Shark Tank India is one of the most popular reality shows among the audience. Not only the show, but its judges, who are also successful entrepreneurs, have also remained a topic of discussion constantly. While the platform brings ample opportunities for budding entrepreneurs with creative ideas, it’s only half-baked truth that we see on television, claims a Twitter user. The Twitterati named Anmol Sharma has claimed that judges on the show also ghost entrepreneurs after promising them funding, adding that the show is benefiting sharks more than the pitchers.
Shark Tank India: Delayed Funding Scam
The Twitter user, who is an Entrepreneur, Speaker & Content Creator, has shared the story of ‘many frustrated and broken Shark Tank India contestants’ as he claims to unveil ‘Shark Tank India ‘Delayed Funding’ Scam!’
In his Twitter thread, Anmol went on to explain how judges take the maximum benefit out of the ‘Shark Tank India Effect’ which leads to delayed funding with sharks ghosting the entrepreneurs. We are breaking down the entire thread for you.
Do Sharks blackout from their agreement?
Anmol Sharma, who is an NIT graduate per his Twitter bio, claimed that these contestants ‘had one of the most compelling pitches and were promised to fund on national television but hadn’t received a single paisa from Sharks’.
Explaining the entire process from registration to funding, he alleges that June to July is the process when Sony is accepting registrations for Shark Tank India. For the unversed, Sony TV recently announced registration is open for Shark Tank India Season 3. After the registration process is complete, August to November is the duration when ideas are pitched before the sharks. In December and January, the SONY team wraps up pre-production, along with the preparation for the show to go on air. Now, if a start-up was promised to fund when the pitch was presented, i.e., between August to November, the pitchers should get the funding within two months after the completion of all legal proceedings.
However, he alleged, sharks wait longer to transfer the funds to the pitchers as they first analyse the ‘Shark Tank Effect’ on the start-ups. Shark Tank Effect means the growth reported by start-ups after appearing on the reality show. Anmol further claimed that t the sharks gauge website traffic and sales after the show is aired and also monitor if other investors are also interested in making an offer to the brand.
No luck for pitches that don’t perform well
If a start-up shows no growth post its presentation on Shark Tank India despite bagging a deal, they are made to move around in circles so it can further delay the investment and eventually grow out of the agreement, alleges Anmol Sharma.
“Because of this situation, they don’t even get funding from other investors.” he deliberated on pitchers’ dilemma. “The founders I talked to faced all these problems (can’t reveal their names at this moment),” he said.
Shark Tank India benefitting Sharks and Sony Network?
Anmol claimed Sharks and Sony Network have benefitted more than start-ups from these pitches. “You know, Shark Tank is more benefiting the Sharks and Sony network, they’re looking to dramatize the entrepreneurial activities to gain traction and TRP which in turn helps the Sharks to gain social recognition and push their own brand,” he alleged.
He also listed Peyush Bansal, the co-founder of Lenskart, as an example stating how he has roped in Karan Johar to endorse his brand. It is noteworthy that actress Mouni Roy was recently seen walking the Red Carpet of the Cannes Film Festival 2023 while representing Lenskart.
“The ex-shark Asheer Grover was able to stir the pot enough and get into controversies, and when he launched his book, it recorded astounding sales. He is also in the ads of CrickPe,” he added. “Anupam Mittal and Aman Gupta, co-founder of boAt have gained massive recognition, just go and check their Instagram, they’re doing conferences, podcasts and attending red-carpet events,” he mentioned.
Who is to blame?
Shark Tank was introduced in India to promote the Make In India spirit by elevating Indian start-ups. Instead, the show has become a mere TRP holder for Sony TV, claimed the Twitter user.
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