Bill Gates-Backed Startup Cracks Rs 1 Crore Deal With Aman Gupta On Shark Tank India
On a recent episode of Shark Tank India, a startup which is backed by Microsoft co-founder Bill Gates got featured on the show, impressing the sharks and even getting a Rs 1 crore deal from Aman Gupta.
Bill Gates-Backed Startup Cracks Rs 1 Crore Deal On Shark Tank
Backed by billionaire Bill Gates, the startup's inventors claim their device could prevent the deaths of thousands of Indian infants, who die each year as a result of inadequate access to healthcare in rural areas. The panel of sharks, which included Aman Gupta, Peyush Bansal, Vineeta Singh, Ritesh Agarwal, and Radhika Gupta, complimented them on their noble cause, but they also addressed worries about their growth model and lack of business acumen.
The Startup Is Backed By Google Also
The company's founders, Pratyusha and Manoj Sanker, valued Nemo Care at Rs 40 crore when they presented their idea to Shark Tank India. They requested funding of Rs 1 crore in exchange for 2.5% equity. Major players like Google and the Bill and Melinda Gates Foundation have placed bets on them, and the founders claim that they have already raised grant money totaling Rs 6 crore. Furthermore, they have already received a US patent and are currently obtaining FDA (Food and Drug Administration) approval, which will provide them with additional opportunities.?
They claimed that their device can closely monitor newborns and give information to clinics and hospitals that are short on labor nurses. The gadget can benefit medical professionals in places where labor shortages don't exist, and in certain situations, it can even spot warning signs of impending disease. According to them, 80% of the up to 4 lakh babies that are lost in India each year could be saved with prompt medical attention, as per Indian Express report.
According to?Shark Tank India season 3 judge?Radhika, she still believes the business is in its pre-revenue phase and, as a principle, doesn't make investments at this time. After the founders informed the sharks that their sales had not increased over the previous three years and that they were losing about Rs 15 lakh annually, she arrived at this conclusion. Peyush expressed his concern, saying, "I know the Rs 40 crore valuation you already have will help you raise the money you need, but where will the burden of this valuation take you? You want to travel to the US after making such significant commitments. Have you forgotten the 10 lakh babies in India??
Also Read:?Chennai Entrepreneur With Poor Hindi Claims He Was Not Allowed On Shark Tank
Aman Gupta Invests Rs 1 Crore In The Startup
In response, the founder said on Shark Tank India, "I want US money to sustain." Supporting the founders, Aman Gupta asserted that there is nothing wrong with requesting US funding. "I concur with you. What's the issue, you can take money from anyone you want? Peyush teamed up with Vineeta to make the founders an offer in spite of his reservations. The founders, however, were more keen to work with Aman Gupta, and they finally came to an agreement whereby Rs 20 lakh was exchanged for 0.67% equity and the remaining Rs 80 lakh was taken on as debt with a two-year interest rate of 10%.
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