Renowned investor Anupam Mittal, a prominent figure on Shark Tank India, has provided a comprehensive response to the ongoing controversies surrounding the popular reality show. Mittal, dismissing the allegations as groundless and devoid of evidence, emphasized the importance of relying on factual data to evaluate the show’s integrity.
The accusations leveled against Shark Tank India include claims such as “Sharks do not invest their own money,” “the show is scripted,” and “Sharks only fund profitable companies.” Mittal strongly emphasized that these claims were mere predetermined narratives lacking any substantial evidence or credible sources. Expressing his disappointment with the flimsy nature of the controversy and the absence of concrete information, he called for a more substantial discourse.
Responding to these alleged accusations, Anupam Mittal shared his perspective and clarified his position. He acknowledged that commenting directly on the allegations without specific instances or names would be challenging. However, he offered insights based on his experience and observations within the show.
Mittal underscored the significance of the Completion Ratio (CR) as a crucial indicator of the show’s integrity. He explained that globally, around 60% of the deals on Shark Tank are successfully completed. In the case of Shark Tank India Season 1, an impressive two-thirds of the deals were finalized, setting a notable record. With Season 2’s CR data set to be available in August, Mittal expressed confidence that the completion rates would remain healthy based on the deal momentum.
Addressing questions about the factors influencing completion rates and timelines, Mittal presented several key points. Firstly, he highlighted that many of the businesses featured on Shark Tank are in their early stages, often operating as proprietorships. The founders may lack experience in areas such as company registration and shareholder agreements. To address these issues, the show’s teams provide guidance and support, which can contribute to the length of time required for deal completion, ranging from 3 to 9 months.
Mittal also acknowledged that not all deals reach fruition due to various factors. Sometimes founders change their minds, fail to meet legal, financial, or tax requirements, or do not fulfill obligations agreed upon when accepting a conditional deal. He emphasized that these occurrences are inherent to the nature of deal-making and can impact completion rates.
Furthermore, Mittal mentioned that some founders may engage in renegotiation or seek better deals elsewhere, leading to delays in the completion process. While he personally does not encourage such behavior, he remains open to finding mutually beneficial structures that serve the interests of both parties involved.
Taking a broader perspective, Mittal highlighted the positive impact of Shark Tank India in democratizing Indian entrepreneurship. With over 200,000 entries, 388 pitches, nearly half of which were presented by women, and approximately 200 offers totaling around 150 crores, the show has emerged as a powerful catalyst for nurturing entrepreneurial talent in India.
Anupam Mittal urged critics to support their critiques with data and specific information rather than relying on incomplete anecdotes and expert opinions that generate sensational headlines but fail to capture the complete truth. He extended an open invitation to any founders who may have made such claims, encouraging them to come forward. If genuine grievances exist, Mittal expressed a willingness to address and rectify them. However, he cautioned against unfounded complaints arising from frustrations over not receiving investment without fulfilling their obligations, considering such incidents as valuable learning experiences.
The controversy surrounding Shark Tank India serves as yet another example of how baseless allegations and sensationalism can easily overshadow the positive impact of shows like these. As Anupam Mittal rightly points out, it is crucial to rely on data and specific information to form accurate assessments, rather than succumbing to narratives lacking substantial evidence.
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