Neomotion Shark Tank India Pitch:
Neomotion was featured on Shark Tank India Season 2. The company was founded by Swostik Dash, Ashish Sharma, and Siddharth Daga, who are friends from IIT Madras. Neomotion has developed two products, Neofly and Neobolt, to make disabled people independent. Neofly is a personalized wheelchair made up of the nerves of a human being. Neobolt is an innovation for outdoor mobility that can be attached to a wheelchair to transform it into a scooter. Additionally, Neobolt has a removable battery that can be charged separately, and on one charge, it can run up to 25 km.
They launched in 2020 and have delivered products to over 2000 users across India. In the financial year 21-22, the revenue was 4.7 crore rupees, and the profit after tax was 30 Lakh. They received 65% of orders from individuals and the remaining 35% from governments and CSRs. They sought an investment of ₹1 Crore for 1% of the company. The MRP of the complete set is ₹1.18 Lakh, and the company sells it for ₹99.9 thousand. NeoFly’s MRP is ₹49,000. They have a grant for ₹44 Lakhs from IIT Madras Incubation Cell in exchange for 6.5% equity.
Neomotion Shark Tank India Negotiations:
Anupam gives the first offer of ₹50 Lakh in equity for 4%, and the rest as debt. Namita asks if she could share Anupam’s deal, which he accepts. Peyush offers ₹1 Crore for 5% of the company, but he would take a 5% royalty of profits until he recovers his 1 crore, which he would in turn use to give free bikes to people in need. Anupam matches Peyush’s offer of ₹1 crore for 5%, but with no conditions.
Amit wanted to offer but insisted on running the company at only 5%, to which the entrepreneurs responded that they would like to run the company profitably and sustainably. Amit exits due to that reason. Aman goes out, citing that the company already has good offers.
The founders counter that they do not want to dilute more than 1% of the company; therefore, Namita steps out of the deal. Anupam restructured his deal to ₹1 Lakh for 1% of the company and ₹99 Lakh as debt at a 15% interest rate. Peyush also counters at ₹1 Crore for 2.5% of the company, which the founders refuse, and Anupam exits the deal. Peyush offers ₹1 crore for 1% of the company but with the condition that he needs that ₹1 crore back, which he would donate afterward. The company accepts that offer, and they shake hands on that.
Who are the founders of Neomotion?
Swostik Dash, Ashish Sharma, and Siddharth Daga founded Neomotion. They all went to IIT Madras, where they became friends. Siddarth was a field engineer and worked for SBI. Swostik worked as a Project Manager in IIT Madras along with Ashish.
How is Neomotion doing after Shark Tank India?
Our research into the company revealed that despite getting exactly what they asked for, their deal with Peyush Bansal did not close after the show. The reasons for the fallout are still unclear. Despite that, the company is still in business and growing. They have increased their production and are now available through marketplaces like Amazon as well. Neomotion has been pushing the boundaries of sports as well and working with players in Cricket and shooting.
Source: Neomotion Instagram
Here are other companies from Season 2 Episode 18.
2 thoughts on “How is Neomotion doing after Shark Tank India?”