Shark Tank India: Anupam Mittal wants to know how founders could supply caffeine-heavy beverages to school children, all-shark bidding war ensues

Two 21-year-old entrepreneurs sparked off a bidding war on the latest episode of Shark Tank India season 3. They pitched their ice tea brand FOMO to the five sharks — Anupam Mittal, Aman Gupta, Namita Thapar, Ritesh Agarwal and Amit Jain — and after fielding questions about their business model and listening to feedback, they found themselves spoilt for choice. They asked for Rs 35 lakh as investment in exchange of 4% equity in their company.

The entrepreneurs pitched their brand as an alternative to sugar-heavy beverages in the market, and said that their drinks have zero refined sugar, and less than half the sugar content of a can of Coca Cola. Anupam Mittal was impressed with the products, but was concerned about the founders’ lack of focus. He wanted to know why they were trying to diversify into the milk-based supplements market, when their brand identity was something else entirely. He was also concerned about their ice teas being supplied to schools. “Bhai sabab, isme toh caffeine hai na (Doesn’t this have caffeine)?” he asked the entrepreneurs, who assured him that only after the school had tested the product was it approved as fit for consumption.

Also read – Shark Tank India 3: Anupam Mittal wants to know why founders are paying only Rs 50k salary to top employee, but asking for Rs 90 lakh funding

Anupam said that he was impressed with the entrepreneurs’ willingness to adapt, and offered them the Rs 35 lakh in exchange of 7% equity. Ritesh and Namita offered them the same terms, but said that they could offer the entrepreneurs a wider channel than Anupam, and a stronger foothold in the hospitality industry. Anupam said that they shouldn’t be focusing on restaurants and hotels at all. As they argued among themselves, Amit Jain put his hat in the ring as well, saying that he was very impressed with the pitchers.

Probably experiencing FOMO himself, Aman joined hands with Anupam, leaving the entrepreneurs in the difficult position to pick who they want to partner up with. They took a moment, during which Anupam altered his offer and increased the valuation marginally. The entrepreneurs went with Anupam and Aman, and walked away with Rs 35 lakh in exchange of 6% equity.