According to Anupam Mittal, the conclusion of a Shark Tank India agreement can take 3-9 months; Aman Gupta, another judge, informed ET in a statement that he has the right to refuse a contract if any flaws are discovered during the due diligence process.

Deal completion for investments accepted on the reality shows Shark Tank India can take three to nine months, depending on the company’s readiness and the Shark Tank India founder-investors, according to founder Anupam Mittal in a LinkedIn post on Tuesday.

Shark Tank is a television reality show in which entrepreneurs pitch their business plans to a panel of investors. It was created in the United States and initially aired there.

Mittal made his remarks in response to several complaints made by various Shark Tank India participants that the investors used delaying tactics when it comes to actually putting money in.

ET met with a few of these contestants, who claimed to have received soft commitments to appear on the show in September 2022. “Normally, a fundraising transaction takes 2-3 months to finalize, but Sharks (investors) purposefully delay things (after the episode is shot) until the pitch airs.” “They want more paperwork, their legal team won’t return your calls, and their team members will make up excuses like they’re on vacation or the new year,” one such candidate told ET.

While some founders ET spoke with stated they are still waiting for a final word from the investors on the promised financing, others have moved on, dismissing the show as a marketing opportunity.

“The majority of the businesses on the Tank are in their early stages.” Many are sole proprietorships that must first be incorporated as corporations. The founders have never seen a SHA [shareholder agreement], and they don’t have any numbers. “Our teams are assisting them with many of these issues,” Mittal noted in a LinkedIn post explaining the delay.

He claims that roughly 60% of the transactions pledged on Shark Tank US go through, however Shark Tank India season 1, which aired last year, saw two-thirds (66%) of the deals completed. He also stated that the Season 2 completion ratio will be available in August.

“Sometimes deals don’t go through because the founder changes their mind, the company fails legal, financial, and/or tax diligence, or the founders do not meet the obligations agreed to while accepting a conditional deal,” he explained.

According to Mittal, the show has received over 200,000 entries and 388 pitches, with approximately 200 proposals totaling approximately Rs 150 crore distributed thus far.

Separately, Shark Tank judge Aman Gupta, co-founder of consumer electronics business Boat, told ET that he, too, is undertaking due diligence for season two. “Following the episode’s airing, I frequently receive requests from founders who do not want our investments, want to renegotiate the terms offered in the tank, or came for marketing only.” As an entrepreneur, I always encourage entrepreneurs to make the greatest decisions for their business. “However, if any issues are discovered during the due diligence process, I reserve the right to refuse,” he said.