Shark Tank India: Peyush Bansal asks founders with grant from Bill Gates why they’re ‘ignoring’ Indians, chasing American cash

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They said that their product can monitor newborn babies closely, and provide data to hospitals and clinics strapped for labour. In areas that labour isn’t an issue, the device can add value to doctors and nurses, and in some cases, even identify red flags that could lead to illnesses. They said that up to 4 lakh babies are lost every year in India, and 80% of these babies can be saved with timely intervention.

Radhika said that she still views the company as being pre-revenue, and as a principle, doesn’t invest at this stage. She came to this conclusion after the founders told the sharks that their sales in the last three years haven’t increased, and that they’re burning around Rs 15 lakh per year. Peyush said, “My concern is that you will raise the money you want thanks to the Rs 40 crore valuation you’ve already got, but the burden of this valuation that you’re carrying around, where will that take you? You’ve made such heavy commitments, and now you want to go to the US. Have you forgotten India’s 10 lakh babies?”

The founder replied, “I want US money to sustain.” Aman Gupta sided with the founders, and said that there is nothing wrong with wanting US money. “I agree with you. You can take money from whoever you want, what’s the problem?” Despite his concerns Peyush partnered with Vineeta to give the founders an offer. However, the founders were more interested in collaborating with Aman, and they struck a deal with the final terms being Rs 20 lakh for 0.67% equity, and the remaining Rs 80 lakh as debt at 10% interest for two years.