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Shark Tank India season 3: Anupam Mittal declared this pitch ‘suicidal’
Shark Tank India season 3: EatVerse founders said that they plan to expand pan-India but Anupam Mittal said this in response.
Shark Tank India season 3: When founders of Kolkata-based multi-brand cloud kitchen EatVerse presented their pitch on Shark Tank India season 3, the judges were shocked when they asked for ₹1 crore or one per cent of their company's equity.
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The founders said that they plan to expand pan-India but Anupam Mittal, one of the ‘Sharks' said that the food industry is vast and very difficult to navigate.
Anupam Mittal told EatVerse founders, “The industry you are talking about, food delivery, cloud kitchen, this is a sub industry. On top of it are two giants- Swiggy and Zomato. They are the gatekeepers. Your margin will be built by two things, either they let you make, but they are not doing charity. Or else, customers are jumping to come and eat your food unless there is proof of this. You won't grow beyond 5-6 per cent.”
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Raising concerns about the dominance of Swiggy and Zomato, Anupam Mittal called EatVerse's plan 'suicidal' and declined to make an offer.
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He said, "You are a little lost. I think you can scale your business upto ₹30-40 crore, but beyond that going into a new geography is a huge risk. You have not gone there yet and to go with ₹1 crore, its suicidal. And that's the reason I am out," he explained. The founders left without securing any deal.
OYO Rooms founder and CEO Ritesh Agarwal, who is also a ‘Shark’, questioned the pitchers as well.
