Peyush Bansal withdraws from Shark Tank India contract after hearing Nikhil Kamath’s name, while Vineeta Singh deems the pitch ‘random max’.

The fourth season of Shark Tank India began on Monday with a series of spectacular pitches. Karan and Advita, two entrepreneurs, came on the first show to promote their concierge service, Indulge. They stated that they are targeting the 12,000 ‘ultra-high net worth’ individuals who now reside in India, and that their service would provide all that the clients want in terms of ‘travel, retail, eating, experiences, and unique requests.” The panel of’sharks’, which included Anupam Mittal, Peyush Bansal, Namita Thapar, Vineeta Singh, and Aman Gupta, disagreed on the necessity and scalability of the firm. They sought for Rs 50 lakh in exchange for 1% equity.

The pitchers reported that they presently have 183 paying clients for whom they charge Rs 40,000 per month or Rs 4 lakh per year, plus costs. Anupam was confident that they also receive a commission from their partners, and the entrepreneurs admitted that they earn 5% on every sale they do with their brand partners. Anupam was skeptical of the operation’s ethics and wanted to know if they were completely upfront with their clientele about the back-room dealings. They stated that their consumers do not need to know.

Anupam stated that he and other ‘UHNW’ folks already have ‘executive assistants’ to handle their personal requirements. Aman, on the other hand, stated that he is the type of guy that counts every rupee that he spends and cannot relate to the model at all. Peyush quipped that Namita is an ideal candidate for such a service because she ‘travels with an entourage’. He was also curious about some of the strangest demands the businesses had heard from their clientele. They told a story about providing a Diet Coke can to a customer in a Himalayan community. They said that it cost them Rs 4,000. Aman was astonished. “Rs 4,000 for a can of Coke?” asked him.

The entrepreneurs also stated that they have an app where consumers can acquire everything from a ‘villa, yacht, and art’. Anupam asked probing questions regarding their revenue and wasn’t pleased with what he heard. “My main issue is credibility; I don’t trust what you’re saying, and your stats simply don’t fit the image you’re painting. “You need a lot more clarity before raising capital from an investor,” he stated.

Aman, Namita and Vineeta also backed out of the deal. Peyush showed some interest, but just as he asked the entrepreneurs to explain their equity breakup, he discovered a previously undiscussed detail that made him change his mind. Peyush said that because of this lack of confusing detail, he wanted to back out. In the post-pitch piece to camera, the pitchers appeared to be sour about the experience. Advita wasn’t happy about her credibility being questioned, while Karan said, “Maybe its a learning for them if we do really well.” Meanwhile, Vineeta described the pitch as ‘random max’ as the segment wrapped up.