Pitcher On Shark Tank 2, Accused Of Ripping Off A Wearable Design, Denies All Claims
Sharing pictures of a watch found on Ali Baba Express, a tweet snowballed into a discussion on Reddit.
(Update: Abhisek Baheti got in touch with Indiatimes to clarify that all the accusations are false and the designs are original and made in India.
Abhisek told us, "We have a copyright design certificate from the Govt. of India Patent office. It's time to fathom that even Indian designs can be unique, and to our bad luck, they are being copied, it's not the other way around always. We export to a few countries that do white labeling and then sell further. Also, a lot of them are spurious as well, and due to our limited scale and resources, we may not be able to counter these spurious products always. Just give it a thought that when you see spurious designs of the Apple watch on Chinese websites, you never say that Apple has copied it, right? Then why such a view towards an Indian company? It's high time that we understand Design in India-Assemble in India-Make in India is for real.")
In episode two of Shark Tank India Season 2, Abhisek Baheti pitched his company to the investors. He asked for INR 2 crores (about $2.8 million) for 5% ownership in a company valued at INR 40 crores.
Watchout Wearables is the next-generation, premium-quality smartwatch for children's safety.
According to Abhisek's claims, with the help of this smartwatch, parents can monitor their child's whereabouts and activities to ensure they are safe.
screenshot
This watch has several security features, such as a camera, video call, nano SIM card, wifi, GPS, real-time texting, and more.
Isn't this something you all relate to?
¡ª WatchOut Wearables (@WatchOutWear) January 5, 2023
It's time to gift your little one our Next Gen watch so that you keep a track of whether they are out there playing, studying, or eating Panipuris ?
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.#watchout #watchoutwearables #sharktankindia #sharktank #sonyliv #sharktankseason2 pic.twitter.com/LYUZYwv2h8
This watch has a smartphone app that allows parents to monitor their kids wherever they go.
However, right after the episode here, people on the internet started discussing the authenticity of Abhisek's claims.
#SharkTankIndiaS2 Contestant Abhishek Baheti confidently claims that 'Watchout' kids smartwatch is his original design. However one reverse google image search led me to this AliExpress page. Probably just another dropshipper.
¡ª Halfway Right (@halfway_right__) January 4, 2023
Please watch out @AnupamMittal @vineetasng ! pic.twitter.com/QVc4ljHdyV
Sharing pictures of a watch found on Ali Baba Express, a tweet snowballed into a discussion on Reddit.
Netizens weighed in and accused Sony TV of airing the episode without verifying the claims:
At a value of 10 crores, Anupam Mittal and Vineeta Singh proposed an investment of 1 crore (10% equity) and one crore (15%) in the form of a loan.
Abhisek retaliated by offering one crore for 5% equity plus a one crore loan at 15% interest, based on a 20 crore valuation. Anupam rejected this. Abhisek presented a new counteroffer of 1 crore for 7.5% equity plus Rs 1 crore in debt at 15% interest, based on a valuation of Rs 13.33 crore.
In the end, "Watchout Wearables" received one crore from Anupam Mittal and 1 Crore from Vineeta Singh in exchange for 10% equity and 1 Crore in debt at a 15% interest rate.
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