Shark Tank India Season 4 is back with a bang, promising a rollercoaster of emotions with some remarkable stories, showcasing innovative startups redefining industries. The show is serving up a fresh dose of viral-worthy moments through dramatic confrontations, surprising pitches, and unexpected twists that keep viewers hooked. Now, in the recent episode of Shark Tank India 4, two entrepreneurs named Devansh Jain and Ackshay Jain introduced their brand Culture Circle to the sharks.
In the show, the entrepreneurs explained how Culture Circle is transforming the apparel sector using an app-based platform. With 2.5 lakh active users, this platform provides a premium marketplace for reselling luxury shoes, bags, jackets, and accessories, offering globally verified and authentic products.
During the pitch, what caught everyone’s attention was contestant Devansh Jain’s shoes. The founder is making waves as he was wearing a pair of Dior Air Jordan sneakers priced at Rs 10 lakh.
Shark Tank India judge Aman Gupta pointed out Devansh’s shoes and said, “Aapko jaise ye bata dun, Devansh ne jo joote pehne hain vo 10 lakh ke hain (Let me tell you, the shoes that Devansh is wearing sell for Rs 10 lakh),” Gupta told his fellow panelists, who all expressed their astonishment at the cost.
Devansh promptly replied, clarifying that his platform, ‘Culture Circle,’ would sell the sneakers for approximately Rs 6 lakh, despite their market price of Rs 10 lakh.
For their company, the founders asked for Rs 1.2 crore for 0.5 per cent equity at a Rs 240 crore valuation, prompting Aman Gupta to exclaim, “Are we crazy?” Meanwhile, Vineeta Singh, who was sceptical about the valuation, called it “waahiyaat.”
Singh also stated that the IIM-educated entrepreneurs are using Shark Tank India as a platform to promote their companies and take away a good opportunity from people who need funding. She asked the pitchers if they would reduce their valuation to Rs 80 crore, the pitchers argued that it would be unfair to the former investors. Hearing this, Vineeta opted out of the deal.
Following this, a bidding war started between Sharks Kunal Bahl, Namita Thapar, Ritesh Agarwal, and Aman Gupta. Kunal Bahl made an offer of Rs 8 crore for 10 per cent equity, and Ritesh offered Rs 1.2 crore to the pitchers in return for 1.33 per cent equity. Namita Thapar, on the other hand, offered Rs 1.2 crore for 1.2 per cent equity with a 0.5 per cent royalty.
The pitchers then made a counteroffer of Rs 2.4 crore to 2 per cent equity at a Rs 120 crore valuation of their company. Lastly, the deal finally closed with Kunal Bahl investing Rs 2 crore for 2 per cent equity and Ritesh Agarwal investing Rs 1 crore for 1 per cent equity in the startup, valuing it at Rs 100 crore.
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