Shark Tank India 3: Hearing other Sharks offers to a rental fashion wear brand, Aman Gupta says 'Ye log bahut gandi valuation de rahe hain'

The latest episode of Shark Tank India 3 featured Sharks Amit Jain, Aman Gupta, Namita Thapar, Vineeta Singh and Anupam Mittal. The episode saw a face-off between two rental fashion wear brands, Candid Men and Flyrobe for investments. Candid Men is a high-end fashion rental company that offers men the chance to wear exceptionally luxurious clothing without the necessity of making a significant purchase.Flyrobe specializes in providing both men's and women's fashion wear, catering to a diverse range of styles and preferences.
In the Match-off, the two companies got equal time to pitch one after the other. The Sharks had to hold their investment decision until both the companies did not finish pitching.
The first entrepreneurs to pitch were Shweta Poddar and Rishabh Poddar from Candid Men. The brand operates on a rental basis, enabling customers to access high-end fashion items for temporary use before returning them.

The company has established stores in Delhi, Hyderabad, and Bangalore, offering convenient access to their rental services. Initially, the founders of Candid Men sought Rs 60 lakh in exchange for a 2% equity stake on Shark Tank India Season 3.
Vineeta asks Shweta about the stigma around wearing rented clothes in India and the latter says that it has improved with time. Shweta says what sets them apart is that a unit of clothing is phased in 1.5 years on average. The rental price range is from Rs 899 to Rs 6000 for minimum 4 days. The average rental price with pick up and drop facility is Rs 2300. Till 2018, they operated on an online-only mode in Bengaluru. 80 percent of the business happens off-line and 20 percent is online.
During the discussion, Amit Jain asked the founders of Candid Men if they were responsible for designing the clothing, to which they replied, "We handle 50 percent of the design ourselves, and the remaining 50 percent is sourced from wholesalers." Aman Gupta then inquired about their funding status, to which the founders disclosed that they had not secured any funding yet. Additionally, they emphasized that their sales surpassed Rs 2 crore in the financial year 2022-23.

During the pitch, Amit Jain and Vineeta Singh expressed interest and made an offer to the founders of Candid Men. Anupam Mittal jokingly remarked, "You felt a little hurt hearing such a low valuation," to which Vineeta responded optimistically, "Don't worry, he will solve this now, giving a good valuation." Namita adds, "He will offer you a very good deal because he doesn't want to hurt you."
During his chance, Aman advises Shweta and Rishabh to come up with more stores and it will get them better valuation. He further says, "Ye log abhi bahut gandi valuation de rahe hain aapko'.
Candid Men got a deal with Vineeta Singh and Amit Jain for Rs 60 lakh for 5% equity. Additionally, there was a provision that 2% equity would be clawed back when the business achieves a 2 Crore profit this year.
Regarding Flyrobe, customers have the option to rent women's clothing, including Western wear, ethnic wear, and various accessories. Aanchal Saini established Rent It Bae in January 2016 and presently holds the position of Chief Executive Officer at the rental retail brand. In November 2019, she acquired Flyrobe and remains at the helm of the business as its CEO.
Moreover, Flyrobe offers rental options for men as well. The company had secured a funding of 8 crores, with the presenter mentioning that their sales had exceeded Rs 2.8 crore. Despite this, the majority of the Sharks lacked confidence in her business model and opted out of investing.
The only offer was made by Aman Gupta. He praised Aanchal's energy against the other Sharks which shocked Namita and Aman asked her why are you so surprised? He offered her Rs 50 lakhs for 5 % Equity. After thinking, Aanchal came up with a counter offer. Rs 50 Lakhs for 3 % Equity. Anupam calls it fair but adds that sometimes Sharks are very unfair. Aanchal asked if Aman could consider lowering the equity to 3%, to which he revised his offer to 4% equity. Ultimately, the deal was sealed with Aman Gupta for Rs 50 lakh in exchange for 4% equity.
"Shark Tank India" is a reality television series that features aspiring entrepreneurs pitching their business ideas to a panel of investors, known as "Sharks," in the hopes of securing investment for their ventures. The show provides a platform for entrepreneurs to showcase their innovative ideas and business plans, while the Sharks evaluate the proposals and decide whether to invest their own money in exchange for equity in the businesses. It is a platform for both entrepreneurs and investors to collaborate and potentially build successful ventures together.
The comparison between the pitchers with the same product added a lot of drama in the show. Recently, many pitchers have taken a jibe at sharks for their rude behaviour.