When Shark Tank Pakistan was announced in mid-2024, it seemed like a bold idea on paper. Pakistan’s economy was caught in a whirlpool of rising inflation, fluctuating exchange rates and diminishing investor confidence. Yet, here was a team of TV producers at Grenlit Studios – led by co-Founders Usman Malik, Rizwan Siddiqui and Tariq Qazi – betting on the power of a globally renowned reality franchise to renew hope in local entrepreneurship. Fast forward to today, as the first season wraps up on Green Entertainment, and it’s obvious the show has generated a powerful mix of triumph, drama and controversy. Below, we take stock of the show’s evolution since its launch, and what it has – or hasn’t – accomplished for Pakistan’s start-up ecosystem.

A Nationwide Spotlight on Start-Ups

Before Shark Tank Pakistan aired, local start-up founders often struggled to attract the kind of widespread visibility that their counterparts in India or Bangladesh had begun enjoying after those countries launched their versions of Shark Tank. Although venture capital funding in Pakistan was on the up, external backers tended to generally approach the market with caution. Speaking in July 2024, Malik explained that one of the show’s core aims was to “reposition Pakistan’s brand image” on the global stage.

The original plan was simple enough. Feature a panel of six or seven seasoned investors (the ‘sharks’) ready to sink their teeth into interesting pitches. The sharks were all successful in their respective fields (ranging from fintech to food retail) and came armed with capital and expertise. Grenlit Studios set the bar for a net worth lower than other international versions of Shark Tank, acknowledging that Pakistan doesn’t yet have a large pool of billionaire industrialists willing to invest in start-up entrepreneurship. As Malik reportedly told Sony (the global distributor of the Shark Tank format), “we cannot have the same benchmark of investors with 50 to 100 million net worth… we need self-made Pakistani sharks who resonate with local audiences.”

The eventual line-up did indeed reflect that ethos. Rabeel Warraich, founder of Sarmayacar, brought a decade of tech investment experience. Junaid Iqbal, CEO of Salt Ventures and former MD at Careem, chimed in with expertise in scaling start-ups, and fintech stalwart Aleena Nadeem represented women-led entrepreneurship. The show also featured voices like Faisal Aftab (IT venture investor), Romana Dada (a Forbes-featured entrepreneur) and Usman Bashir (a retail and petrol station veteran). By introducing a blend of men and women from varied backgrounds, Shark Tank Pakistan promised to be an inclusive stage for every young Pakistani with a business dream. However, Grenlit Studios wasn’t content with merely creating another business show; they wanted to make sure the programme was entertaining enough to hook a broad and possibly sceptical audience. TikTok was tapped to be the official entertainment partner, aiming to draw in Gen Z and Millennial viewers. The plan was clear: combine the thrill of competitive pitching with the novelty factor of big-money deals – and hope that the rest would follow.

The Biggest Investment: A Rs 1.5 Billion Headline Grabber

From the get-go, the show managed to drum up impressive social media interest. But it was arguably the jaw-dropping Rs 1.5 billion (five million dollars) investment deal that put Shark Tank Pakistan on the map. This record-breaking commitment was made by the ever-confident Bashir, who decided to back Saraaf, a Karachi-based start-up that focuses on commodity and mineral sourcing. The arrangement was split into Rs 800 million for 20% equity, plus a Rs 700 million line of credit with a 3% royalty – a figure rarely seen in Shark Tank franchises worldwide.

“I have seen the potential for commodity sourcing in Pakistan to revolutionise our global exports,” Bashir commented in a post-show interview. “It’s about time we seriously discussed bridging international demand with local suppliers. Saraaf is poised to do exactly that.” The move paid off instantly in terms of publicity. Suddenly, mainstream media outlets – which often overlooked smaller tech or retail investments – were shouting about start-ups in Pakistan from the rooftops. Many said that the deal reflected growing confidence in local founders’ ability to tap into large markets like agriculture and minerals where Pakistan has inherent strengths. That said, not everyone was convinced. Critics on social media worried that such a massive deal could signal a shift in the show’s culture, making it more about hype than practical, growth-stage investments. Still, it’s hard to deny the wave of optimism that such a substantial show of faith can generate for a fledgling entrepreneurial community – if the investments materialise when the cameras aren’t rolling.

The Infamous Rs 3 billion Pitch: When Entertainment Took Centre Stage

Of course, Shark Tank Pakistan is partly about drama and spectacle – one of the reasons the format has thrived around the world. Few pitches captured that aspect more glaringly than the now viral segment featuring an elderly gentleman who requested Rs 3 billion for a mere three percent stake in his venture. The judges’ stunned reactions lit up the internet. Within hours, memes were circulating and short clips of the exchange dominated TikTok feeds. The contestant, seemingly unperturbed by the sharks’ disbelief, went on to say that the sum should be considered “peanuts” for major players in the country. He joked that he would be sitting on the panel if he already possessed the investment in question. Anupam Mittal, a prominent investor on Shark Tank India, even chimed in on X, calling such demands “fundamentally wrong” and advising entrepreneurs to “stay grounded in business reality.” Although many found the pitch equal parts hilarious and bewildering, others questioned whether it was staged for ratings. “It might be part of a strategy to draw in more viewers,” speculated a local marketing analyst who has followed both the Indian and Pakistani versions of the show. “But then again, we do get people who genuinely believe in what they are doing, however outlandish it may seem. That unpredictability is the essence of Shark Tank.”

