Shark Tank India 3: Is Anupam Mittal trying to call cloud kitchen a ‘suicidal’ idea?

Anupam Mittal, one of the investors on Shark Tank India 3, apparently wasn't impressed by the pitch from the founders of a multi-brand cloud kitchen on the show. The discussion reportedly got heated, with Mittal calling their dream of expanding pan-India ‘suicidal’.

Here’s the whole episode of incident:

The founders, from a Kolkata-based company called EatVerse, presented their cloud kitchen business to the Sharks. According to sharks, their pitch lacked persuasiveness, to the extent that Mittal felt their plan to go national was reckless. The disagreement stemmed from the amount of money they requested (Rs 1 crore) for the valuation they placed on their company (Rs 100 crore).

Mittal also highlighted the two food delivery giants in the industry- Zomato and Swiggy, who are the gate keepers. Meanwhile, other sharks also pointed out that building a strong brand identity was crucial for growth. Mittal believed their ask was unrealistic and wouldn't help them scale up. He felt they could grow within their city but venturing beyond with limited resources would be risky. Ultimately, the founders left the show without a deal.

Finally, he stepped back by saying, “You are a little lost. I think you can scale your business up to Rs 30-40 crore, but beyond that going into a new geography is a huge risk. You have not gone there yet and to go now with Rs 1 crore, its suicide. And that’s the reason I am out.”

Mittal's harsh criticism highlights the challenges faced by cloud kitchens, especially when it comes to scaling up and competing in a crowded market.