Twitter user alleges Shark Tank India has ‘delayed funding scam’, claims show is ‘more benefiting Sharks, Sony network’

The business reality television show Shark Tank India involves entrepreneurs pitching their businesses to the ‘sharks’ who then decide if they would like to invest in their ideas in exchange for a portion of the equity in their companies. The Sony Entertainment Television show has had two successful seasons and recently invited applications for its third season.

However, on Saturday, June 10, a Twitter user named Anmol Sharma, whose bio states that he is an entrepreneur himself, alleged that Shark Tank India suffers from the ‘delayed funding scam’. In a series of tweets, he mentioned how the show is benefitting the sharks and the Sony network more than the ‘frustrated and broken’ contestants who come on the show.

He wrote, “Shark Tank India ‘Delayed Funding’ Scam! Today I’m about to share the story of many frustrated and broken Shark Tank India contestants, This might shock you! These contestants had one of the most compelling pitch and were promised funding on national television but hasn’t received a single paisa from Shark.”

“Let’s look at the Shark Tank India timeline to understand how these Sharks look to blackout from their agreement, June to July is the period when Sony is accepting registrations for Shark Tank. For example, The Shark Tank S3 registrations are live now. August to November is when the actual physical pitches take place from the filtered lot. Between Dec to Jan, the Sony team wrap up their post-production and get Shark Tank ready to air. Now if a start-up was promised funding between Aug to Nov, they should receive their funding within 2 months because the due diligence and the legal proceedings don’t go longer than that”, he continued.

He added how some start-ups don’t even receive funding from other investors as he further tweeted, “The start-ups that don’t respond too well when the show is aired, they’re made to move around in circles so they can further delay the investment and eventually try to get out of the agreement. Because of this situation, they don’t even get funding from other investors, because they say, “Sharks ne investment de di kya? Woh de denge to aana hamare pass (Have Sharks given you investment? Once they give, then come to us)”. The founders I talked to faced all these problems (can’t reveal their names at this moment).”

Shark Tank India ‘Delayed Funding’ Scam!

Today I’m about to share the story of many frustrated and broken Shark Tank India contestants,

This might shock you!

1/n pic.twitter.com/r3lPaZKDsT
— Anmol Sharma (@financebyanmol) June 10, 2023

“You know, Shark Tank is more benefiting the Sharks and Sony network, they’re looking to dramatize the entrepreneurial activities to gain traction and TRP which in turn helps the Sharks to gain social recognition and push their own brand. Look at Lenskart founder, Peyush Bansal, he’s gained enough recognition that he’s on his own TV commercial along with Karan Johar. The ex-shark Ashneer Grover was able to stir the pot enough and get into controversies, and when he launched his book, it recorded astounding sales. He is also in the ads of CrickPe. Anupam Mittal and Aman Gupta, co-founder of boAt have gained massive recognition, just go and check their Instagram, they’re doing conferences, podcasts, and attending red-carpet events. Shark Tank India was a success because of the aspiring entrepreneurs on the show but instead of benefiting them more, the show has elevated the Sharks and Sony’s TRP. Who is to blame here? What do you think, everyone?” Anmol concluded.

Apart from the above-mentioned ‘sharks’, the show has also featured Ghazal Alagh, Namita Thapar, Vineeta Singh, and Amit Jain. Neither of these eight head honchos nor the channel has responded to these claims yet.

READ | Shark Tank India: Makers announce third season of popular show, here’s how you can participate