Diving into the tank for clout: Shark Tank India’s changing outlook for start-ups

Passing through the streets of Mumbai’s suburbs, one finds a recurring element in the local start-ups of the area. The popularity of Shark Tank India. Some have either just appeared on the platform or have received backing from the sharks. Shark Tank India has become a phenomenon. It has passed the threshold of being just another reality TV show, largely due to its real-life impact. ‘Appeared on Shark Tank India’, ‘As seen on Shark Tank India’ and more such phrases have become an emblems of success and recognition for brands such as Bacca Bucci and Koparo. It has become a coveted badge of honour that every start-up aspires to possess, becoming more than just an investment platform. 

Ever since its launch in India, Shark Tank has made waves vis-a-vis its format and familiarised the audience with entrepreneurship. Season 3 of Shark Tank India continues the show's momentum from the earlier seasons. With the introduction of new judges such as Varun Dua, Ronnie Screwval,  Ritesh Agarwal, Deepinder Goyal, Azhar Iqubal, and Radhika Gupta the show was poised to make a larger dent. Sharks such as Aman Gupta, Anupam Mittal, Vineeta Singh, and Namita Thapar have become household names. In fact, the show has penetrated so deeply into the remote areas of India that a young student from a small village in Gujarat called Kareli–one of the remotest areas in the country, when asked to make a poster about someone who inspires her, made one featuring Vineeta Singh. 

Shark Tank India’s relatively new format–for the Indian audience at least–along with its televised prime-time-show formula, has propelled it significantly. Conversations about investments and entrepreneurship have become routine dinner table discussions. There is a caveat, however. It has been pointed out and been a point of discussion that the show has become a marketing tool for start-ups, a 15-minute free advertisement with a nationwide audience. People have criticised start-ups for seeing Shark Tank India as a mere marketing platform and not a genuine entrepreneurial opportunity. This begs the question: Is Shark Tank India a platform for genuine entrepreneurial opportunities, or does it also serve as a marketing tool akin to a short commercial spot? 

We spoke to start-ups who have appeared on Shark Tank India to understand their side of the story, the impact the platform has had, and the apparent perception of the show as being a commercial spot. 

A turning point

There seems to be a consensus among start-ups that have appeared on Shark Tank India that the platform has indeed been a turning point in their journeys. Jatan Bawa, Co-founder of Perfora, a brand that sells oral and dental care products, says, “We've experienced better visibility, exposure to a wide audience, increased brand awareness, and revenue growth. The day the episode aired on national television, we saw a huge spike in website traffic, customer queries, and orders. We surpassed a day's worth of sales within one hour of the episode going live. Since Shark Tank, our revenue has quadrupled.” 

Similarly, YesMadam, an app-based home salon service that received backing from four Sharks, has witnessed a substantial increase in numbers. Two weeks after its episode on Shark Tank India, the brand’s app installs skyrocketed by 4x, registrations grew by 5x, and bookings by 2.5x. Akanksha Vishnoi, Co-founder, YesMadam remarks, “Appearing on Shark Tank has been transformative for our brand. It has increased our visibility in the customer's community and sparked an exponential growth in terms of business numbers.” She adds, “Personally, the surge in our social media engagement with increased follower counts and exponential growth in views and engagement rates along with our website traffic that got quadrupled post our appearance on the show, underscores the show's impact.”

It’s no wonder that appearing on Shark Tank India boosts the traffic for brands. When a nationwide audience tunes in on prime time to watch entrepreneurs narrate their stories and the innovation they aspire to bring in, it’s bound to have an after-effect. Brands experience a significant rise in Google searches, website visits, and overall traffic including social media. The format of the show is such that it gets viewers emotionally invested in the start-up’s story. Consequently, even if they don’t receive an investment from the Sharks, their name catches a lot of eyeballs.

Mahek Mody, CEO and Co-founder, uplaince.ai shares, “The show’s profound impact was immediate with a substantial funding of ₹34 crores from Khosla ventures, at a valuation of Rs 143 crores.” He further adds, “With over 200 units sold within a month of our episode going live, we experienced a remarkable 243% increase in sales. Following our appearance on the investment show, engagement increased across all our online platforms, with people reaching out and voicing their thoughts.” 

Since appearing on Shark Tank, uplaince cleverly leveraged the momentum and collaborated with influencers to bring in more consumers. 

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Saket Saurav, Co-Founder & CEO; and Avneet Singh, Co-Founder and COO, ReFit Global also told Social Samosa how their journey has changed after Shark Tank.

“The platform granted us significant exposure, spotlighting our brand and products. This exposure has translated into a surge of awareness surrounding refurbished smartphones, enhancing our brand recognition, particularly in metro cities. Our website has experienced a notable rise in traffic, and we have gained a competitive edge in the market, leading to tangible sales growth,” say the founders.

Here's a quick look at the shift in their journey:

Entrepreneurial opportunity or commercial spot? 

