Shark Tank India 5: Shark Tank India is currently in the middle of its fifth season and the latest episode of the show saw a ‘spiritual wearables brand’ where the founder claimed that he was selling ‘real’ products, but his definition of ‘real’ had him getting his products tested in labs selected by his company, and issuing a certificate for himself. The pitcher, Ritoban Chakrabarti from Mohali, came with his brand Japam and asked for a valuation of Rs 150 crore, which wasn’t questioned much, and he eventually scored a deal with two of the sharks, even as as one judge questioned his claims of monetising faith-based products.
Astrologer predicted ‘do numbri ka kaam’ for him; now mints Rs 60 cr
In his introduction, Ritoban said that in his childhood, an astrologer had predicted that he would do “do numbri ka kaam” which he later understood as being an entrepreneur. He shared that his business mainly comprises selling ‘rudraksh’, spiritual beads and other stones, and he was expecting to close the financial year on a revenue of around Rs 60 crore. He was seeking Rs 1.5 crore from the shark in exchange for 1 percent, Namita Thapar, Varun Alagh, Viraj Bahl, Kunal Bahl and Vineeta Singh were the sharks on the panel.
Namita asked him about the difference between spirituality and superstition as his products skirt around both these subjects and he admitted that “fear and spirituality are very interconnected.” He insisted that people should practice whatever encourages them and claimed that since the market selling spiritual beads and other such merchandise was quite unorganised, he was here to promote the real thing; ‘asliyat ko badhava dena’.
Japam issues its own certificates of authenticity
As Vineeta unboxed his products and questioned the authenticity certificate, he said that he selects the labs and centers to properly certify his products and then issues a certificate for his own products. None of the sharks delved too deep in this process.
Viraj shared that he wears a black thread on his wrist which came from a temple and it holds significant meaning for him. He underlines that this thread was free but it works for him anyway. He questioned why Ritoban was commercialising something so pure. Ritoban gave a clever answer and skirted around the subject as he said, “The question about ‘what’s real’ wasn’t being answered, and this was not being answered for decades. There is a reason why you go on pilgrimages and donate money there.” He insisted that this was a faith-based product, but could not explain why his products were more valid than anyone else’s.
He was also very direct in saying that he wants to build a billion dollar enterprise through his mass premium products. In a bid to do this, he has been sending 12,000-13,000 free products every month in the hopes that he will convert these users into paying customers.
Against Viraj Bahl’s ‘belief system’
Speaking about the ethics of this business, Kunal said that the interpretation of ethics could be done differently for different people, but Ritoban insisted that Japam was a combination of ethics and business. Talking about newer customers, he shared that he plans on getting the younger audience by making better looking zodiac sign bands, and once they become a part of the ecosystem, he would try and sell them other products as well.
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Viraj was the first to get out of the negotiations as he said that this was “against my belief system”. “I am very spiritual and I can’t profit from anything which makes people believe they can do well or get healthy if they spend money,” he said. Vineeta and Kunal also got out of the negotiations saying that Ritoban actually did not need their money as he had a profitable business with enough cash.
Namita claimed that she was anti-superstition, yet she proceeded to present an offer by saying, “There are a lot of superstitions in India and a real player needs to emerge here.” Varun and Namita presented a joint offer, but Ritoban asked them to pitch as he wanted to hear what they would bring to the table. In a rare scene, both sharks spoke at length about their strengths and how they could help the brand. The deal was ultimately locked at Rs 1.5 crore for 1 percent, with 1x royalty, thus valuing the business at Rs 150 crore.
Namita Thapar vs Kunal Bahl
Namita claimed that she was anti-superstition, yet she proceeded to present an offer by saying, “There are a lot of superstitions in India and a real player needs to emerge here.” Varun and Namita presented a joint offer, but Ritoban asked them to pitch as he wanted to hear what they would bring to the table. In a rare scene, both sharks spoke at length about their strengths and how they could help the brand. Since their deal included royalty which would eventually lead them to getting all of their investment back, Ritoban questioned, “Then what have you put on the table?”
Kunal, who was out of the negotiations, jumped in saying, “Good answer. I was thinking you are so commercially savvy. How have you not realised this?” Namita was visibly irked by this and told him, “Tu toh bahar hai na.. Yeh toh bahar hai ma, yeh kyu baat kar rahe hain? (You are out… He is out, why is he talking?)” She then addressed the pitcher and gave him a new offer which reduced the equity by 0.5 percent, with the same royalty aspect. Kunal jumped in again and said, “Zero risk for the sharks.” Namita again clapped back saying, “You don’t listen to those who are out. We are putting in our money. Listen to us.” The deal was ultimately locked at Rs 1.5 crore for 1 percent, with 1x royalty, thus valuing the business at Rs 150 crore.
