Mumbai, Jan 30 The new episode of ‘Shark Tank India’ season three witnessed a pitch by ‘Aretto’, a patented technology that enables the brand to produce shoes for children that literally grow with them.
Satyajit Mittal, the Founder and CEO of this Pune-based footwear brand, takes on the stage of the entreprenurial reality show with a pitch that could change the way we think about kids’ shoes.
He passionately presented his pitch and emphasised the unique selling proposition (USP) of the brand, showcasing kids' shoes that naturally accommodate growth up to three sizes.
He delved into his achievements by seeking Rs 80 lakhs for one percent equity at an Rs 80 crore valuation.
In response to queries from sharks Vineeta Singh, CEO and co-founder of Sugar Cosmetics, and Anupam Mittal, CEO of the Shaadi.com, regarding the scalability of his footwear brand, Satyajit initially deviated, providing more of a sales pitch.
The judges persisted, requesting a demonstration of the products. When confronted by Anupam and Aman Gupta, co-founder and CMO, BOAT about how the sizes are managed, Satyajit struggled to provide a satisfactory answer.
Shark Peyush Bansal, the co-founder and CEO of Lenskart shared his personal experience, expressing concerns about the shoes feeling tight for his son within six months.
Aman, visibly frustrated, urged Satyajit to focus and answer questions directly.
When Anupam inquired about a co-founder, Satyajit was initially misled by claiming to have one but later admitted there wasn't any co-founder, only a founding member.
Expressing his irritation, Aman commented, "Nervous nahi, oversmart hai."
He voiced his displeasure and decided to back out, stating, "Mereko banda tu bilkul pasand nahi aaya, tu nautanki laga bohot bada. Tune kisi ki nahi suni. (I didn’t liked you at all, you are acting. You didn’t listen to anyone). I am not saying you might not do well; you might be the next big brand I don't care."
Ultimately, the Sharks decided to pass on the opportunity, and the pitch concluded without a deal.
Apart from Aretto, the episode witnessed Kalakaram and Nabhi Sutra. While Kalakaram sealed a deal at 60 lakhs in exchange for six percent equity with Namita Thapar, Anupam Mittal, and Peyush Bansal, Nabhi Sutra walked out of the tank without a deal.
‘Shark Tank India 3’ streams on Sony LIV.
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