Anupam Mittal and Vineeta Singh were disappointed after hearing the pitch from three entrepreneurs seeking investment in their online renting platform. They criticized the founders for their lack of understanding of the marketplace.
In a recent episode of Shark Tank India 3, the investors were disappointed by the pitch from three entrepreneurs seeking investment in their online renting platform, Rentit4me. The entrepreneurs claimed to have partnerships with local vendors and aimed to connect them with customers through their website. They sought Rs 1.5 crore for a 5 percent equity stake.
However, the investors were immediately skeptical of the business model. They noted that the rental space had already been explored by numerous entrepreneurs, many of whom had failed. Anupam Mittal also highlighted that two established brands dominated the market, leaving little opportunity for new entrants.
The investors were further dismayed by the lack of research conducted by the founders. They were unaware of the market size of the rental space in India. Anupam expressed frustration with the confusing logo, stating, âYou have created a fancy logo that I can’t even read. Very poor decision-making in terms of the logo. It’s completely senseless.â He continued, âOthers have already attempted what you’re proposing, and its dynamics have already been proven. Your understanding of the business appears to be lacking. I am very disappointed. It reflects very poor judgment. I am out.â
Vineeta Singh also declined to invest, stating, âYour app is not user-friendly. You are displaying a generic photo of an AC instead of showing me the actual product. I get the feeling that it’s a fake website. I don’t believe this business is worthy of investment.â
ALSO READ:- Rupali Ganguly reflects on her days of struggle, recalling being looked down upon
Â