Over a year following the inaugural season of the Indian edition of Shark Tank, the seven esteemed investors made good on less than half of their investment pledges, according to a new analysis, the latest in a series of criticisms for the show.
The “sharks” overall invested in only 27 of the 65 investment pledges shown on the TV show, market intelligence firm PrivateCircle said. The sharks committed $4.87 million to the startups, but had only invested about $2 million as of last week, PrivateCircle said. The firm reached its conclusion by combing through corporate filings, it said. The analysis didn’t include debt investments.
The outlook appears even more precarious for the second season of Shark Tank India, which concluded in March of this current year. Despite the panel of sharks promising 115 deals, only a single investment has been disclosed to the local ministry.
A couple of qualifications are necessary, to be sure. There is a distinct possibility that several investments may still be undergoing the due diligence process. Additionally, ongoing technical glitches on the ministry’s website could be a plausible explanation for the sparse disclosure figures.
Sony Network India, the broadcaster of Shark Tank in India, declined to comment Tuesday.
“Our findings show that some deals committed on the show may have fallen through because of concerns in company due diligence. Also some startups seem to have passed on the Shark Tank deal to raise funding at higher valuations from other investors,” said Sumanjan Kumar, Lead Financial Analyst at PrivateCircle, in a statement.
The new analysis is the latest criticism for the show, which Sony estimates has reached over 250 million people. Some startups that appeared on the India version Shark Tank have criticized the show in recent months, saying many investors ghosted them after promising a deal on the TV.
Anupam Mittal, who founded Shaadi.com and serves as one of the investors on Shark Tank India, defended the show in a recent LinkedIn post, saying that 66% of the deals presented during the show’s inaugural season were successfully executed, a figure he claimed surpasses that of its U.S. counterpart. Most deals take three to six months to materialize, he said.
Aman Gupta, co-founder of the consumer electronics brand Boat and also an investor on Shark Tank India, also defended the show, saying that many entrepreneurs prefer to either negotiate the investment deal or decline it entirely after the telecast.
PrivateCircle’s analysis corroborated the claim, noting that at least six startups passed on their Shark Tank deals and pursued funding from different set of investors at higher valuations.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.