Shark Tank India season 4 has come through with yet another viral moment when an entrepreneur turned up in ₹10 lakh Dior sneakers. The reactions of the judges summed it up.

The Pitch That Raised Eyebrows

The Indian version of Shark Tank has never been short of a war zone for young entrepreneurs seeking investments, but occasionally, it also turns into a platform for some surprising viral moments. One such moment was seen in the second episode of Season 4 when IIM Ahmedabad alumni Devansh Jain, 26, and Ackshay Jain, 27, featured on the show with their venture, Culture Circle.

Culture Circle is an e-commerce website that enables the resale of expensive designer and luxury fashion pieces, such as clothes, footwear, handbags, and accessories. The pair came into the Tank with a whopping valuation of ₹240 crore, looking for an investment of ₹1.2 crore in exchange for 0.5% equity in their business. What drew the judges’ attention, however, besides the valuation that was through the roof, was Devansh’s lavish choice of footwear.

The ₹10 Lakh Sneakers That Stole the Show

Devansh Jain decided to sport a pair of Dior Air Jordan sneakers costing ₹10 lakh during his presentation, which left the judges in splits and awe. boAt co-founder Judge Aman Gupta was the first to point out the pricey sneakers, commenting on their outrageous price tag.

“Aapko jaise ye bata dun, Devansh ne jo joote pehne hain vo 10 lakh ke hain,” (Let me tell you, the shoes that Devansh is wearing cost ₹10 lakh), Aman said with a statement, getting shock responses from the panel.

As a response, Devansh made it clear that although the market value of the sneakers was, in fact, ₹10 lakh, he sold them on his platform, Culture Circle, for ₹6 lakh. His quick wit elicited laughter from the panel and lessened the impact of the shock.

Devansh Jain, co-founder, Culture Circle, wearing ₹10 lakh Dior sneakers during his Shark Tank India pitch. (Photo: Instagram/@devanshjn)

A Valuation That Raised Eyebrows

While the pitch was already generating buzz because of the over-the-top footwear, what really caused controversy was the valuation of the startup at ₹240 crore. Judge Vineeta Singh, CEO of Sugar Cosmetics, was quick to label the valuation as “waahiyaat” (outrageous) and ask for the rationale behind it.

Skepticism ran high when the founders disclosed that Culture Circle already had ₹17 crore in cash reserves, prompting Vineeta to feel that the founders were more interested in showcasing their business as a marketing strategy than in obtaining actual funding.

A Hotly Contested Auction

Despite the controversy, the startup managed to pique the interest of several sharks. While Vineeta Singh opted out, calling the valuation unrealistic, a bidding war ensued among Kunal Bahl (Snapdeal co-founder), Ritesh Agarwal (OYO founder), Namita Thapar (Emcure Pharmaceuticals executive director), and Aman Gupta.

Ultimately, Culture Circle raised funding as Kunal Bahl put in ₹2 crore for 2% stake, and Ritesh Agarwal put in ₹1 crore for 1% stake. The transaction effectively reduced the valuation of the startup to ₹100 crore, significantly lower than what the founders had asked for.

The Internet Reacts

The episode soon became a trending topic on the social media space, with netizens are torn on the incident. One set of users commended Devansh Jain for his confidence and negotiating tactics, while another set believed that showcasing expensive sneakers on a show aimed at supporting young entrepreneurs was insensitive.

One user on Twitter said, “Imagine going in for a funding pitch in ₹10 lakh shoes and hoping for sympathy to fund you. Only on Shark Tank India!”

Another defended the entrepreneur, saying, “It’s smart marketing. Now everyone knows about Culture Circle. Mission accomplished!”

Conclusion

Whether deliberate or not, Devansh Jain’s ₹10 lakh sneakers have definitely placed Culture Circle in the limelight. The startup’s Shark Tank India appearance has already created much ado, making its brand recognition through the roof. Although the argument over valuation stays, the show is a pointer that presentation is everything and what people perceive becomes real in the world of business.

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