Shark Tank Pakistan Criticized for Elitism, Dubious Investments

Shark Tank Pakistan, the local adaptation of the globally renowned business reality show, has recently come under intense scrutiny following a viral tweet by user @Huk06. The tweet accuses the show of favoring entrepreneurs from elite backgrounds and making questionable investment decisions.

Sharktank like most things in Pakistan was a giant scam. Most sharks have backed out from deals they did, including biggest deal in Sharktank history. Some Sharks having gotten their fame have simply disappeared & are not answering calls. Some didn’t have money but lied they did.… pic.twitter.com/DjeMugf1Rf

— Habibullah Khan (@Huk06) May 26, 2025

According to the tweet, the show predominantly features founders who have graduated from prestigious institutions like LUMS or foreign universities, potentially sidelining grassroots entrepreneurs. This observation aligns with ongoing online discussions, where users have noted a preference for “cream” founders—those with polished presentations and elite educational backgrounds—over local entrepreneurs who may lack such credentials but possess practical experience and innovative ideas.

One of the show’s prominent investors, Aleena Nadeem, CEO of EduFi, has also been a focal point of criticism. Her startup offers educational loans with a policy that withholds degrees until loans are repaid, a practice that has raised ethical concerns. Additionally, Nadeem has claimed involvement in facilitating JP Morgan’s investment in Paytm, which later faced significant financial challenges. Critics argue that such claims may be overstated and question the due diligence behind some of the show’s investment decisions.

FBR Scrutiny and Financial Discrepancies

Adding to the controversy, startups featured in the first season of Shark Tank Pakistan are under investigation by the Federal Board of Revenue (FBR) for alleged tax discrepancies. Ahmed Rauf Essa, CEO of Telemart, revealed that multiple startups have received tax notices and are facing legal action for underreporting their financials. Some startups have reportedly disclosed less than 20% of their financial figures to the tax authorities, leading to legal challenges.

Essa noted that he had foreseen such scrutiny, as the FBR had been closely monitoring businesses featured on the show. Some entrepreneurs have already reached out to Essa for advice regarding their ongoing legal cases. This development underscores the challenges startups in Pakistan face, particularly those that gain public attention through platforms like Shark Tank Pakistan.

Public Criticism and Future of the Shark Tank Pakistan

The show’s credibility faced further challenges when Indian Shark Tank judges Anupam Mittal and Aman Gupta publicly mocked a pitch from Shark Tank Pakistan, where an entrepreneur requested PKR 300 crore for a 3% equity stake. Mittal described the pitch as “fundamentally wrong,” leading to a heated exchange between the two versions of the show.

In response, Pakistani investor Usman Bashir defended the show’s format and decisions, suggesting that critics like Mittal are “old and outdated.” Bashir emphasized that the show’s structure adheres to the international Shark Tank franchise guidelines and is not independently produced.

Despite the controversies, Shark Tank Pakistan has showcased notable success stories. Arshad Khan, popularly known as the “Chaiwala,” secured a PKR 10 million investment to expand his café brand, Chaiwala & Co., demonstrating the show’s potential to uplift entrepreneurs from diverse backgrounds.

As the show prepares for its second season, retaining only Faisal Aftab from the original panel, it remains to be seen whether these criticisms will lead to a more inclusive and transparent approach in spotlighting Pakistan’s entrepreneurial talent.