Startup Accused Of False Claims After Securing ₹30 Lakh From Aman Gupta, Peyush Bansal On Shark Tank India

Tramboo Sports, a cricket bat manufacturer, is facing legal action after allegedly making false claims on Shark Tank India Season 3. The Cricket Bat Manufacturers Association of Kashmir (CBMAK) has initiated legal proceedings against the company and Sony Pictures Networks.

What Happened: The CBMAK has accused Tramboo Sports of misleading the audience by claiming to be the exclusive producers of Kashmir willow cricket bats. These claims have allegedly affected the business of CBMAK members, leading to decreased sales and damage to the reputation of the bat-making industry in Kashmir, reported Live Mint.

CBMAK, the true representative of Kashmir’s cricket bat manufacturers, has demanded a public apology to be aired by both the accused parties within two weeks. The association is also seeking ₹100 crore in compensation for the losses and mental distress caused to its members.

During the disputed episode, Tramboo Sports presented itself as an innovator in the field, a claim contested by CBMAK. The association’s President, Fayaz Ahmad Dar, and Vice President, Fawzul Kabiir, highlighted various misleading statements by the entrepreneurs.

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Tramboo Sports secured a deal from boAt co-founder Aman Gupta and Lenskart CEO Peyush Bansal during the episode. The two investors put in ₹30 lakh for a 4% equity stake in the startup.

Why It Matters: The legal action against Tramboo Sports is a significant development in the Indian startup ecosystem. The show has been under scrutiny for its investment commitments, with allegations of broken promises against the investors. This incident adds to the controversy surrounding the show and its impact on the Indian startup landscape.

Shark Tank India has been a major platform for startups, with over ₹100 crore of investments across its first two seasons, as per a Redseer report. However, the show has also faced criticism for the low percentage of investment commitments fulfilled by the investors. A report revealed that the investors had committed ₹40 crore on the show, but only ₹17 crore had been invested till July 12, 2023. The sharks have also been accused of heading loss-making companies even as they look to invest in new startup ideas.

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Posted In: NewsSocial MediaLegalStartupsGeneralAman GuptaboatLenskartPeyush BansalShark Tank India