Viraj Bahl tells Shark Tank India pitcher ‘bahut galat jaa rahe ho’; Namita Thapar cuts him off, closes 3-shark deal   

Also Read: 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

 

View this post on Instagram

 

A post shared by Shark Tank India (@sharktank.india) 

He also asked the founder if the oil extracted from the peanuts before processing was sold. When the founder said yes, Viraj further added, “You are selling off the most valuable nutrient from peanuts to someone else. You made the Indian population generic.” Namita Thapar cut Viraj off and said that she is interested to know more about the brand as there is a market for such a product. Vineeta also enquired how Punjan prepares a product that is healthier than other brands.

About MYPB and Punjan

While Punjan had to answer some tough questions from Viraj right at the beginning of his pitch, Viraj seemed unconvinced about his brand, stating how the product would have a very small TAM. Sharing his journey, the founder said, “Our journey started in 2018. Right after graduation, I wanted to do some business, but the financial condition at home was not good. So I prepared for civil exams for 3 years. Once the condition improved, lockdown was imposed. During that time, my elder brother and I started this business with the easily available agricultural produce we had on a local level.”

Punjan also shared how he did thorough research and found a powdered form of peanut butter from the US. He further shared that they started selling this product in 2023, and made net sales of Rs 5.5 lakhs in the first year, in the next year the sales were Rs 81 lakhs, and in 25-26 they made 60 lakhs till September. Punjan also shared that the total investment in the brand was Rs 1 crore, and EBITDA has been 8 percent positive for the past four months.”

Vineeta questions authenticity of the product

While Vineeta was impressed with the founder, one concern she raised was Punjan calling the product an authentic American powder. She said, “You wrote authentic American PB on the packaging when you are serving a Gujarati powder.” When the founder explained that he meant his product was serving an American taste, Varun added, “This mistake is misleading; it’s a misclaim.” The ‘Shark’ also pointed out how Punjan’s product was 2x more expensive than others in the market.

Following this, Viraj opted out of the pitch and shared his thoughts. He told the founder, “I don’t think you are selling peanut butter, rebrand it as a smoothie mix or cooking additive. Make sachets and in bigger packages. You are creating a category at double the price, which is impossible.” Kunal Bahl also opts out, stating that this product can be easily copied by competitors.

Don’t Miss: Cannes winner pitches family mithai brand on Shark Tank India; gets no deal despite Anupam Mittal calling it a ‘goldmine’

While Vineeta lauds the founder for his honesty, she also makes him an offer. “I like your disarming honesty. A lot of times, founders want to make their revenue look good, but you honestly said that you don’t add the oil sales to your revenue. I want to work with an honest founder like you,” Vineet says. She offers him Rs 70 laks for 14 percent equity, placing the valuation at Rs 5 crores. Namita and Varun offer a joint deal of Rs 70 lakhs for 20 percent, making a 3.5 cr valuation. Following a counter-offer, they eventually closed a three-shark deal including Namita, Vineeta, and Varun at Rs 70 lakhs for 15 percent equity.

So far, Rs 22 crores have been invested in Shark Tank India 5 in total. The show appears on Sony TV and Sony Liv every Monday to Friday at 10 pm.