While they go hand in hand, the usage of Shark Tank India as a mere marketing tool by brands to advertise themselves rather than as a genuine entrepreneurial opportunity has sparked debates online. With the kind of exposure and nationwide audience that the platform provides, it’s no wonder start-ups might see this as a lucrative opportunity to get free PR. After all, appearing on Shark Tank India has become the ultimate hallmark of a promising start-up. 

“From a marketing perspective, Shark Tank India represents a unique opportunity for brands and advertisers to reach a highly engaged audience. The show's format, which revolves around entrepreneurs pitching their ideas to potential investors, creates an interesting narrative that has a significant number of followers, making it an ideal platform for brand exposure,” share Saurav and Singh. 

Saurav believes that Shark Tank India is a platform for genuine entrepreneurial opportunities. It provides a platform for aspiring entrepreneurs to pitch their ideas to a panel of seasoned investors, or "sharks," who can potentially provide funding and mentorship. He says that this aspect of the show contributes to the growth of startups in India by offering access to capital and guidance, thus solidifying its role as a legitimate avenue for business development.

Bawa shares that since Perfora’s appearance on the platform, it has witnessed a significant increase in brand affinity, reflected in growth across social channels, brand searches, and customer feedback and testimonials. 

Mody has a similar view about the marketing aspect of the argument. He says, “It transce­nds mere marketing tactics; rathe­r, it represents an opportunity to acce­ss capital and guidance from seasoned e­ntrepreneurs while­ harnessing the show's exte­nsive reach to strengthe­n brand awareness and credibility.”

These start-ups have undoubtedly benefited from the opportunity provided by the platforms. The founders seem to emphasise that the popularity received after their appearance is a by-product of the pitch and not the sole intention–the intention being a valid entrepreneurial opportunity and seeking genuine investments.    

Notwithstanding the positive impact of the show on brands, the discussions about the validity of a pitch raise some crucial ethical questions. One might, say for example, craft a really compelling pitch and focus only on grabbing the maximum number of eyeballs possible with the inherent intention not being that of seeking investments and inputs for growth. You could end up stealing a genuine opportunity from a more deserving startup.

It ultimately boils down to the scouting and selection process of the show’s team to gauge the legitimacy of a pitch and the inherent intent behind it. It’s interesting to note that a lot of startups exultingly flaunt their promos from the show and use phrases referring to their appearance despite not receiving backing from any of the sharks. 

Social silver lining 

With OTT’s exponential rise, shows are no longer restricted to mainstream television to reach their audiences. Shark Tank India has a considerable viewership on Sony LIV, the digital counterpart of Sony. This has led to the show tapping into a lot of digital natives. As a result, brands that appear on the platform witness a sharp rise in their social media currency. 

“As an oral care brand, which unfortunately has low involvement in the country, we have long struggled to capture the majority of attention on social media. This holds true even for bigger and more established brands like Colgate. Initially, we were only able to gain 20K followers on Instagram within one year, however, since appearing on Shark Tank, our follower base steadily grew to 50K and has now reached 100K within just one year after the show,” shares Jatan Bawa. 

uplaince.ai received a similar response. Co-founder Mahek Mody reveals, “With a 120x increase in monthly gained followers on Instagram, we attracted a substantial influx of potential customers. Going viral across various online platforms amplified our visibility and generated extensive buzz and excitement. Additionally, our website traffic experienced a staggering 13-fold increase in unique visitors. Accompanying the spike in followers, we saw engagement levels increase not only  in likes, comments, and shares but also sparking more conversations about the implications of smart, connected and AI-powered home appliances for India.”

Saket Saurav and Avneet Singh share that the growth in social media currency wasn’t just restricted to online numbers, it translated to tangible results. “The moment our episode aired, we witnessed a remarkable uptick in post views and follower counts across our platforms. This surge wasn't merely superficial; it translated into tangible results as our conversion rates soared, all while keeping our investment costs minimal,” they reveal. Furthermore, the duo adds, “We have broadened our consumer base and significantly expanded our presence in remote areas, especially Tier 2 and Tier 3 cities.” “We're experiencing a noticeable increase in our social media presence, marked by enhanced visibility, trust, and engagement,” they share. 

Shark Tank India’s popularity in the span of a mere three seasons has added new dimensions to entrepreneurial journeys in India. Business jargon has become household talk. Viewers have become acquainted with entrepreneurial culture. Over the seasons, start-ups have also realised the potential this platform offers. Eyeing the spotlight of a Shark Tank promo, brands are going at lengths to craft a compelling pitch, which could be replayed and used to generate social media chatter. It has become a zero-cost TV ad with full-fledged storytelling about the ins and outs of the brand. At a time when TATA Sons had to pay a staggering INR 2,500 Cr to acquire the sponsorship rights of IPL for five years to get visibility, start-ups are getting that visibility for free with a captivating way of reaching the audience. However, start-ups we spoke to refuse to see it as merely a marketing platform. While they do agree that marketing is a desirable by-product, they insist that Shark Tank’s appearance should not be diluted to a marketing after-effect. There is consensus on one thing – Shark Tank India has altered the playing field for small brands big time.