- Founder: Ajith Sunny, Ranjit Kumar Behera and Prince Jacob Thomas
- Business: Smart Bat
- Ask: ₹80 Lakhs for 1.5% Equity
- Valuation/ Networth: ₹53.33 Crores
- Funding: ₹1.6 Crores for 5% equity
- Sharks: Anupam Mittal & Vineeta Singh
- Episode: Season 4 Episode 18
MetaShot Shark Tank India Pitch:
MetaShot is an Indian startup which appeared on Shark Tank India Season 4. The company made a mixed-reality smart bat. Customers can connect with anyone across the globe and play cricket from home using the MetaShot App. The founders sought an investment of ₹80 Lakhs in exchange for 1.5% equity in the company, valuing the business at ₹53.33 Crores.
Metashot was started in September 2023, and so far the company have sold over 18 thousand bats. Now, the company want to expand into different sports. The founders shared that they have spent over 2 years in research and development for their current product.
Metashot App can be downloaded on a PC, Mobile or tablet and can be connected to a smart bat through Bluetooth. It has single-player mode and multiplayer mode, which can attach up to 8 players at once. The brand has built sensors in their bats which replicate the bat moment. This is also their first generation of products.
MetaShot’s Revenue & Financials during Shark Tank India:
Metashot make their revenue through recently launched VIP passes, which make all the grounds accessible to players. They made revenue of ₹30,000 in a month just by selling these passes. 35% of the players play in multiplayer mode, and the rest play in single-player mode. 20% of revenue comes from gifting.
Metashot App had 800 daily active users, 2,300 weekly active users and 6,000 monthly users. The average game session is about 35 minutes. 40% of active users play over 60 Minutes per session. By Month 8, The company have a retention of 6.3%. The founders shared that they have filed for a technology patent in India.
The founders shared that their first video went viral and got 60 million views on YouTube shots and 16 million on Instagram. They sold their first lot of 500 units in 10 days due to that video. In Q4 2023, which was the company’s first quarter, they made revenue of ₹1.76 Crores. In the first quarter of 2024, they made a revenue of ₹1.13 Crores followed by ₹2.8 Crores in Q2 & ₹2.5 Crores in Q3.
For Unit Economics, the COGS comes to 57%, direct expenses are at 3%, shipping takes 5%, CAC comes to 17%, and branding plus other expenses are at 8%. Their Net margin is around 10%. Their salaries take around another 30%. The founders shared that they are currently burning 17 Lakhs as they have negative 20% EBITDA.
MetaShot raised half a million dollars in June 2023 at a ₹40 Crores valuation. They raised ₹4.15 Crores in that round. The company had another term sheet signed at ₹53 Crore valuation at the time of their pitch. They are raising around 1 million dollars which is around ₹8.12 Crores. The company is projecting ₹250 Crores in revenue in the next 5 years.
MetaShot Shark Tank India Negotiations & Funding:
Aman went out because he couldn’t justify the valuation. Kunal went out for the same reason. Vineeta offered ₹50 Lakhs in exchange for 2% equity in the company and the rest is debt at 10% interest.
Anupam made two offers first one was ₹1.5 Crores for 5% equity or ₹80 Lakhs for 2% but he would take royalties of 2% until he makes his money back. Peyush offered ₹80 Lakhs for 2.5% equity. The founders take a moment to think and come back to counter Anupam and Vineeta at ₹1.6 Crores at 4% equity. Sharks counter at 5% which the founders accepted and they walked out of the tank with ₹32 Crore valuation.
Who are the founders of MetaShot?
Ajith Sunny, Ranjit Kumar Behera and Prince Jacob Thomas founded MetaShot. All Three founders first started a company which made bats for Gully Cricket.
How is MetaShot doing after Shark Tank India?
Our research in the MetaShot revealed that while they did get a deal on Shark Tank India, Early signs suggest that their deal with Anupam and Vineeta did not close after the show. We will update this information after confirmation. The Economics Times reported a few days prior to their pitch aired that the brand had raised ₹11 Crores in Funding through a mix of equity and debt financing. You can check out their products by clicking the Amazon Button below!
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