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Hyper Lab has raised ₹25 lakh from Shark Tank India Season 3. Shark Aman Gupta invested in this startup. Pitchers made an ask of ₹10 lakh for 1% equity. And the deal was done with ₹25 lakh for 1% equity in the company.
Also Read: Goenchi Feni Has Raised ₹2 Crore From Shark Tank India S3
About the Hyper Lab:
Hyper Lab specializes in sports technology products, with its flagship product being Helios. Helios utilizes laser technology to provide guidance to sports players and track their performance effectively.
This innovative technology seamlessly integrates the physical world with the virtual world, offering a comprehensive solution. Many sports organizations have recognized the value of this laser assistive device and are collaborating with Hyper Lab to implement it.
About the Founders:
The founders of the business are Hitarth Parikh and Chahil Patel. Hitarth Parikh has studied at the GLS Institute Of Design. Before Hyper Lab, he had the experience of working as a Product Designer at Studio Carbon.
Chahil Patel has studied Bachelor of Engineering and before Hyper Lab, he worked in Research and Development at Studio Carbon. He has also been a Student Researcher and Technical Team Member in GTU Robotics Club.
Hyper Lab Business Statistics:
They completed their research and development in September 2023, with plans to launch its product in March 2024. Priced at ₹30,000, the product introduced a subscription model for sports academies, charging ₹2,000 per month per device. Targeting the market for High-Intensity Interval Training (HIIT), its focus areas include gyms, sports rehabilitation centres, and physiotherapy clinics.
The product is platform-based, with a granted technology patent and a government grant of ₹45 lakhs. In September 2022, the company raised ₹50 lakhs at a valuation of ₹5 crores. Currently, they hold ₹47 lakhs in the bank, with monthly expenses totalling ₹4 lakhs and a team comprising 12 members.
Hitarth holds 70% equity in the company, with Chahil and Harsheet holding 2% and 1%, respectively. Studio Carbon owns 5%, Neel Mehta 10%, advisors 3%, and ESOPs 9%. Future plans involve expanding operations in India and globally, with a sales target of ₹6 crores next year by selling 3000 products. Additionally, the company plans to raise ₹1.5 crores for mass manufacturing.
The Business Vision of Hyper Lab:
Hyper Lab envisions revolutionizing the future of sports and fitness by integrating cutting-edge technology to offer an unparalleled experience.
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