Making an eye-popping return of 2,900% in just two years, Shark Tank India judge Aman Gupta‘s Rs 20 lakh investment in ice popsicle brand Skippi has turned into Rs 6 crore. In the first edition of the reality TV show in December 2021, Gupta and four other sharks had together invested Rs 1 crore for a 15% stake in the startup. While talking to Sanjeev Bikhchandani of Info Edge at the ET Now Global Business Summit 2024, Gupta recalled that in the first season he made around 20 investments with a total investment of Rs 6 crore.
“I invested Rs 20 lakh in Skippi and I am just getting an exit at Rs 6 crore. So one company is itself giving me a return of all the rest,” Gupta said while explaining the high-risk-high-reward nature of investment in startups.
Investors looking for twin engines of quality and growth.
Skippi benefited not just from the funding and support from the sharks, but also from the publicity that the brand got. The company’s sales have jumped 100 times and is now eyeing Rs 100 crore revenue in FY25. The ice pops brand is expecting to end FY24 at a revenue of Rs 70 crore and remains profitable, ET had reported earlier. Gupta, who runs consumer electronics brand Boat, recalled when he had no money to invest two years ago and was dependent on wife’s earnings.
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“Two years ago, I didn’t have money to invest. My wife used to earn and I used to burn her money. I got my secondary exit in 2021. It was the first year of Shark Tank. I was given a list asking how many investments have you made till now. I had done 5 co-investments till then which was about Rs 5-10 lakh each. So I actually became an investor for the first time on Shark Tank. I had never heard pitches before that. I had only given pitches,” recalls the self-made entrepreneur.
He said he learnt the art of investments while sitting with other sharks like Namita Thapar and Anupam Mittal. “They have done investments all their life. I learnt a lot on Shark Tank and I don’t invest outside of Shark Tank anymore,” Gupta said.
D2C audio and wearables brand Boat had clocked sales of Rs 4,000 crore in FY23. Earlier, the company had filed a draft prospectus with the market regulator Securities Exchange Board of India (Sebi) for a Rs 2,000-crore initial public offering (IPO), but the company proactively withdrew its draft red herring prospectus (DRHP).
Later on, Gupta had said they are not in a hurry to go for a listing and were looking at the FY25-FY26 timeframe for the IPO.
“When people were not investing in electronics, Kanwal (Fireside Ventures Founder Kanwaljit Singh) invested Rs 6 crore and I have already returned Rs 100 crore. He still has 3% in our company,” Gupta said at the summit.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
