Shark Tank India: Anupam Mittal says ‘paisa aur lelo’ as founders of luxury copperware company get twice their ask from all five sharks

On a recent episode of Shark Tank India, the founders of a brass and copperware company sparked an all-shark bidding war despite being questioned for the high prices of their products.

Anupam Mittal in a still from Shark Tank India.

The three founders of an ‘affordable luxury’ brassware brand named P-TAL made an impressive pitch on a recent episode of Shark Tank India, exciting the entire panel of sharks, which included Anupam Mittal, Vineeta Singh, Aman Gupta, Namita Thapar and Amit Jain. The three founders asked for Rs 50 lakh in exchange of 1% equity, valuing their company at Rs 50 crore.

The founders said that they want to help the public re-adopt traditional methods, after watching how people have learned to value Ayurveda and yoga. Eating out of brass, copper and bronze utensils, they said, is beneficial to one’s health. But Namita was concerned about the pricing of their products. She said that they’re aiming for luxury by pricing a three-litre copper water dispenser at over Rs 6000. “This is not affordable,” Aman said, claiming that Good Earth sells cheaper products. Vineeta said that this isn’t true, and asked who the founders want to target with their products. “Is your main proposition health benefits or style and looks?” Aman asked, and the founders said that they cater to three different kinds of clients. The first category values the health benefits, the second values the flavour that these utensils impart on the food, and the third category buys these products purely for their looks.

Also read – Shark Tank India: Aman Gupta asks ‘will she even listen to you’ as founder of clothing brand for ‘curvy women’ gets Rs 1 cr offer from four sharks

The founders also revealed that they want to expand internationally, where the demand for such rustic products is very high among non-resident Indians, and also foreigners. Anupam mentioned the knowledge that he has gained about this market via Shaadi.com, and said that overseas revenue can be seven times higher than local business. And the founders agreed. They said that while their domestic order value is around Rs 4000, their overseas order value is over Rs 21000.

Anupam said that the marketing should highlight the health benefits of copper and brass, instead of focusing on how trendy these products are. Aman joked, “For once, I agree with Anupam. Your tagline needs to be sharper.” One of the founders then offered to break down the unit economics of their business, which prompted Aman to make another joke. “Aapne unit economics bola aur Amit bhai ke kaan khade hogaye.”

Anupam was the first to make an offer. He proposed a deal worth Rs 50 lakh, at the same valuation that the company recently closed, which was Rs 30 crore. Aman joined the bidding, offering Rs 50 lakh for 1.5% equity. Namita matched the offer, as did Vineeta and Amit. “Why do people always copy me?” Aman asked. The founders said that they would like all sharks to come together, which Namita was initially reluctant to do. “We’re sharks, yaar!” But Anupam proposed an alternate offer. “Paisa aur lelo (Take more money),” he suggested, as Vineeta proposed a deal worth Rs 1 crore, for 3.2% equity. After thinking about it, the three founders agreed, walking away with a lower valuation than they’d wanted, but double the money they’d originally asked for.

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