- Founder: Sanjay Modi
- Business: Book Selling
- Ask: ₹40 Lakhs for 20% Equity
- Valuation/ Networth: ₹2 Crores
- Funding: ₹40 Lakhs for 20% Equity
- Sharks: Anupam Mittal
- Episode: Season 4 Episode 31
NearBook Shark Tank India Pitch:
NearBook is an Indian startup which appeared on Shark Tank India Season 4. The company makes buying and selling used books easier. They had over 6 Lakh downloads on their platform at the time of their pitch. The founder sought an investment of ₹40 Lakhs in exchange for 20% equity in the company valuing the business at ₹2 Crores.
NearBook’s Financials and Revenue during Shark Tank India:
NearBook’s app was developed by a freelancer. Sanjay has created a lot of areas in the app. Their USP is a nearby book, which shows all the books nearby in ascending distance. Users connect on the app, and payments are done offline. The company was at a pre-revenue company at the time of their pitch.
NearBook shows lot of disclaimers during the consumer journey as the founder shared that people have already been scammed on the platform. 80% of their customers are students, and the rest are book enthusiasts. The company have over 5 Lakh downloads between March 2024 to April 2024.
NearBook has had over 40,000 books traded on its platform since its inception. The founder shared that the benefactor has spent about ₹6 Lakhs of their own money to sustain this business. They have a 55% repeat rate.
NearBook Shark Tank India Negotiations & Funding:
Anupam went out because he felt like classified business is not sustainable anymore. Namita shared the same opinion; therefore, she went out. Vineeta went out, but she suggested the founder to keep working on it. Ritesh went out due to not seeing long-term trust issues. Kunal went out as well, but he suggested the founder to add more people in his team.
Anupam wanted to mentor Sanjay, so he decided to come back. He offered a dream deal to Sanjay, which was ₹40 Lakhs for 20% equity. The founder accepted that deal without any hesitation.
Who is the founder of NearBook?
Sanjay Modi founded NearBook. He was 20 years old at the time of their pitch. He is from Sanchore, Rajasthan.
How is NearBook doing after Shark Tank India?
Our research in the NearBook revealed that while they did get a deal on Shark Tank India by Anupam, there are no signs that the deal ever closed. it could be, however, that they are still in the due diligence phase.
In a conversation with Indianretailer.com, the founder shared that with this funding, they plan to capitalize on the exposure to acquire more users, onboard sellers, strengthen our brand, execute growth strategies and secure additional funding. If needed, we will raise more capital from impact investors to accelerate our vision.
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