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Mohit, founder of Born Good, sought Rs 70 lakh for 1% equity on Shark Tank India but faced criticism, especially from Aman Gupta.
Shark Tank India is in its fourth season.
In a recent episode of Shark Tank India, Mohit, the founder of a detergent company, Born Good, asked for Rs 70 lakh for 1% of his detergent brand, which he valued at Rs 70 crore. He expected Rs 10 crore in revenue this year but faced strong criticism from the investors, especially Aman Gupta, who is linked to competitor Koparo.
Mohit said he worked for 14 years in his family business and has a computer science degree from the U.S. and an MBA from INSEAD. Anupam Mittal pointed out a projected Rs 3.5 crore loss this year. Vineeta said, “You’re losing money on every product you sell. If you had given every product you’ve sold till now for free, you’d be in the same position.”
Kunal told Mohit that the brand seems stuck. Peyush Bansal considered investing but had doubts because Mohit didn’t know important numbers. Aman was very direct in his feedback. While Mohit addressed the sharks formally as sir and ma’am, Aman spoke to him casually, using ‘tu.’
Aman went on to say, “When Simran from Koparo came, she received five offers. In fact, she didn’t even listen to Peyush’s offer. She was in a different league. I’ll tell you what your problem is. Your brand is good, I like it, I like the positioning, I like the packaging. Your prices are also good. But the difference is Simran is a better founder than you. She came, she impressed, she got offers. Even now, investors are willing to bet on her. She’s getting term sheets even today. Her execution is much better than yours. Learn from her. Hunger! I don’t see it in you. It’s a founder issue, and unfortunately, I’m out.”
Mohit left without a deal, which led Peyush to speak about how he was treated and make a comment about Aman. He said, “I didn’t do the comparison, I think lines were crossed. The founder should’ve been allowed to explain his business, but some people have money riding on competitors, and they became emotional. The poor guy didn’t think that they would only question him about Koparo,” he said. Aman said, “If this guy comes back, I will ask him about Koparo again. I will ask 10 more times. If a founder doesn’t want to talk about a company the entire country is aware of, I see a problem in that founder. I would’ve invested had I liked the guy, I don’t have a problem. There are four chips brands, who cares? But there is an issue here, there is no founder-market fit.”
