The much-anticipated fourth season of Shark Tank India premiered on Monday, featuring a dramatic pitch by entrepreneurs Karan and Advita, who showcased their luxury concierge service, Indulge. Aimed at India’s ultra-high-net-worth (UHNW) individuals, their service promises exclusive solutions for travel, retail, dining, unique experiences, and bespoke special requests. However, despite an ambitious pitch, the entrepreneurs walked away without a deal.
The Pitch
Targeting the 12,000 UHNW individuals in India, Indulge offers membership plans priced at Rs 40,000 per month or Rs 4 lakh annually, plus expenses. The founders revealed they currently serve 183 paying clients and earn an additional 5% commission from their brand partners for deals made on behalf of clients. Seeking Rs 50 lakh for 1% equity, the entrepreneurs emphasized the exclusivity and premium nature of their service.
Divided Opinions
The panel of sharks—Anupam Mittal, Peyush Bansal, Namita Thapar, Vineeta Singh, and Aman Gupta—expressed mixed reactions to the business model. Anupam raised concerns about transparency, questioning the ethics of not disclosing their commission earnings to clients. He also argued that UHNW individuals, like himself, often rely on executive assistants for similar services. Aman Gupta found the concept unrelatable, citing his frugality, while Peyush humorously pointed out that Namita, known for traveling with an entourage, might be the perfect target audience.
Highlight Moments
The entrepreneurs shared anecdotes about fulfilling unusual requests, such as delivering a Diet Coke can to a remote Himalayan village for Rs 4,000, leaving the sharks stunned. The panel also probed into their revenue and credibility. Anupam criticized inconsistencies in their financial disclosures, remarking, “Your numbers don’t match up with the picture you’re painting. You need more clarity before raising capital.”
The Turning Point
Peyush showed initial interest but withdrew after learning about a significant detail: billionaire investor Nikhil Kamath had previously provided Rs 75 lakh in seed funding but later exited the business. This revelation raised concerns about the clarity of the pitch, prompting all the sharks to back out.
Post-Pitch Reactions
Following the pitch, Advita expressed frustration over her credibility being questioned, while Karan hinted that the experience might serve as a learning moment for the sharks. Vineeta Singh, summarizing the pitch, called it “random max.”
Despite the setback, the entrepreneurs remain optimistic about their journey. The episode highlighted the challenges of pitching a luxury business model and the importance of clear, transparent communication in securing investments.