Shark Tank India season 3: Anupam Mittal declares this cloud kitchen's pan-India pitch 'suicidal'; here's why

In a recent episode of Shark Tank India season 3, the founders of Kolkata-based multi-brand cloud kitchen, EatVerse, shocked the judges when they asked for Rs 1 crore in exchange for one per cent of their company's equity.

Despite having a strong presence in Kolkata, the founders expressed their desire to expand pan-India. Anupam Mittal, one of the judges, challenged their ambitions, calling the food industry they are involved in vast and difficult to grow beyond a certain point.

"The industry you are talking about, food delivery, cloud kitchen, this is a sub industry. On top of it are two giants- Swiggy and Zomato. They are the gatekeepers. Your margin will be built by two things, either they let you make, but they are not doing charity. Or else, customers are jumping to come and eat your food unless there is proof of this. You won't grow beyond 5-6 per cent," Mittal told the founders. 

He raised concerns about the dominance of giants like Swiggy and Zomato and the lack of customer proof for their food. Mittal labelled their pan-India expansion plan as 'suicidal' and declined to make an offer.

"You are a little lost. I think you can scale your business upto Rs 30-40 crore, but beyond that going into a new geography is a huge risk. You have not gone there yet and to go with Rs 1 crore, its suicidal. And that's the reason I am out," he explained. The founders left without securing any deal.

Fellow shark and OYO Rooms founder and CEO Ritesh Agarwal questioned the pitchers on why they were not looking at the possibility of becoming a front-end brand. The EatVerse founders were also told seeking Rs 1 crore with a massive valuation of Rs 100 crore would not help them grow. 

Shark Tank India season 3, which began on January 22, 2024, saw the return of familiar faces like Namita Thapar, Aman Gupta, Peyush Bansal, Anupam Mittal, and Vineeta Singh.

New additions to the panel include Amit Jain, Ritesh Agarwal, Azhar Iqubal, and Radhika Gupta, with film producer Ronnie Screwvala also joining the show recently.