- Founder: Pranav Bajaj and Ravjot Singh Arora
- Business: Ambulance services
- Ask: ₹2 Crores for 1% Equity
- Net worth/Valuation: ₹200 Crores
- Result: ₹ 2 Crores for 2% Equity
- Sharks: Aman Gupta, Namita Thapar, and Peyush Bansal
- Episode: Season 2 Episode 35
Medulance Shark Tank India Pitch:
Medulance is an ambulance service company that is focused on providing prompt and reliable medical attention. They have implemented a system to ensure ambulance service within 20 minutes, achieved through their helpline and advanced technology support. With a fleet of 7,500 ambulances in 22 cities, Medulance has significantly reduced response times, bringing down ambulance response time in Delhi from 35 minutes to just 11 minutes.
Medulance offer a range of ambulance options, including smart ambulances tailored to the patient’s condition. They have helped over 8 lakh people and 2 lakh COVID patients. Company started in 2017 and operate on a subscription model, providing services like MeduERS, Meduclinic, and MeduAlert. They have a subscriber base of 80 lakh employees from 60+ organizations.
In the fiscal year 2021-22, Medulance made ₹24 crores with a net margin of 24%, and they have been profitable for the last three years. In the previous fiscal year, 2020-21, they made ₹15.7 crores with a net margin of 18%. Their sales last month were ₹2.7 crores, and they are expecting to close the current year at 40% revenue growth with a 24% margin. This company is completely bootstrapped with no prior investors. Ravjot and Pranav have an equal equity split between them, and they aim to reach ₹250 crore in revenue in the next three years.
Medulance Shark Tank Negotiations:
Namita and Aman have offered ₹1 crore for 1% equity and the rest as debt. Anupam declines the Investment, expressing no interest in taking 1% of the company. Amit initially offers ₹5 crore for 10% of the company but later revises it to 5% of the company, valuing it at ₹100 crores. This revised offer becomes the biggest offer in Shark Tank India’s history so far. Peyush joins Namita and Aman’s offer. The company takes a moment to think and comes back with a counteroffer of ₹2 crore for 1.5% equity, with no debt, Peyush suggests 2%, which is accepted by Medulance.
How is Medulance doing After Shark Tank India?
As of summer 2023, it was revealed that Medulance deal with the Sharks on the Shark Tank India show never closed. Despite that, Medulance has saved more than 1.5 million lives and is available in over 110 cities across India. They are the official medical partner of MotoGP India. The company continues to grow over time, and while the financials of the company are not yet available, this article will be updated as soon as more information comes to light.
On an interesting turn of events, Despite not agreeing on the investment Mashable India shared that – Even though he(Amit) couldn’t partner with Medulance, Amit Jain has now added the Medulance, a GPS-based platform enabling fast ambulance services, to CarDekho without any financial transaction.
Source: Medulance Instagram
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