Shark Tank India Pitchers Organize Romantic Date, Reject Anupam Mittal's Record Rs 8 Crore Offer
In a dramatic turn of events on the latest episode of Shark Tank India 5, Anupam Mittal faced a significant setback when pitchers from The Binge Town rejected his substantial investment proposal. The founders instead chose to accept an offer from fellow shark Varun Alagh, marking one of the season's most surprising decisions.
The Binge Town's Unique Business Model
The Binge Town is a Bengaluru-based venture that provides private theaters for celebrations and special occasions. Founded in 2022 by Soumay, Sanketh, Yash, Chetan, and Bishnu, the business has demonstrated remarkable profitability from its inception. Bootstrapped with an initial investment of Rs 60 lakhs, the company has expanded to cover 17 locations across India with 64 theaters.
During their pitch, the founders showcased their services by organizing a romantic date for Shark Tank India 5 judge Varun Alagh and his wife Ghazal directly on the show's set. This demonstration highlighted their comprehensive service offerings, which range from Rs 1999 and include various food and decoration options.
Impressive Financial Performance
The founders presented compelling financial statistics that captured the sharks' attention:
- 2022-23: Revenue of Rs 44 lakhs with 27% EBITDA
- 2023-24: Revenue of Rs 5.7 crores with 11% EBITDA
- 2024-25: Revenue of Rs 21.3 crores with 14% EBITDA
- Year to date: Rs 13.7 crores earned with projections exceeding Rs 27 crores
Anupam Mittal expressed his admiration, stating, "This is the beauty of Shark Tank India, I could have never imagined a business like this exists. From where did you get this idea? This is crazy."
The Investment Negotiations
The founders entered the tank seeking Rs 2 crores for 2% equity, valuing their company at Rs 100 crores. While several sharks expressed concerns about scalability and operational challenges, Anupam Mittal saw strategic potential.
Mittal proposed a game-changing offer of Rs 8 crores for 26% equity, valuing the company at Rs 30.77 crores. This represented the largest investment proposal in Shark Tank India history, surpassing the previous record of Rs 5 crores invested by Peyush Bansal in lifestyle brand NOOE.
Varun Alagh countered with an alternative offer: Rs 1 crore for 2.5% equity plus Rs 1 crore debt at 15% interest over four years. Alagh praised the venture, saying, "You're making a great business by the way, my mouth is watering seeing the venture, it's that good."
The Final Decision
When the founders attempted to negotiate with both sharks, Mittal remained firm, stating his offer was "non-negotiable" and "strategic in nature." Alagh also declined to modify his terms, noting he had initially considered asking for more equity.
Ultimately, The Binge Town founders chose Varun Alagh's offer, rejecting what would have been the season's largest investment from Anupam Mittal. This decision marked a significant moment in Shark Tank India 5, demonstrating that pitchers sometimes prioritize strategic alignment over sheer investment size.
The episode highlighted Mittal's continued investment activity this season, having already committed Rs 10.3 crores across 15 startups. His reaction to the pitchers' business model—"Bade khiladi ho bhaiyya" (You guys are big players)—underscored both his respect for their entrepreneurial skills and his disappointment at losing the deal.
