Shark Tank Neomotion

In this episode of Shark Tank India Neomotion, a tech wheelchair-making company presents its pitch. Will they get a deal from the sharks? To know about the deal read till the end.

Neomotion Founders

Swostik Dash, Ashish Sharma, and Siddharth Daga.

They are friends from IIT Madras. Swostik, the CEO, has spent 5 years in the research and development cell and has worked on the prototype of the wheelchair.

Swostik looks after marketing and sales.

Ashish looks after the production and supply chain.

About the company Neomotion

About 1.5 crore Indians are disabled and they need assistance in every step of their daily life. So in order to make disabled people independent they have introduced Neomotion. Their products are Neofly and Neobolt. Neofly is a personalized wheelchair that is made up of the nerves of a human being. And Neobolt is an innovation for outdoor mobility which can be attached to a wheelchair to make it a scooter. They have launched their company in the year 2020 and delivered 2000 + products around 32 states. Products are available on their own website. The company is being sponsored by governments, donors, and CSR. Neobolt has a removable battery that can be charged separately and in one charge it can run up to 25 km.

Ask by the Owner Neomotion

Pitchers asked for 1 crore rupees in exchange of 1% equity in the company.

Neomotion Sales And Revenue

In the financial year 21-22, the revenue was 4.7 crore rupees profit after tax was 30%. They received 65% of orders from individuals and the rest 35% from governments and CSRs. MRP of their combined product(NeoFly+Neobolt) is 1.18 lakhs and the selling price of their product is 99,900. MRP of only Neofly is 49000 and the selling price is 42900. They are granted by IIT Madras incubation cell for 44 lakhs rupees for 6.5% equity.

Offers and counter offers

Anupam’s offer was 50 lacs for 4% equity and 50 lacs debt.

Namita joins Anupam for the same offer.

Peyush’s counter offer was 1 crore rupees per 5% equity condition that he will receive 5% of the total profit till he receives the total amount of 1 crore which will be donated.

Namita’s and Anupam’s joint counteroffer was one crore rupees for 5% equity.

Pitchers remain stuck to their initial offer.

Aupam’s counter offer was 1 lakh rupees for one percent equity and 99 lacs debt at a 15% interest.

Peyush’s counteroffer was one crore rupees for 2.5% equity.

Piyush changed his offer for one crore rupees in exchange of one percent equity with a condition that he will receive 5% of the profit till he received 1 crore which has been donated.

Neomotion Final deal

The deal was finalized with Peyush Bansal for ₹1 Cr for 1% equity with a condition that he will receive 5% of the profit till he received 1 crore which has been donated.