The premiere episode of Shark Tank India Season 5 delivered high drama and an unexpected twist as a group of young entrepreneurs, including one who has shared screen space with Shah Rukh Khan, turned down offers from the show's veteran investors. The founders of Croffle Guys, a brand selling a hybrid of croissants and waffles, ultimately accepted a Rs 2.5 crore deal from new judges Kunal Bahl and Mohit Yadav, leaving original 'OG' Sharks Namita Thapar and Aman Gupta visibly stunned.
From Bollywood Dreams to Food Business: The Founders' Journey
The pitch was presented by four friends: Rahul Vinod Vohra, Annanya Agarwal, Amay Thakkar, and Veer Pinto. Their backgrounds were as unique as their product. Veer Pinto works full-time in the film industry as part of Karan Johar's Dharma Productions creative team. Rahul Vinod Vohra revealed his past struggles as an actor, which included an opportunity to work with Shah Rukh Khan in an advertisement. Financial pressures led him to pivot to the food business full-time.
Annanya Agarwal is an investor in the brand while running another startup, and Amay Thakkar, a full-time co-founder, studied industrial engineering in the USA. Their one-year-old brand, born from a boys' trip to Thailand where they discovered the concept, currently operates two stores in Mumbai and boasts lifetime sales of Rs 1.5 crore.
A Tense Tank: Sharks Question Scalability and Style
The Sharks, including Anupam Mittal, Aman Gupta, Kunal Bahl, Namita Thapar, and Mohit Yadav, were entertained but skeptical. Anupam Mittal humorously questioned the product's market fit in India, asking, "In the nation where we call croissant ‘Prashant’ do you think there is a market for this?" The founders countered by explaining their strategic move of opening a store opposite Belgian Waffle's highest-selling outlet in Mumbai.
The pitch took a Bollywood turn when Rahul responded to a question with a dramatic dialogue, prompting Aman Gupta to remark, "Oh hero..dialogue baazi." Namita Thapar sharply retorted, "Tu ja vapas Bollywood" (You go back to Bollywood). Concerns were raised about scalability and the ease with which a giant competitor could replicate their product.
The Deal War and a Stunning Rejection
Despite the criticism, a bidding war ensued. Initial offers came from Aman Gupta, Namita Thapar, and Kunal Bahl at Rs 1 crore for 3% equity. Anupam Mittal, claiming he loved the founders but hated the valuation, presented a complex offer involving royalty. The game changed when Mohit Yadav and Kunal Bahl teamed up to offer Rs 2 crore for 6% equity.
The founders then proposed a collective deal: all five Sharks invest Rs 50 lakh each for 1% equity, totaling Rs 2.5 crore for 5%. This was swiftly rejected by Kunal Bahl. Finally, two consolidated offers emerged: one from Kunal Bahl and Mohit Yadav, and another from the trio of Anupam Mittal, Aman Gupta, and Namita Thapar, both at Rs 2.5 crore for 5% equity.
After deliberation, the founders chose Kunal and Mohit. A shocked Namita Thapar exclaimed, "You are rejecting the OG Sharks for the new guys." The founders apologized but stood firm, marking a bold start to the new season where fresh faces on the panel secured a major deal.
