Shark Tank India: Amit Jain instructs founders of trucking app to abandon their business immediately, Vineeta Singh raises concerns about forgery

Also read – Shark Tank India: Anupam Mittal warns ambitious founders about Reliance’s domination in their industry, says Rs 1 crore is too less an ask

This prompted Vineeta to put forth her questions and concerns. She asked who is paying for these documents, and the founders said that it is the driver’s responsibility to submit verification. “I’ve run a background verification business before… Drivers can easily forge these documents, which is why companies prefer doing it themselves,” she said.

Aman was the first to bow out of the deal. He said that the founders haven’t yet realised that they don’t have a product-market fit, and building trust is going to be a big issue. “If there’s ever any problem, you could be blamed for it,” he said, and Vineeta added that they need at least 1 lakh truck drivers onboard before they can consider looking for funding. They currently just have under 3000 drivers registered. To illustrate why this business isn’t taking off, Amit Jain asked, “You’re earning around Rs 70000 per month from truck drivers, do you know what your per-driver monetisation is?” While Amit waited for an answer, Aman joked, “Why don’t you tell them yourself.”

Amit bowed out with some advice. He said, “Aap business ko brake maaro. Pehle market dekho, market exist hi nahi karta (Pump the brakes on this business and understand that the market for it doesn’t exist). This could be your passion or hobby, but it won’t be an investable business.” The founders walked away empty handed.