Ashneer Grover wants Sharks Tank investors to ‘put money in escrow before shoot starts'

Ashneer Grover said Shark Tank India judges should have the money before promising investment to others.

Amid allegations by several founders who appeared on Shark Tank India that the investment they were promised by the judges never reached them, former judge of the business reality show, Ashneer Grover, suggested that the "Sharks" be asked to deposit the money they plan to invest in escrow before the shooting begins.

"Solution is simple -- ask Sharks to put money in escrow before the shoot starts! Dene ke liye paisa hona bhi chahiye (First, they should have the money before promising investment to others)," Grover tweeted.

Solution is simple - ask Sharks to put money in escrow before shoot starts ! Dene ke liye paisa hona bhi chahiye ;)

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Sharks or Dolphins? Ashneer Grover fires salvo amid escalating founder-investor rift on Shark Tank India https://t.co/DM8VIa6JdD

— Ashneer Grover (@Ashneer_Grover) June 26, 2023

“Sharks are called sharks because they're expected to take decisions and act quickly so that the 'fish' (the pitcher) has no time to react. If they say ‘no it takes time,’ then they shouldn’t be called Sharks — they should be called dolphins instead," Ashneer Grover, who was dropped as a judge on the second season of the business reality show, told Moneycontrol.

This comes amid simmering differences between Shark Tank India judges and the founders who have bagged deals, over issues surrounding delays in deal closure, changing terms, and re-negotiation of valuation.

For instance, Rahul, a founder who pitched on season two, secured a deal from Anupam Mittal, one of the Sharks on the show and the founder of Shaadi.com. Ten months later, Rahul tells Moneycontrol that there have been fundamental disagreements over what was earlier agreed upon (with Mittal), and he’s even been told that his business is not viable.

Meanwhile, Mittal drew parallels with Shark Tank US and said that after 13 years on air, only about 60 percent of the deals committed to on the show finally fructify.

Interestingly, this also comes after the finale of the second season of Shark Tank India witnessed one of the judges and co-founder of Sugar Cosmetics, Vineeta Singh herself turn into a pitcher and secure an investment of Rs 5 crore. 

A surprise in the Tank! Watch the founders of SUGAR, Shark Vineeta Singh and Kaushik Mukherjee pitch their business idea to the Sharks. #SharkTankIndia season 2 streaming on Sony LIV.#SharkTankIndiaSeason2 #SharkTankIndiaS2onSonyLIV pic.twitter.com/1bo0BKR5t5

— Shark Tank India (@sharktankindia) March 11, 2023

During her pitch, Singh revealed that after 2013 they couldn't secure any investment. While all the other judges agreed to invest in her company, viewers questioned the capabilities of a Shark who needed help investing in her own company.

Read more: Sharks or Dolphins? Ashneer Grover fires salvo amid escalating founder-investor rift on Shark Tank India