The finale of Shark Tank India season 2 saw one of the show's judges Vineeta Singh pitch her own company Sugar cosmetics to the other judges and strike a deal worth Rs 5 crore will all of them. Singh was joined by her husband and co-founder of the company Kaushik Mukherjee.
At the beginning of the pitch, Lenskart co-founder and CEO Peyush Bansal joked and told the couple: "Don't expect any mercy."
Mukherjee revealed that initially, they wanted to call their brand 'Kickass Cosmetics', but settled for 'Sugar' instead. Singh, meanwhile, shared that after 2013 they couldn't land an investment. The founders asked for Rs 1 crore for 2 percent equity in their brand which makes cosmetics for Indian skin tones.
Their pitch ended with an offer from all the other "Sharks" as they offered Rs 5 crore for 5 percent. Vineeta Singh and Kaushik Mukherjee accepted it.
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
Earlier this season, the judges on the business reality show faced backlash after they rejected the pitch of two entrepreneurs because they represented a company that could rival Vineeta Singh's Sugar.
On #SharkTankIndia, VineetaSingh rejected the pitch of a cosmetic brand coz she too owns a cosmetic brand. AmanGupta & NamitaThapar rejected it coz they don’t invest in ‘friends’ rival businesses’. That’s UNFAIR! The show should have venture capitalists instead of CEOs as judges.— Irena Akbar (@irenaakbar) January 2, 2023
Except for Lenskart CEO Peyush Bansal, all the other judges refused to invest in Recode cosmetics because they did not want to support "friend's rival business". The move left a number of fans of the show disappointed, with several calling it unethical and unfair of the judges. Many also questioned the way Recode presenters were treated on Shark Tank India.
Read more: Shark Tank India judges face flak for rejecting pitch of fellow Shark's competitor
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