Last Updated: January 28, 2023, 11:18 IST
A garment brand recieved Shark Tank India’s first all-5 Sharks deal.
The first all-5 Sharks deal of Shark Tank India season 2 came through in the recent episode of the reality show. Here’s how it all happened.
Shark Tank India’s second season is getting interesting with each passing day. In the latest episode, for the first time this season, all 5 sharks made an offer to an entrepreneur. This happened in this week’s episode when the founder of the men’s clothing line Snitch, Siddharth Dungarwal, convinced all the sharks about his business strategy, funding, and profits. The founder was also grateful to the sharks for being his inspiration to run his business.
It all began when Siddharth Dungarwal came to the show with his pitch. Snitch, a men’s fashion brand created entirely in India, launched in 2020 and is now responsible for over thousands of orders per day. He asked for an investment of Rs. 1.5 crore for 0.5% equity from the sharks in an effort to improve the benchmark for men’s fashion in the country.
Siddharth Dungarwal started his business as a B2B company and built it solely on the basis of his love for fashion and desire to succeed in the market. His team eventually converted to the online mode as the COVID pandemic threatened his area of business.
When asked about his background, he said, “I am just a B.com graduate. I have not done any IIT or IIMs. I am just a hustler and clothing has been my passion from the age of 14-15. I used to help my dad in his jewellery shop, but I wasn’t interested in that business. Next to my father’s shop, there was another shop vacant and I convinced my dad to buy that shop and let me start my own business. I did have many ups and downs while figuring out I started my own brand and here I am.”
The founder was seen quite emotional when he spoke about his father and how he has been his support system all these years. Siddharth calls Aman Gupta his inspiration and said, “Aapne wohi kiya jo main foreign brands ke saath karne wala hu (You did what I am going to do with foreign brands).”
The sharks were seemingly impressed by his dedication and all five made an offer together. The offer was announced by Peyush Bansal. He said, “The five of us would like to offer you Rs 1.5 Cr for 1.5% equity.” Siddharth agreed to the deal, and with this, his bootstrapped company now has five strong investors to take his profits even further.