Shark Tank Season 4 is currently on streaming on Sony LIV and the judges have witnessed some really interesting pitches so far. Recently, a sibling duo from Delhi who presented their company, Beautywise, that makes supplements for skin, hair and body.
The founders informed that judges that they are also foraying into the ‘slimming solutions’ market. The founders sought an investment of Rs 1 crore from ‘sharks’ in exchange for 1.5 percent of the company, valued at Rs 66.67 crore.
When they were asked their ‘slimming solution’ pills and Namita Thapar said that she had a “huge problem” with how they were pitching their product, Indian Express reported.
Thapar also highlighted that the ingredients mentioned on the label are used by the diabetics. She also pointed out that as the weight loss fad has risen to such an extent that “people are getting injected by such products at kitty parties.”
She also emphasised that these products can be extremely harmful to one’s body.
During their pitch, the founders claimed that they have done 6 clinical trials with 60 patients and have recorded weight loss of around 1.4 kgs, and a reduction in waist size. However, Thapar said that the “sample size to be too small.”
The judges also found that the trials were not conducted in India. When Thapar learnt that the product are being primarily sold at skin clinics and they were getting a huge cut of the sale, she decided to be out of the negotiation. Moreover, Vineeta Singh also got out of the deal as she realised that they were spending a lot on marketing.
According to a report by Indian Express, the founders got three deals from Ritesh Agarwal, Kunal Bahl and Aman Gupta. Ritesh presented a deal of Rs 1 crore in exchange for 2.38 percent of the business but put forth a condition that he will only make the deal if the trials can be independently verified by his team. Kunal also presented a deal with a focus on building the brand as he offered Rs 2.15 crore for 5 percent of the company. Aman called them “one of the smartest founders” he has met and presented a deal of Rs 1 crore for 3 percent of the company.
The founders gave them a counter offer of Rs 3 crore for 6 percent of the company, valuing the company at Rs 50 crore, and Aman jumped on the deal, and the ultimately locked it.