Shark Tank India looked at a business selling beauty and slimming supplements and they got offers from three ‘sharks’.
Shark Tank India, which is currently streaming its Season 4 on Sony Liv, recently saw a brother-sister duo from Delhi who pitched their company that makes supplements for skin, hair and body. The founders said that apart from skin and hair care pills, they are also entering the ‘slimming solution’ market. Shreyansh Chauhan and Anusha Chauhan pitched their company called Beautywise and they sought an investment of Rs 1 crore from the ‘sharks’ in exchange for 1.5 per cent of the company, which is valued at Rs 66.67 crore.
Aman Gupta was impressed with the packaging of the products and said, “Your medicine will make us divas.” Anusha revealed that she has previously worked as a model and when she found out that she was 40 years old, Vineeta Singh praised her beauty and said that she was the best brand ambassador for their product as she looked like an 18 year old. The founders were asked about their ‘Slimming Solution’ pills and Namita Thapar said that she has a “big problem” with the way their product is being sold.
She then added that the ingredients mentioned on the label are used by diabetics, but now the trend of weight loss has increased so much that people are getting injections of such products at kitty parties. She added that this can be highly harmful to one’s body. The founders claimed that they have conducted 6 clinical trials with 60 patients and recorded a weight loss of around 1.4 kg, and reduction in waist size, but Namita was not impressed as she found the sample size to be too small.
The trials were not conducted in India. She eventually walked out of the negotiations as she realised the product was being sold primarily to skin clinics and they were getting a major share of the sales. Vineeta Singh also walked out of the deal as she realised they were spending too much on marketing.
The founders received three deals from Ritesh Agarwal, Kunal Bahl and Aman Gupta. Ritesh offered a deal of Rs 1 crore in exchange for 2.38 per cent of the business but put a condition that he would only do the deal if the tests could be independently verified by his team. Kunal also offered a deal focused on building the brand as he offered Rs 2.15 crore for 5 per cent of the company. Aman called him “one of the smartest founders” he has met and offered a deal of Rs 1 crore for 3 per cent of the company. The founders gave him a counter offer of Rs 3 crore for 6 per cent of the company, valuing the company at Rs 50 crore and Aman accepted the deal and eventually finalised it.
