"his other brands are either dead or not making enough money"
An author has stated that the companies run by the Shark Tank India judges are actually running into losses, suggesting that they are not credible enough to give business advice to the contestants.
Ankit Uttam took to LinkedIn to explain why the show “never worked for him”.
In his lengthy post, Ankit said he looked into the financial statuses of each judge.
He said: “Shark Tank India has never worked for me as a show from its first season, unlike its US counterpart. In the US version of the show, every judge (Barbara Corcoran, Mark Cuban, Lori Greiner, Robert Herjavec, Daymond John, and Kevin O’Leary) is running businesses that actually turn a profit instead of riding on VC money or drowning in huge losses.”
Ankit looked at each judge since series one of Shark Tank India, breaking down their earnings.
“Vineeta Singh’s SUGAR Cosmetics reported a loss of Rs. 75 Crore (£7.5 million) in FY22 up from Rs. 21.1 Crore (£2.1 million) in the fiscal year FY21.
“Ghazal Alagh’s Mamaearth for the first time since inception had posted a profit for FY22 at Rs. 14.44 Crore (£1.4 million) after suffering losses of Rs. 1,332 Crore (£133 million) in FY21 and Rs. 428 Crore (£42 million) in FY20.
“Also the company has reported a Rs. 4 Crore (£400,000) net profit approx. for the first half of FY23. So the company has just lately begun turning profitable.
“Also a recent Mint news report states that they are going for an IPO at a valuation figure of Rs. 24,000 Crore (£2.4 billion).”
“Rs. 24,000 Crore when the profits are just Rs. 14 Crore!”
Speaking about the former season one judge Ashneer Grover, Ankit stated:
“BharatPe’s total loss stood at Rs. 5,594 Crore (£560 million) in FY 2022. In FY 2021, the company had recorded a total loss of Rs. 2,961 Crore (£295 million).
“Ashneer Grover was removed in 2022 from the company so these losses will be also under his leadership since he was also at the helm in FY22.
“Anupam Mittal is the owner of brands like Shaadi.com, Makaan.com, Mauj Mobile.
“Except for Shaadi, it seems his other brands are either dead or not making enough money, as there is minimal or no news about those in the media.
“Even Shaadi’s financials are NOT known in public except for one recent report about its future IPO that may or may not arrive since one such attempt was also made in 2009.”
The author went on to say that Namita Thapar was only part of her company due to her father being the CEO.
Ankit continued: “Peyush Bansal’s Lenskart posted a consolidated loss of Rs. 102.3 Crore (£10 million) in FY22.
“Enough said! Namita Thapar is NOT the founder of her company Emcure Pharma. It’s her father who started it and still is its CEO.
“So, to some, her credentials may seem similar to that of Ananya Panday in Bollywood?? (Did somebody hear nepotism!!).”
“Amit Jain’s CarDekho posted losses of Rs. 246.5 Crore (£24 million) in the financial year 2021-22.”
The author added that Aman Gupta’s BoAT was the only profitable company.
“To me, the Shark Tank India version seems like Ekta Kapoor’s rendition of the more interesting US version of the show.”
His claims led to questions about whether they were true or not.
This prompted Ankit to share the sources of the data he used in his research and analysis.
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