Neomotion has raised ₹1 Cr for the equity of 1% from shark tank India season 2. Pitchers asked for 1 crore rupees in exchange for 1% equity in the company. Piyush Bansal invested in the startup with the condition that he would receive 5% of the profit till he received 1 crore, which has been donated.
Anupam offered 50 lacs for 4% equity and 50 lacs debt.
Namita joins Anupam for the same offer. Piyush’s counter offer was 1 crore rupees per 5% equity condition that he would receive 5% of the total profit till he receives the total amount of INR 1 crore, which will be donated. Namita’s and Anupam’s joint counteroffer was INR 1 crore rupees for 5% equity. Pitchers remain stuck to their initial offer.
Aupama kept a counter offer of 1 lakh rupees for one per cent equity and 99 lacs debt at a 15% interest, and Piyush’s counter offer was one crore rupees for 2.5% equity.
Later Piyush changed his offer for one crore rupees in exchange for one per cent equity with the condition that he would receive 5% of the profit till he received 1 crore, which has been donated.
Neomotion’s founders are Swostik Dash, Ashish Sharma, and Siddharth Daga. They are friends from IIT Madras. Swostik, the CEO, has spent 5 years in the research and development cell and has worked on the prototype of the wheelchair. Ashish looks after the production and supply chain, and Swostik looks after marketing and sales.
Neomotion has been introduced to make disabled people independent. Their products are known as Neofly and Neobolt. Neofly is a personalized wheelchair that is made up of the nerves of a human being. And Neobolt is an innovation for outdoor mobility which can be attached to a wheelchair to make it a scooter. Also, Neobolt has a removable battery that can be charged separately, and on one charge, it can run up to 25 km.
Neomotion was launched in 2020 and delivered 2000 + products around 32 states. Their company is sponsored by governments, donors, and CSR; they also have a website for their products.
See all shark tank season 2.0 episodes, here at Shark Tank India S2
In the financial year 21-22, the revenue was 4.7 crore rupees profit after tax was 30%. They received 65% of orders from individuals and the rest, 35% from governments and CSRs. Both of their products (NeoFly+Neobolt) MRP is 1.18 lakhs, and the selling price of their product is 99,900.
Only Neofly is 49000, and the selling price is 42900. They are also granted by IIT Madras incubation cell 44 lakhs rupees for 6.5% equity.
Problem solved by Neomotion
As we all know that an appropriate wheelchair provides the user with the freedom to move around and helps in their day-to-day physical activity. In India, almost about 1.5 crores of Indians are disabled, and Neomotion felt the need that they need assistance in every step of their daily life. That is why they introduced it to make disabled people independent.
Please visit WEXT.in regularly for more details regarding Shark Tank India Season 2 updates. If you find this piece interesting, please forward it to your friends and leave feedback in the comment section.