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Three doctors pitched their wearable stress-relief gizmo on the latest episode of Shark Tank India, which debuted its fourth season recently. Doctors Siddhant, Shalmali and Mitansh pitched their brand InnerGize, which produces a wearable gadget that provides gentle electrical stimulation to the vegus nerve, thereby, theoretically and practically, relieving stress and stimulating the parasympathetic nervous system. Siddhant took the lead on the pitch, and said that the idea was borne out of personal setbacks. They asked for Rs 54 lakh, in exchange of 1.5% equity, valuing their company at Rs 36 crore.
Siddhant said that they haven’t yet launched the product, which they plan to sell for Rs 5000. He said that he initially wants to target business, but the ultimate goal is to make InnerGize a B2C brand. He said that he became a doctor, like his father and grandfather, but couldn’t pursue his practice because he was diagnosed with lupus at the age of 22. Then, at the age of 26, he was diagnosed with thyroid cancer. Siddhant’s drive and resilience impressed all the ‘sharks’, including Kunal Bahl, Vineeta Singh, Azhar Iqubal, Ritesh Agarwal, and Aman Gupta. Aman said, “Rongte khade hogaye (I have goosebumps).”
Aman asked the entrepreneurs the difference between their device and getting a simple massage. “Is this a medical champi?” he asked, and Siddhant replied, “Yes, it’s exactly that.” The pitchers provided a live demonstration of the device in effect, and said that it simply aids a person’s mental wellbeing. They also claimed that the device has been endorsed by psychiatrists, therapists, and neurologists. He said that they have already raised crores in funding. “Finance with Sharan has invested, and Alia Bhatt is interested.”
Ritesh was the first ‘shark’ to make an offer, citing his excitement to get a ‘foot in the door’. He met the entrepreneur’s terms, while Kunal and Vineeta backed out of the deal, citing the lack of clarity in the product’s potential at this moment in time. Azhar also matched Ritesh’s offer, thereby meeting the pitcher’s terms as well. Aman, on the other hand, said that he can bring a lot to the table considering his experience in wearable tech, and offered the Rs 54 lakh that they were asking for, but in exchange of 2.5% equity. The pitchers asked for a few minutes to decide, but before they could counter, Aman, Ritesh and Azhar made a joint offer of Rs 75 lakh for 3% equity.
The entrepreneurs were excited to see the interest, and they countered with an ask of Rs 1.08 crore, in exchange of 3% equity. Siddhant also offered to give them a discount on the next round of funding, which Aman rejected immediately. After some negotiations, they settled on Rs 1 crore, in exchange of 4.2% equity, and the entrepreneurs walked away with a deal.
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