Scrutiny from the Federal Board of Revenue: FBR’s Newfound Interest

Not long after these headline-making deals and viral moments, Shark Tank Pakistan found itself at the centre of a very different sort of publicity: scrutiny by the Federal Board of Revenue (FBR). As reported by Ahmed Rauf Essa (CEO of Telemart) in a LinkedIn post, the FBR initiated investigations into multiple start-ups featured on the show over allegations of tax discrepancies. “Some of these start-ups disclosed less than 20% of their financials,” Essa said. “I suspected something like this could happen because the FBR was closely monitoring companies that gained visibility through the show. Now, a few founders have reached out to me for advice on handling legal complications.” The FBR has not issued a comprehensive public statement detailing each case, but insiders say the level of scrutiny has left some entrepreneurs rattled. One participant remarked, “Instead of celebrating this milestone, I’m scrambling to defend my business from a regulatory storm. It’s tough because the exposure that got us here is now making us a target.” This development ties into a broader concern about how regulatory bodies treat new and small businesses. While tax compliance is undeniably crucial, critics argue that overly aggressive crackdowns can hamper a start-up ecosystem still in its infancy. Many are calling for clearer guidelines, more accessible resources and educational initiatives that help founders meet their obligations without stifling their growth.

More Than Numbers: The Educational Value

Despite the controversies, one of the show’s greatest contributions might be the simple act of bringing start-up pitching into our living rooms. In a country where formal entrepreneurial education is limited, Shark Tank Pakistan has offered a crash course on how to present a business plan, talk valuation and handle tough questions about revenue models and growth trajectories. For instance, viewers learned early on from a pitch by a small-scale edtech founder that not having your financials in order can sink your chances of securing investment. In one episode, the founder stumbled through questions on projected growth and operating costs. “I’m sorry, but I can’t invest if you don’t know your numbers,” stated Iqbal, summarily passing up on the opportunity. That moment laid bare a hard truth: no matter how brilliant the idea, if the numbers don’t add up, the sharks swim away.

Conversely, a fashion start-up that emphasised sustainability had an entirely different experience. The founder, a young woman from Lahore, detailed her supply chain sourcing and brand collaborations, highlighting how she reinvests part of her profits into rural artisans. “When you elevate the people making the product, that story resonates with consumers around the world,” noted Dada, who offered Rs 15 million for a 15% stake. That deal not only showcased the show’s philanthropic leanings, but also underlined the growing market potential for ethical fashion. Aftab’s viewpoint often revolves around technical feasibility. In one episode, he grilled the founder of a fintech about the security protocols of their platform. “Cybersecurity compliance is not optional,” he insisted. “If you are not prepared for the regulatory aspects, you will face a barrage of problems down the line.” Despite the tough questions, the pitch eventually earned a modest investment. These on-screen lessons are invaluable for aspiring entrepreneurs who may not have easy access to business incubators or mentorship programmes. “For the first time,” said a viewer on X, “I see a mainstream Pakistani TV show telling people about conversion rates, acquisition costs, and valuations. That’s definitely a step forward.”

Looking Ahead: Can the Hype Become Sustainable Growth

As Shark Tank Pakistan heads towards concluding its first season, the question is, what happens next? Producers have hinted they would like at least three seasons, provided ratings remain solid and sponsors continue to back the format. In the best-case scenario, the show could evolve into a recurring platform that helps founders secure mentorship and funding while entertaining audiences nationwide. However, the honeymoon phase may be over. Regulators are watching closely and the public’s appetite for novelty will only last so long. If the show leans too heavily on theatrics – like the Rs 3 billion pitch – and neglects genuine, constructive discussions, it risks losing credibility among serious investors and promising founders. Alternatively, if it grows too risk-averse, the show might become stale. There is also the matter of ensuring that the deals struck on camera materialise. One of the most common criticisms of Shark Tank in other countries has been that some televised deals fall through after further due diligence. Whether the Pakistani sharks deliver on their commitments will be key to the programme’s long-term reputation. The government, too, will need to refine how it engages with the start-up scene. Collaboration with the FBR to establish clearer tax guidelines could strike a balance between accountability and encouragement. Training sessions or helplines dedicated to newly funded entrepreneurs might ease their transition into regulatory compliance.

A Bold Experiment with Mixed Outcomes

In many ways, Shark Tank Pakistan has turned into a barometer for Pakistan’s start-up ecosystem – reflecting both its promise and its growing pains. On one hand, we have seen unprecedented investments, public interest, and a fresh wave of optimism for young founders. On the other, we have witnessed a scramble for tax compliance, a few outlandish pitches that seem more theatrical than feasible, and a flurry of questions about how entertainment and entrepreneurship should intersect. Whatever the take, it’s hard to deny that Shark Tank Pakistan has made waves. It has forced conversations about the viability of local businesses, the responsibilities of investors and the role of government oversight. It has also given viewers at least a cursory education in what it means to walk the tightrope of venture funding.

As the dust settles on season one, entrepreneurs, investors, regulators and ordinary Pakistanis will be watching to see what happens next. If Shark Tank Pakistan can channel its newfound momentum into a stable, supportive environment for innovation, it just might become the catalyst its founders hoped for – a true game-changer and a boost to our international reputation. For now, at least, the gamble seems to be paying off. And for a nation of over 240 million people – an infusion of big ideas and bigger cheques might be exactly what the doctor ordered.

Alifya Sohail is a human rights reporter and researcher.