From rejection to Rs 150 crore deal: Fitelo founders land Vineeta Singh and Namita Thapar's deal on Shark Tank India. 4
A pair of younger entrepreneurs walked onto the Shark Tank india floor stage and left the judges taken aback with their ambitious ask—Rs 1.5 crore for simply 0.5% equity, valuing their enterprise, Fitelo, at an extraordinary Rs 300 crore.
The audacity of the valuation led anupam mittal to quip, "Your valuation is overweight."
Mehakdeep Singh and Sahil Bansal, the founders of Fitelo, shared that their struggles with weight loss led them to create a well-being app designed to cope not only with eating regimens and workouts but also with the mental components of weight management. At the same time as Anupam mentioned this as a key differentiator, he mentioned that the version bore similarities to competitors like HealthifyMe.
The founders revealed that they had been rejected inside the first seasons of Shark Tank india, while their turnover was Rs 1 crore and Rs 4 crore, respectively. Now, with projected sales of Rs 100 crore, they lower back with a more potent pitch. "There needs to be something magical about your app," Vineeta Singh remarked, inspired by their user retention rate.
Kunal Bahl stated this because the "smile curve" was a signal that clients found a fee within the product. But he, anupam mittal, and Ritesh Agarwal chose to skip, believing the commercial enterprise was poised for changes in the coming year. However, Vineeta noticed capacity and made a proposal at an extensive decrease valuation of Rs 75 crore.
The pitch took an emotional flip while Namita Thapar and Kunal Bahl shared their very own reviews with body shaming. Namita recalled being referred to as 'moti' as an infant, while Kunal unfolded about his struggle with weight, revealing that at 17, he weighed 112 kgs and became often mocked. "Humans failed to call me by my name; they know me as 'mota.'. Individuals who haven't confronted this might not apprehend how humiliating it is," he shared.
Moved with the aid of Fitelo's recognition on psychological assist, Namita proposed that they might expand into supplements. She decided to group up with Vineeta, and together they presented Rs 1.5 crore at a Rs 150 crore valuation, in conjunction with a royalty. The founders are common, securing a deal that, at the same time as being lower than their preliminary ask, is still a giant win.
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