Shark Tank India Season 5 witnessed one of its boldest deals yet as Aman Gupta committed ₹2 crore to a loss-making snacking startup, taking his total investment tally this season to ₹20 crore across 20 deals.
Out of 91 pitches aired so far, 51 have secured funding, with cumulative commitments reaching ₹74.38 crore. Aman Gupta has emerged as the most aggressive investor this season, frequently backing early-stage ventures despite financial stress signals.
The Startup. Mama Nourish
The brand Aman backed is Mama Nourish, a Mumbai-based clean-label snacking startup founded by Kunal Goel, Usha Shrotriya, and Yash Parashar.
The concept revolves around traditional recipes sourced from grandmothers across India. Recipes are selected through contests, standardized, and marketed as preservative-free, kitchen-style snacks. The idea originated in 2021, with commercial launch taking place in 2024.
The founders entered the tank seeking ₹60 lakh for 1.5 percent equity, valuing the company at ₹40 crore. The valuation drew immediate scrutiny.
Financial Stress Signals
Revenue numbers revealed a steep imbalance.
. FY23-24 revenue in thefirst three months. ₹6.64 lakh
. FY24-25 revenue. ₹1.2 crore
. EBITDA. Negative ₹2.2 crore
. Current burn. ₹80 lakh
. Projected annual loss. ₹1.2 crore at 50 percent EBITDA negative
With only ₹47 lakh remaining in the bank, multiple Sharks flagged runway risk.
Vineeta Singh criticized the packaging and brand positioning, calling it flimsy and underdeveloped. Namita Thapar questioned pricing and execution rigor. Ritesh Agarwal and Kunal Bahl raised concerns about product-market fit, weak repeat purchase signals, and overextension across quick-commerce platforms.
One by one, the Sharks exited.
Aman Gupta’s High-Risk Offer
Aman Gupta acknowledged the structural weaknesses. No proprietary manufacturing. Too many SKUs. Thin runway. Weak unit economics.
Yet he saw optionality.
His offer. ₹2 crore for 20 percent equity. Valuation reset to ₹10 crore.
The other Sharks called it fair for a distressed, loss-making company. The founders countered, requesting equity reduction to 6 percent. Aman declined.
He framed it as a rescue investment. Without capital and strategic correction, investor value risked erosion within months. Control and guidance required meaningful ownership.
The founders ultimately accepted the deal.
Strategic Implication
This investment reflects Aman Gupta’s season-long pattern. Backing turnaround potential rather than polished performance metrics.
The Mama Nourish deal shifts the narrative from valuation optimism to survival capital. Execution discipline, SKU rationalization, and sharper product positioning now determine whether the bet converts into growth or remains a cautionary tale.
For Aman Gupta, this move strengthens his image this season: bold, different in his thinking, and ready to invest in risky businesses when others choose to step away.
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Aman Gupta makes a bold move, invests 2 cr in a loss-making company (Photos: SonyLiv / Screengrab)
