While Shark Tank might have become a go-to reality TV show for business-minded people, recently author Ankit Uttam detailed why the Indian counterpart of the show has never really worked for him in a viral LinkedIn post. The author highlighted how the companies run by the judges of the show are suffering losses, hence he doesn’t feel they are ‘qualified’ enough to give advice to new entrepreneurs who pitch their ideas on the show. “In the US version of the show, every judge (Barbara Corcoran, Mark Cuban, Lori Greiner, Robert Herjavec, Daymond John, and Kevin O’Leary) is running businesses that actually turn a profit instead of riding on VC money or drowning in huge losses,” he wrote.
Uttam when began collecting information about the businesses run by the Sharks of season 1, discovered Vineta Singh’s owner SUGAR Cosmetics seemingly reported a loss of INR 75 crore in 2022, while the number was 21.2 in 2021. He further explained how Ghazal Alagh’s Mamaearth has recently begun earning profit after suffering losses of Rs 1332 crore and Rs 428 crore in 2021 and 2020, respectively.
“BharatPe’s total loss stood at Rs 5,594 crores in FY 2022. In FY 2021, the company recorded a total loss of Rs 2,961 crore. Ashneer Grover was removed in 2022 from the company so these losses will be also under his leadership since he was also at the helm in FY22,” the author claimed. The list continued with Peyush Bansal Lenskart suffering a loss of Rs 102.3 crore in 2022.
The author also questioned Namita Thapar’s place as a Shark as the businessman is not the founder of Emcura Pharma. He pointed out that it was her father who started the firm and still continues to remain the CEO of the company. “So, to some, her credentials may seem similar to that of Ananya Panday in Bollywood?? Did somebody hear nepotism?” he continued.
In the end, the author stated how Shark Aman Gupta’s Boat is the only firm that has remained profitable ever since its inception. “To me, the Shark Tank India version seems like Ekta Kapoor’s rendition of the more interesting US version of the show,” the author concluded.
Season 2 of the show premiered on January 2, 2023, and features Aman Gupta, Amit Jain, Anupam Mittal, Namita Thapar, Peyush Bansal, and Vineeta Singh as Sharks.
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