'Waahiyaat': Shark Tank judge Vineeta Singh reacts after IIM Ahmedabad grad asks for Rs 240 crore valuation
Entrepreneurs Devansh Jain and Ackshay Jain pitched their startup, Culture Circle, on Shark Tank India Season 4. The startup offers a platform for reselling luxury shoes, bags, jackets, and accessories. After a heated negotiation, Kunal Bahl and R...
By ET Online | Updated:
Shark Tank India Season 4 continues to captivate audiences with its thrilling pitches and dramatic confrontations. In the latest episode, entrepreneurs Devansh Jain and Ackshay Jain introduced their startup, Culture Circle, to the Sharks, offering a unique solution to the apparel industry. The duo explained how their app-based platform connects users with a premium marketplace for reselling luxury shoes, bags, jackets, and accessories. With 2.5 lakh active users, the platform offers globally verified and authentic products, catching the attention of the Sharks.
Seeking an investment of Rs 1.2 crore for 0.5% equity at a Rs 240 crore valuation, the founders immediately sparked a reaction from the Sharks. Aman Gupta questioned the valuation, asking, “Are we crazy?” Vineeta Singh, not convinced by the pitch, labeled the valuation as “waahiyaat” and expressed her concerns about the IIM-educated entrepreneurs using Shark Tank India as a platform to promote their company. She even proposed a valuation of Rs 80 crore but ultimately opted out when the pitchers refused to lower their valuation, citing fairness to their former investors.
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What followed was a heated bidding war between the remaining Sharks: Kunal Bahl, Namita Thapar, Ritesh Agarwal, and Aman Gupta. Kunal Bahl led the charge, offering Rs 8 crore for 10% equity, while Ritesh Agarwal made an offer of Rs 1.2 crore for 1.33% equity. Namita Thapar countered with an offer of Rs 1.2 crore for 1.2% equity, along with a 0.5% royalty.
In response, the pitchers made a counteroffer, valuing their company at Rs 120 crore and offering 2% equity for Rs 2.4 crore. After some negotiation, the deal was finalized with Kunal Bahl investing Rs 2 crore for 2% equity, and Ritesh Agarwal investing Rs 1 crore for 1% equity, ultimately valuing Culture Circle at Rs 100 crore.
About Culture Circle
Culture Circle, founded by Devansh Jain and Ackshay Jain, claims to be the ultimate destination for luxury sneakers, streetwear, and fashion. The brand was born out of frustration with the lack of authentic platforms offering rare sneakers, the duo created Culture Circle to bridge that gap. The app quickly rose to become India’s top platform for hype and luxury fashion.
Seeking an investment of Rs 1.2 crore for 0.5% equity at a Rs 240 crore valuation, the founders immediately sparked a reaction from the Sharks. Aman Gupta questioned the valuation, asking, “Are we crazy?” Vineeta Singh, not convinced by the pitch, labeled the valuation as “waahiyaat” and expressed her concerns about the IIM-educated entrepreneurs using Shark Tank India as a platform to promote their company. She even proposed a valuation of Rs 80 crore but ultimately opted out when the pitchers refused to lower their valuation, citing fairness to their former investors.
What followed was a heated bidding war between the remaining Sharks: Kunal Bahl, Namita Thapar, Ritesh Agarwal, and Aman Gupta. Kunal Bahl led the charge, offering Rs 8 crore for 10% equity, while Ritesh Agarwal made an offer of Rs 1.2 crore for 1.33% equity. Namita Thapar countered with an offer of Rs 1.2 crore for 1.2% equity, along with a 0.5% royalty.
In response, the pitchers made a counteroffer, valuing their company at Rs 120 crore and offering 2% equity for Rs 2.4 crore. After some negotiation, the deal was finalized with Kunal Bahl investing Rs 2 crore for 2% equity, and Ritesh Agarwal investing Rs 1 crore for 1% equity, ultimately valuing Culture Circle at Rs 100 crore.
About Culture Circle
Culture Circle, founded by Devansh Jain and Ackshay Jain, claims to be the ultimate destination for luxury sneakers, streetwear, and fashion. The brand was born out of frustration with the lack of authentic platforms offering rare sneakers, the duo created Culture Circle to bridge that gap. The app quickly rose to become India’s top platform for hype and luxury fashion.Download
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