Aman Gupta tries on a lipstick, castigates Shark Tank India pitcher for ‘very bad pitch’; Anupam Mittal, Vineeta Singh ink the deal

Also Read: ‘I missed the Olympics because of money’: Shark Tank India pitcher builds Rs 25 cr archery brand after being too poor to buy a bow

 

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The founder revealed that he has patented the 3D engine used for the platform, and asked for an investment of Rs 1 crore in return for 1.2 percent equity, placing the company’s valuation at Rs 83.33 crores. Later in his pitch, the founder revealed that he has made a virtual experience for a cosmetics company. Anupam says, “These days, guys are wearing a lot of makeup, so can you make Aman try it on?” After Kanika, Vineeta, and Namita also insisted, Aman Gupta tried applying a lipstick.

The Sharks seemed very impressed, while Kanika called the platform ‘cool’, Aman said, ‘It’s beautiful.’ Vineeta later went on to point out that a lot of AR and VR features have not worked in India, and only 10 percent of people use them. Aman also added that Amazon has the same feature.

Discussing the commercial aspect of the venture, Vinay reveals that he has a runway for one and a half months, and he has raised Rs 15 cr in funding earlier. Kanika asked, “What is your valuation based on?” The founder also shared that he is raising another seed round where terms sheets have been signed, at a valuation of Rs 82 crores.  Later, Anupam Mittal sternly said, “And you have come with the same valuation here.”

‘You are wrong’: Founder tells Aman Gupta

While the confusion in valuation led to Kanika Tekriwal opting out, she said, “I don’t understand your valuation at all, and since you have signed a term sheet, I don’t think I can negotiate. For that reason, I am out, but I would love to be a customer.” Aman Gupta also went on to say, “After the AI revolution, there is a lot of work happening in 3D agencies at a very cheap cost. The time and money aspect will be reduced going forward, right…” The founder responded, “No, you’re wrong.”

The founder went on to give a demo of the platform, explaining other features too. Anupam Mittal added, “Aap ne abhi ek twist daal diya. Do you want to sell your infrastructure as a subscription, or do you want to sell it as commerce transformation and industry-wise, verticalized solutions? Or are you trying to do both?” Vineeta also added, “Everything you said earlier and what you are saying now is different, you are making a CAD software which is brilliant coming out of India.” Namita also said, “You should have shown this to us in the first five minutes.”

Aman later completed his exit speech and added, “Mr. Vinay, good product, you are a good guy, but a very bad pitch. In the world of AI, there is too much disruption happening in tech. I don’t know when it will settle, but for this. I cannot bet on Rs 1 crore, so I am out, but I will be your consumer.” Namita Thapar says, “I am also out. Jasper had become 100 million dollars, but when Chat GPT was integrated, Jasper disappeared. So it is such an evolving scenario that who knows if another core company will integrate that. My fear is which direction this will go in, because of so many unknowns, I am not very comfortable.”

 

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Vineeta went on to make an offer. She said, “Right now, the use cases for your service or your platform are very limited in India, especially in commerce. Virtual try-ons are easily available; I don’t think there is a market. But you are a genius. Your pitch was very bad, but the product you have built is incredible. I just want to take a bet, I will offer you Rs 1 crore for 2.4 percent, it is half the valuation, Rs 41.67 crores from what you asked. Every genius needs a marketing partner, and I will be happy to do this with Anupam.”

Anupam also said, “I was ready to offer you the same. I am happy to join her. But in my case, it has to be subject to diligence, for your claims in terms of the patent, the defensibility of the technology, and subject to the Rs 15 crores you are raising. If that money doesn’t come, this Rs 1 crore is no good. I think you should capture the auto industry as well.”

While the founder went outside the tank to decide, Namita asked Vineeta, “What did you guys like about this?” Vineeta and Anupam explained, “It’s a fantastic product, on browser native 3D renditions within 1 hour is impossible, it is nowhere in India.” After Anupam refused to reduce the equity, the deal was locked, with the condition that Vinay could convert it into an advisory deal.

Disclaimer: This article is for informational purposes only. Seek advice from a SEBI-registered financial advisor before making any investment decisions.