With ‘Shark Tank India’ Season 4 already coming with some amazing viral moments through dramatic face-offs and unexpected twists and turns, in the second episode, for example, it had contestant Devansh Jain, who made a pitch in front of the judges wearing shoes priced at Rs. 10 lakh.
Devansh Jain, an IIM Ahmedabad graduate, came on the show with his partner Ackshay Jain, pitching his startup, ‘Culture Circle’. The Luxury resale platform focused on items such as re-sold designer clothing, shoes, bags and accessories. The couple estimated their business at Rs. 240 crore, for which they wanted Rs. 1.2 crore for 0.5% stake that eyed down judges to keep it in front of them.
What is most interesting about Devansh’s pitch, however, is his footwear: Dior Air Jordan sneakers costing Rs. 10 lakh. Shark Tank judge Aman Gupta, visibly surprised by both the valuation and the cost of the shoes, remarked, “Aapko jaise ye bata dun, Devansh ne jo joote pehne hain vo 10 lakh ke hain (Let me tell you, the shoes that Devansh is wearing sell for Rs. 10 lakh).
Devansh responded, explaining that while the sneakers are priced at Rs. 10 lakh in the market, they would be sold for Rs. 6 lakh on his platform, ‘Culture Circle’, drawing laughter from the investors.
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However, Vineeta Singh doubted the valuation and called it “waahiyaat” or outrageous. She also blamed the IIM-educated duo of using ‘Shark Tank India’ as a means of self-promotion, taking the opportunity away from other entrepreneurs who require funding. Her skepticism went on to increase when Devansh and Ackshay revealed they had Rs. 17 crores in bank reserves.
Singh declined, but a three-way bidding war ensued among other judges. Kunal Bahl, the founder of Snapdeal, offered Rs. 2 crore for 2% while Ritesh Agarwal, the Oyo Rooms’ founder, made an investment in Rs. 1 crore for 1%. The valuation turned out to be Rs. 100 crores.
