- Founder: Dr. Siddharth Bhargava, Shalmali Kadu, and Mitansh Khurana
- Business: Stress relieve device
- Ask: ₹54 Lakhs for 2% Equity
- Valuation/ Networth: ₹36 Crores
- Funding: ₹1 Crore for 4.2% Equity
- Sharks: Aman Gupta, Ritesh Agarwal & Azhar Iqubal
- Episode: Season 4 Episode 5
InnerGize Shark Tank India Pitch:
InnerGize is a clinically validated mental health wearable which helps in immediate stress relief in the short term and improves the body’s ability to manage stress in the long term. The founders asked for ₹54 Lakhs in exchange for 1.5% equity in their company valuing the business at ₹36 Crores.
InnerGize device sits behind the human ear. All you need to do in order to use a device is to peel the sticker, place it behind the ear & play on the app. The device stimulates the vagus nerve using gentle electrical impulses. This technology is patented by the company by the name of Neuro-Acoustic vagal modulation.
InnerGize can be used anywhere and anytime. They have tested this device on over 1,100 people and resulted have been positive. The founders added that their device is certified by Psychiatrist, psychologists & Neurologists. The device is ready for a market launch.
InnerGize enhances stress resilience by training the vagus nerve to stimulate the parasympathetic nervous system. The company recommends 2-4 10-minute sessions a day for their device. The device have been being tested for the past 12 months. The founders added that the device is 100% safe because vagus nerve stimulation has been in practice for over 30 years.
InnerGize’s Financials & Revenue during Shark Tank India:
All three co-founders present of the Shark Tank India owned 33% of the company. InnerGize has raised ₹2 Crores in total funding, out of which ₹90 Lakhs were grants. Currently, they are raising a round with a total ₹4 Crores in investment with a post-money valuation of ₹36 Crores.
The founders want to build a D2C brand eventually, but they are focusing on B2B sales for the first 6-8 months. The product is priced at ₹5,000. The box includes the device, charger & 12 patches. They also sell a set of 8 patches for ₹500. Manufacturing cost for the product is ₹1,200.
For their B2B model, The company wants to be their mental health partner and offer services on a pay-per-session model. Once the customers are used to it and know the benefits, they can sell these devices to those customers.
InnerGize Shark Tank India Negotiations & Funding:
Ritesh was the first shark to offer a deal to InnerGize and he offered them exactly what they asked for. Kunal thought that it was a bit too early for an investment for him therefore he went out as well. Vineeta also thought it was too early therefore she went out as well. Aman offered ₹54 Lakhs for 2.5% valuing the company at ₹21.6 Crores. Azhar also jumped in with an offer of ₹54 Lakhs for 1.5%.
The founder went out to discuss the offers and in the meantime, All three interested sharks joined hands and offered ₹75 lakhs for 3%. The founders countered with ₹1.08 Crores for 3% equity. After some back and forth, They all shook hands on a ₹23.81 Crore valuation with all three sharks putting up a combined ₹1 Crore for 4.2% equity.
Who are the founders of InnerGize?
Dr. Siddharth Bhargava, Shalmali Kadu, and Mitansh Khurana founded InnerGize. Dr Siddharth is born and brought up in Bombay and finished his MBBS in 2017. After that, he launched his first startup Food Darzee for health food delivery.
How is InnerGize doing after Shark Tank India?
Our research in the InnerGize revealed that while the company did get a deal on Shark Tank India, Wheather their deal closed after the show is still unclear. While the early signs suggest that the deal has fallen through, we will update this article once concrete information comes to light. In the meantime you can pre order the device through company’s website or click the Amazon button below to find other Shark Tank India Products!
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