Shark Tank India’s Amit Jain calls out Balika Vadhu actress and co-founder for ‘lack of transperancy’, Anupam Mittal says, ‘Do some soul searching’

What is Phitku?

Neha Marda’s brand Phitku is an alternative to the regular deodorant sticks. It is made from refined alum stone, clubbed with other natural ingridents and it guarantees lasting freshness for 24 hours. Talking about the brand, Neha shared, “Phitku’s idea came after my pregnancy when I suddenly started feeling discomfort with my body odour. I kept using deos, but noticed that the underarms were getting pigmented. Being an actor and a public figure, it was so frustrating. Its such a big stigma that no one talks about it.” Sumit Marda added that they realized the gap and converted it into a brand.

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After the pitch, Anupam Mittal said, “I can relate a lot to this issue because we keep seeing a lot of ads about perfumes, but they are hormonal disruptors and their long-term effect is pretty severe. I stopped using after-shave lotions and now just use the alum stone.” Namita Thapar, meanwhile, questioned the founders, saying, “Very few people will relate to this. Reality in India is that until people don’t spray a perfume, they don’t feel satisfied, and those products are available in 100-200, yours cost Rs 999, so will India relate?” Namita was also disappointed to learn that the deodorising stick needs to be wetted with water before application, calling it “an annoying extra step.”

Amit Jain calls out founders for inflating numbers

Phitku was started in 2024. So far, they have sold the product to 2 lakh customers. The founders revealed that they generated Rs 1 crore in revenue within 2.5 months during 2024-25, followed by Rs 14 crore year to date in 2025–26. They also shared that the company is completely bootstrapped. Breaking down the figures further, they said they earned Rs 1.4 crore in September 2025, Rs 1.6 crore in October, and closed November at Rs 1.98 crore. However, when Amit Jain learned that the founders had included GST while sharing their revenue numbers, he appeared irritated. He objected to it and said, “Who does that? It’s not fair.”

Anupam Mittal later remarked, “Last year your revenue was not 14 but 10 crores then.” Amit further went on to say, “This clarity is important, revenue is always calculated without GST, are you’ll showing these figures to increase the valuation? I cannot understand your numbers. Your revenue is just Rs 1.5 crore per month. How are you claiming to close this year at Rs 24 crores? According to me its Rs 18 crore.”

 

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After hearing the founders’ pitch, Aman Gupta made an offer of Rs 1.8 crore for 3 per cent equity, along with a 2 per cent royalty until the Rs 1.8 crore investment is recouped. Namita, meanwhile, decided to opt out, saying, “When you go to scale this, there are two challenges – people want to feel the effect of spray and fragrance. It takes time to change people’s mindsets and habits. The second problem is the additional step, which is a bit annoying for me. I see them as friction points, think about it, but for today, I am out.”

Anupam Mittal asks the founders to do some ‘soul searching’

While Amit Jain was not satisfied with the figures, he also pointed out a loophole when the founders revealed that they each took Rs 7 lakh from the profits. Reacting to this, Amit said, “How is your EBITDA 25 percent then? If you remove 21 lakh, how much do you leave in the company? Just 15 lakh? When I evaluate the company, I will evaluate it at 15 lakh only then, this is insane. I will be very candid, my problem is that you’ll give a revenue figure with GST added in it, which shook my trust. Then you’ll claim a profitability based on which investors remove their multiple, then you’ll reduce the profit so much, you’ll be using the maximum profits, who does that? So I am out.”

Ritesh also opted out and said, “In this busy life, people look for ease; you need to find an easier alternative to use this. Coupled with a little bit of straightforwardness, which is missing. Bad news first is always valued in an investment relationship. So I am out.”

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Later, Anupam Mittal asked the founders if they would continue to take Rs 7 lakh if they got the investment? He said, “I am finding a transparency issue here.” Replying to this, Neha Marda said, “We didn’t think about this.” Anupam added, “I am disappointed that there was a lack of transparency in terms of positioning, so you’ll have to figure out and do some soul searching as to whether you even need an investor or not. I am so excited about this category that I will make an offer at the same valuation you asked for. Rs 1.8 crore for 1 percent equity and 5 percent royalty until 3x (Rs 5.4 crore) is recouped.”

 

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Aman opposed Amit’s point and said, “It’s a misconception. In a partnership firm, it is okay to distribute profits. Your sales are good, which is why I wanted to come with you.”

The founders then requested Aman and Anupam to join hands on a deal and asked for a reduction in the royalty. In response, Aman and Anupam revised their offer to Rs 1.8 crore for 1 per cent equity, along with a 5 per cent royalty until they recovered three times their investment. As the deal was finalised, Namita praised Aman and Anupam for securing strong royalty terms.