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Shark Tank India is currently having a moment. The reality TV show that sees budding entrepreneurs pitching their business ideas to some of the biggest business owners and investors in the country has become a nationwide obsession. With a jury comprising of the cofounder of BharatPe, Lenskart and more, the intensely competitive series has garnered quite the buzz and long with it, a bunch of burning questions. Luckily, for those curious, there exists a Reddit AMA (ask me anything) that tells all about what goes down behind the scenes of the series.
On one of the episodes of the first season of Shark Tank India, Angad Talwar who along with his wife Kanika owns the CosIQ brand of “Intelligent Cosmetics” pitched their idea for the skincare brand. They ended up convincing two Sharks – Vineeta Singh (co-founder of SUGAR) and Anupam Mittal (founder of People Group) to offer investments as high as 50 lakh rupees. A triumphant Talwar then did a Reddit AMA to share everything he knows about the show and was immediately flooded with questions on what’s real and what’s fake.
To begin with, what’s up with the cheques?
One Reddit user asked the most important question – “are those cheques fake?” and Talwar revealed that they are indeed fake. “Those cheques are dummies. Next comes Due Diligence, term sheets and then we get the funds!” he said.
Is Ashneer Grover “repulsive”?
Another Reddit user asked if Ashneer Grover (co-founder of BharatPe) is “repulsive”. To this Talwar left a glowing review and said, “No! I love him! He’s direct, has a positive intention and does not sugar coat his works or wiggle out of situations that demand strong words. Unhone humare naam ko bhi sasta Chinese brand bola tha so I can say he’s bad and bakwaas and all that but no, he’s not. He is a gem and speaks his mind. Jo hai woh bolte hain.”
When Ashneer Grover doesn’t like a pitch on #SharkTankIndia
Ashneer to founder: pic.twitter.com/aWTbs1aISz
— Luv 📝 (@luv1oh1) January 20, 2022
SEE ALSO: All 7 Judges Of’Shark Tank’ India Ranked By Net Worth
Why do the Sharks repeat outfits?
Like most of us, a user noticed that the jury seems to repeat their outfits for a couple of episodes. “So I have noticed sharks wear same clothes for 4-5 episodes in a row and assuming each episode has 3 pitches and each pitch takes on average 1 hour, are they really shooting for 12-15 hours in a single day?” they asked. Talwar replied saying that “they have multiple sets of the same outfits” and it’s done for “editing reasons”.
On all the negotiations and paperwork with Sharks.
Getting down to business, a user who happens to be a lawyer asked the duration of the pitch and negotiation process and how much can one negotiate during the paperwork. “No, they do not compel to sign anything, just a basic NDA. Documentation and stuff happens after the pitch so we can negotiate (and so can the sharks). Basically during the shoot, it’s a handshake agreement, anyone can back out at any time. People usually don’t since its symbiotic, the sharks believe in the companies and the founders need the sharks and(or) their money,” Talwar clarified.
More importantly, how hard is it to get in?
When asked if getting the opportunity to pitch was tough to come by and if Sony did their due diligence before bringing them onboard, Talwar said, “So out of 50,000+ applications 200 odd got to pitch, definitely IIT waali ratios hai to difficult to hai. There are multiple rounds, forms, screen tests etc.”
Business nerds obsessed enough with Shark Thank India can register here. The series is currently streaming on SonyLIV.
Cover edit: Bhavya Poonia/Mashable India
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