Exclusive | Shark Tank India pitcher sold wife’s jewellery, took loan for kids’ brand; Aman Gupta told him to shut it down, he says he won’t

Ravi Gupta’s Shark Tank India pitch

Ravi Kumar Gupta appeared on Shark Tank India 5 seeking an investment of Rs 50 lakhs for 5 percent equity for his kids’ apparel brand. Ravi spoke about starting Guugly Wuugly in November 2022 and declared that, currently, he was facing losses. He also revealed that he had invested all his savings, his wife’s jewellery and even home loan top-up to make sure that the brand keeps going. While a negative EBITDA raised an alarm for the Sharks, Namita Thapar opted out of investing, stating that she could foresee losses increasing. Kunal Bahl also advised the owner to cut costs, while Aman Gupta said, “Taras aa raha hai aapko dekh ke. Aap sweet ho.”

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After the founder shared that he had self-funded the business, taken a loan against his home, and also sold gold jewellery. He had also put in Rs 80-90 lakh of his own money into the business, and said that he would be at it till the last minute. As he opted out, Aman asked the founder to quit the business. Mohit got emotional and shared his experience of going through a similar plight with his first apparel brand. Aman and Mohit also offered to guide the founder to make the business survive.

Founder reacts to Aman and Kunal’s suggestions

In an exclusive conversation, Ravi Kumar Gupta spoke about his Shark Tank India experience and said, “The experience was amazing, every person there from day one has been very helpful. They briefed us in a very nice and detailed manner. As a founder, we experience this for the very first time, so they make us comfortable, help us prepare for the tank. I suppose 99 percent of the founders have never faced a camera in their lives.”

He also reflected upon what went down during his pitch and added, “I believe whatever they said was correct, and it was a suggestion. Since they have created such huge brands, they know how the Indian customers are and what a founder should do in the early stages of their startups. I have implemented a few things from their feedback. Mohit is helping me out as he promised. We spoke recently, and he is giving me all the possible suggestions that can turn around this brand. Everyone has their own thought process, but I need to understand their concerns. Their suggestions have really helped me.”

Talking about Aman’s idea to quit the business, Ravi said he didn’t intend to do so. “Contrary to what Aman said, I am not planning to close this down. Just think, had you been in my place, received the exposure from Shark Tank India, been seen by half the nation, had good marketing, and the Sharks were supporting you, would you do it? How many people get a helping hand from the Sharks directly? The deal is not always what matters. Their offering of help is important. I have to prove to them that they should invest in this, but there is no backing down. I will not close this business any which way. I even told Kunal that I will go lean if required, will get my expenses down, but I am not closing it down.”

 

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‘Sales have been good after Shark Tank India’

Even without funding, Shark Tank India’s outcome has been good for Ravi. He says, “The entire LinkedIn community is talking about the brand, Shark Tank is broadcasting us every other day, people are talking about us. Sales have been good, but I cannot reveal the numbers. I am content with what is happening; it has definitely given a good boost. But it’s too early to comment for me since the episode has recently aired, but the comments have been very positive. 90 to 95 percent of founders face the same situation that I do, so it’s not just about me, but a story that connects with everyone.”

Sharing how he expected to get a Shark on his side, Ravi also added, “When so much is at stake, there is a lot of pressure. Luckily, all my vendors and family members are supportive, particularly my wife. There is risk in everything; all you need to do is take a calculated one. In the early days, as founders, we are very emotional, and practicality comes at a very late stage. That’s what happened with Guugly Wuggly and me, but we are sorting it out. How many brands actually get to come on Shark Tank? I would have had to spend so much money on marketing to reach as many people as I reached through this show.”

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He further added, “Getting funding from Shark Tank India was really very important; I expected it. You don’t go anywhere to lose. For me, I wanted to get a Shark on board because when that happens, the market has a different level of confidence in you. At last, when Mohit and Aman said that they would give me directions, they gave me hope for this brand. They must be saying yes to a very minute percentage of founders to give them mentorship, even without equity. Right now, I want to focus on my business, and I don’t want to get too many people on board with me. I am happy with whatever has happened on Shark Tank India; it’s one of the biggest names. The only thing I plan is to scale my business, make the right moves, and see what comes out of the mentorship from Mohit. Everything that comes out of it will only ensure Guugly Wuugly grows.”