In a recent episode of Shark Tank India, an intense exchange unfolded between the investors, known as sharks, and Mohit, the founder of Born Good, a detergent brand. Mohit sought an investment of Rs 70 lakh for 1% equity in his company, valuing it at Rs 70 crore. Despite his impressive credentials, including 14 years in his family business, a computer science degree from the U.S., and an MBA from INSEAD, Mohit faced tough criticism from the sharks.
The heated discussion centered around Mohit’s projected Rs 10 crore revenue for the year and an anticipated Rs 3.5 crore loss, as highlighted by Anupam Mittal. Vineeta Singh pointed out that the company was losing money on every product sold. “If you had given every product you’ve sold till now for free, you’d be in the same position,” she remarked. Kunal Shah echoed similar concerns, suggesting that the brand appeared stagnant.
Peyush Bansal initially showed interest but hesitated due to Mohit’s lack of knowledge on key metrics. However, the most direct feedback came from Aman Gupta, co-founder of boAt and linked to the competitor brand Koparo. Aman candidly compared Mohit to Simran, the founder of Koparo, who had received five offers during her pitch. Aman emphasized that Simran’s execution was superior and stated, “Your brand is good, I like it, I like the positioning, I like the packaging. Your prices are also good. But the difference is Simran is a better founder than you.”
Aman’s forthright manner included addressing Mohit informally, which led to Peyush Bansal voicing concerns about the treatment of the pitcher. Peyush commented, “I think lines were crossed. The founder should’ve been allowed to explain his business, but some people have money riding on competitors, and they became emotional. The poor guy didn’t think that they would only question him about Koparo.”
Despite the controversy, Aman stood firm, stating, “If this guy comes back, I will ask him about Koparo again. I will ask 10 more times. If a founder doesn’t want to talk about a company the entire country is aware of, I see a problem in that founder.”
Mohit ultimately left the show without securing a deal, but the incident highlighted the pressures and competitive nature of securing investment on Shark Tank India.
