‘Puri daal hi kaali hai’: Shark Tank’s Anupam Mittal calls out Maharashtra trio’s inflated financial claims

Three founders from Maharashtra entered the Shark Tank India arena to promote Ezo, their company designed to help small shop owners track sales. The shark panel, including Anupam Mittal, Namita Thapar, Ritesh Agarwal, Kunal Bahl, and Aman Gupta, listened intently as the founders claimed their goal was to reduce fraud in small businesses. However, things soon unravel, revealing deeper issues.

The founders explained that their revenue model involves selling billing machines to store owners and generating profit through subscriptions. When asked if they had tested the renovations, they admitted that they had not been in business long enough. Despite this, they expected a revenue of Rs 30 crore, which left the Sharks scratching their heads. A deep dive into their financial statements revealed their use of questionable accounting practices.

Namita Thapar analyzed the difference between cash accounting and accrual accounting for the group, emphasizing that the latter provides a clearer picture of a company’s performance. “Accrual accounting paints a more accurate picture of the business and is always the preferred method,” she said candidly.

Anupam Mittal, who looked visibly unimpressed, commented, “Puri dal hai kali hai boss.” He rejected the founders’ claims that their accounting choices were inadvertent, saying: “You’re a professional; don’t pretend like you didn’t know what you were doing.” Namita agreed, calling it an integrity issue and not just an accounting issue.

Ritesh Agarwal and Namita Thapar pulled out of the deal, citing a lack of confidence in the company and advising the founders to overhaul their accounting practices. “Do you want to break the subscription model in a country where even Amazon and Netflix are struggling? Don’t make money through shady practices,” said Aman Gupta, while acknowledging their business acumen.