Shark Tank India 2: While Aman Gupta trashes a ‘revolutionary’ product, Anupam Mittal makes a lucrative offer

From food to clothing to vehicles- the Shark Tank India stage has seen unique innovations that cover almost every field in existence. The entrepreneurs that grace the tank seem to have a knack for solving both common and niche problems faced by the public, through their products. One such entrepreneur came on the latest episode of Shark Tank India season 2.

Kalpit Patel came to the tank to pitch his brand of Personal Mobility Vehicles(PMV), a two seater electric car. The founder asked for an investment of Rs 1 crore for 1% equity in his company.

The founder opened up about how the idea had been germinating in his mind for quite a while, but he had formalised the company only in 2018, after an incident where he had to take his newborn daughter to the hospital made him realise the extent of pollution in cities.

Kalpit gave quite an impressive demonstration of the car as well, which he had been working on for six years. A number of features of the car could be controlled via a mobile app as well.

But although the judges were impressed with Kalpit, the price of the product, starting from Rs 4 lakhs, shocked them. One by one, Vineeta Singh, Namita Thapar, Peyush Bansal and Aman Gupta declared themselves ‘out’. Aman even said “Mujhe nahi lagta yeh bikegi”.

Anupam Mittal was the sole shark who was willing to make an offer. However, he stressed that he was making a bet on the founder and definitely not the product. He made an offer of Rs 60 lakhs for 4% equity and a debt of Rs 40 lakhs.

Asking Anupam to remove the debt factor, Kalpit countered with an offer of Rs 1 crore for 2% equity. Anupam then made a final offer of Rs 1 crore for 6.67% equity. In the end, Kalpit decided to reject the offer, and the sharks wished him well on his journey and continued success.