Kunal Bahl, the latest shark on Shark Tank, may have been unfamiliar with the phrase “Lights, camera, action,” but once the pitches started, the co-founder of Snapdeal and Titan Capital quickly forgot about the cameras.
He was especially impressed by the pitches, particularly those from entrepreneurs coming from smaller towns, beyond the major cities.
It’s commonly assumed that the most sophisticated founders would emerge from larger cities such as Delhi, Mumbai, and Bengaluru. But that’s not the case. Some of the founders this season, even from the smallest towns, demonstrated a remarkable level of sophistication when it comes to building a company—emphasizing focus, discipline, attention to detail, and financial tracking,” Bahl told Moneycontrol.
He mentioned that one of the biggest lessons for him was seeing how entrepreneurship has deeply rooted itself in the country.
“When Rohit (Bansal) and I started in 2007-2008, the idea of startups didn’t exist. You either joined a family business or worked a regular job. The idea of 23-year-olds running businesses and raising funds was unheard of back then,” he reflected.
Bahl explained that this entrepreneurial trend isn’t limited to big cities. Entrepreneurs are now rising from smaller towns and districts, tackling local challenges they’ve personally encountered, instead of just replicating widely-known business models.
He added, “India offers huge opportunities but also significant challenges. These founders are sharp observers, identifying those challenges and turning them into lucrative opportunities.”
Bahl noted that today’s founders are highly knowledgeable about key business metrics such as revenue, gross margin, unit economics, and EBITDA (earnings before interest, taxes, depreciation, and amortization).
“”These entrepreneurs are prepared to explain their unit economics upon request and are familiar with the jargon. When Rohit and I made our pitch to venture capitalists in 2007–2008, there weren’t many in India. Most rejected us, and the one who finally showed interest had to Google ‘term sheet’ on my laptop. It’s incredible to see how much the ecosystem has grown since then.”
He also pointed out that founders should recognize the lack of mentorship outside major cities. “If you’re in IITs, IIMs, ISBs, or NITs, you might have access to mentorship, but that’s just 5% of the market. The other 95% of founders don’t have the same level of support or access to the entrepreneurial knowledge they need,” he said.
Advice for Founders
Bahl shared several pieces of advice for aspiring founders. “First, focus is essential. Often, founders get distracted by multiple business ideas instead of focusing on one big problem to solve. Second, it’s crucial to address unit economics early on. Third, having the right team—whether co-founders or early employees—is key. And finally, founders should avoid trying to expand too broadly too quickly.”
He pointed to Mamaearth as an example: “Their first product, an organic mosquito repellent for children, seemed like a small market at first. Yet, they excelled in this niche, earned strong customer loyalty, and used that momentum to successfully expand into other product categories.”
On Investing
For Bahl, being on Shark Tank aligns with his investment approach at Titan Capital.
“It’s essentially the same approach we use at Titan Capital,” he explained. “Over the last 13 years, we’ve gained valuable insights on how to replicate success in investments. While people often discuss replicating success in entrepreneurship, there’s also a way to replicate success in investing without becoming a one-hit wonder.”
Reflecting on his experience with the other sharks, Bahl shared, “They were incredibly welcoming and supportive. I was familiar with most of them from the startup ecosystem. In fact, Vinita (Singh, co-founder and CEO of SUGAR Cosmetics) and I went to school together, which was a wonderful coincidence. Each shark brings a unique perspective and set of experiences, and it was enlightening to learn from them about how they evaluate the diverse businesses and models on Shark Tank.”