A married couple, Vaishali and Yash from Ahmedabad appeared on the latest episode of
Shark Tank India’s fourth season to pitch their ‘mukhwas’ business. Their well-prepared pitch and innovative products impressed the panel of investors, but the sharks were sceptical about the market’s potential and the company’s valuation. But what caught everyone’s attention was
Aman Gupta’s question to the couple.
According to Indian Express, the couple dated for 12 years before getting married. Their connection with the venture is so deep that they even named their child after their company, JoySpoon. After listening to the pitch, Namita Thapar opted out, feeling that the founders lacked clear objectives, Aman Gupta, amused by their love story, joked about their marriage. He asked, “Why did you get married?” to which Yash responded, “What kind of question are you asking on national television?” According to Indian Express, the Co-Founder of boAT then on a serious note backed out of the deal after he felt that they could not justify the losses they were making.
About the pitch
Seeking Rs 40 lakh for a 1.5% stake, the couple valued their business at Rs 26 crore. However, the judges found this valuation too high given their projected revenue of Rs 2.5 crore for the year. Anupam Mittal acknowledged the growth potential of the ‘mukhwas’ industry, recalling his earlier predictions about its expansion, but he, too, chose not to invest. He also found a few flaws with the product and pointed out that health fanatics will not choose this product. He also added that mukhwas is generally sold in sachets at the 'pan shops', but Yash replied that their current focus is not pan parlour.
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Aman Gupta questioned about the price of the product and each sachet, according to Yash his products falls between the price range of Rs 100- Rs 250. Meanwhile, Namita Thapar gave her feedback about the product and pointed out that for "Gujjus " mukhwas is about "comfort food" and that the addition of Neem and nuts does not go with mukhwas.
Ritesh Agarwal, however, was moved by Yash’s determination and related to his long courtship. Ultimately, he made an offer of Rs 40 lakh for 2% equity, which the founders accepted.