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A father-daughter duo pitched their ‘lifestyle kitchenware’ brand, Tintbox, on the latest episode of Shark Tank India, which is currently airing its fourth season. The founders presented their products by comparing them to the Stanley Cup, which is purchased not only for its functionality, but also for its fashion quotient. Tintbox sells pitchers and glassware with an outer silicon sleeve that protects users from heat, and protects the products themselves from breaking. Anupam Mittal, however, was unsure if this is even a problem that needs solving.
The founders asked for Rs 70 lakh in exchange of 5% equity, and told the panel of ‘sharks’ that they’ve been doing Rs 2 crore in revenue for the last three years. But this raised questions in the minds of the ‘sharks’, who wondered why the business was flatlining. Anupam felt that there is a lack of product-market fit, even though he admired the dedication of the two founders. He also felt that the branding and packaging weren’t up to the mark. “The packaging and position are very poor,” he said, advising the founders to get their act together. “You’re forgiven if your business is a couple of years old, but not if you’ve been doing this since 2017,” he said, wondering why they didn’t take steps to fix this issue earlier.
Kunal Bahl also felt that the branding was poor, but praised the founders for having set up a profitable business. “It’s a big deal,” he said, but he backed out of the deal, saying that the business is still at an early stage. Vineeta Singh pointed out that kitchenware and glassware brands are blowing up nowadays, without having to lean on marketing. “People are easily doing Rs 10 crore in revenue, there is no reason why you’re stuck at Rs 2 crore. Maybe there isn’t a product-market-fit,” she said.
Vineeta backed out, as did Peyush Bansal and Aman Gupta. Each of them felt that the business requires a fresh mind to come in and push it into the right direction. Peyush advised the founders to hire a co-founder who can guide them through these areas. The father-daughter duo ended up walking out empty-handed, which the daughter wasn’t too pleased about. In her post-pitch interview, she said, “Talking about the packaging is choti choti baatein. Our products speak for themselves, celebrities use them, we’ve built a successful business,” she said.
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