Shark Tank India: Why CarDekho’s Amit Jain believes in ‘pehle banda phir dhandha’

Shark Tank India 2, which premiered earlier this week, has a new judge (shark) in CarDekho Group Founder-CEO Amit Jain. Jain isn’t just a debutant on the show, he’s also turned angel investor for the first time. 

“I have been an investor in our own group companies … CarDekho, CollegeDekho, BikeDekho, InsuranceDekho, and have also backed DealShare, which is run by my cousin, but as a professional investor, this is a first,” he tells Business Today. 

While Shark Tank India episodes featuring Jain start airing from January 17, he’s already in the news for ‘replacing’ controversial shark Ashneer Grover from Season 1. The ex-BharatPe MD, currently under investigation for financial fraud, is missing from the show this season. While some of Jain’s fellow sharks have hinted at doing away with “toxicity” on the Shark Tank platform, he’s refused to take any questions on Grover. 

But, what really lured the 46-year-old CarDekho founder to the show? “I found kids in small towns like Jaipur, where I come from, playing Shark Tank games and pitching to each other. I saw a new India in these kids… an India that doesn’t know any bounds,” he says.

Jain believes Shark Tank India, especially after its successful first season, has the ability to influence pitchers in every corner of the country. From women entrepreneurs building profitable companies out of their homes to families getting together and starting up — Jain is “excited to see how India is changing”. 

And changing it is. Not until very long ago, entrepreneurship wasn’t a part of everyday lingo. But now, with shows like Shark Tank India, it has entered households and is a part of dining table conversations. This has, of course, compelled Shark Tank India makers Sony Entertainment Television to mount the second season in a much bigger manner, with more episodes, bigger deals and cheques. 

Jain himself is seen offering “Rs 5 crore for 5 per cent” to a start-up in one of the promos. Business Today has learnt from people in the know that the offer, the “biggest ever” on Shark Tank India, was made to a health-tech start-up, which clocked revenues of Rs 24 crore last year. 

“I am bound by NDA, so I can’t share specifics, but I’ve done about 20 deals on the show this season,” Jain tells us. “I’ve invested across sectors from auto to education to cloud kitchens to F&B. Shark Tank India gave me a chance to learn a lot about other sectors beyond our core business,” he says. 

The CarDekho boss says that since most start-ups that pitch on Shark Tank India are early-stage — sometimes even pre-revenue — companies, sharks have to take a bet on the founders more than anything else. “Well, I always say pehle banda phir dhandha. You have to see if the founder has a spark, a hunger, a persistence and integrity. Zaroori nahi ki har jagah paisa bane,” Jain shares. 

What is his philosophy about investing in competition as well as what qualifies as competition for his fellow sharks? Jain asserts he always goes by the idea and the pitcher and is not keen on “blocking any sector”. 

“You should invest in any startup that has merit,”  he says, adding, “Maine toh har jagah paisa dala hua hai. Mujhe koi fark nahi padhta, even if it’s CarDekho’s competition.”

For now though, Jain might be on the brink of celebrityhood — something his fellow sharks achieved after Season 1. But whether that brings more business, brand reach and goodwill to his own company is left to be seen. 

Also read: Ashneer Grover is his 'Own master' 

Also read: 'We all started with moonlighting': Shark Tank India judge Anupam Mittal reminisces early years as start-up founder

Also read: Shark Tank India 2: How these co-founders fought depression, bounced back to build a Rs 250 crore company