, the sharks were not sure about their pitch. The entrepreneurs requested Rs 90 lakh in capital in return for 1% ownership, making their firm worth Rs 90 crore. In their presentation, the husband-wife duo stated that their motive with their company is to push their brand worldwide and this was their fundraising's first round.
The first one to back out of the deal was Aman Gupta, who, after trying their outfits, thought that the founders were ignorant about their industry. He also thought that they were unaware of the competition in the market and were making up reasons for their lack of knowledge. Another Shark, Vineeta Singh, thought that the vision and the brand's actual identity were contradictory, so she backed out as well.
Namita Thapar, the third Shark on the panel, said that the brand does not offer anything new from what one gets at multiple marketplaces all over the nation. Thus, she backed out of the deal as well.
However, Shaadi.com's Anupam Mittal credited the entrepreneurs for starting a company that is making millions of dollars currently, but he was doubtful about how they would grow to be a Rs 500 crore brand. He asked the founders, "Besides you two, how much do the others earn and what is their role?" He was disappointed when he learned that the person who is the third-most important person in the company makes less than Rs 50,000 a month. He said, “Your business is not investable from my perspective.” He backed out as well.
Well, as much as any brand or marketplace is important for the investors on the show, Anupam Mittal's concerns demonstrate that he also values his employees and not just himself as a founder and his company.