Portl Has Raised INR 1.5 crore From Shark Tank Season 2. Pitchers made an ask for 1.5 crores in exchange for 1% equity at a valuation of 150 crores. The final deal was 1.5 crores in exchange for 2.5% equity with Aman, Peyush, and Namita.
Vineeta offered 50 lakhs for 1% equity and 1 crore debt at 12% interest at a valuation of 50 crores. Anupam offered 1.5 crores for 5% equity at a valuation of 30 crores. Namita and Aman offered 1 crore for 2% equity and 50 lakhs debt. And then Piyush, Aman and Namita counter offer 1 crore rupees for 2.5% equity and 50 lakhs debt.
Also Read Snitch Has Raised INR 1.5 Crores at 1.5% equity of the company. All the sharks invested in this startup. The owner asked for ₹1.5 crores for 0.5% equity at the company valuation of 300 crores.
Indraneel Gupta is the CEO of the company. He did his schooling in Hyderabad. He has also played state-level cricket for Hyderabad. Armaan Kandhar is the COO. Vishal Chandapeta is the CTO. He spent 8 years in the US.
Portl is a life-size interactive fitness mirror that can track your fitness at every step. They started it in the year 2021.
It can track activities and can provide you with real-time guidelines. It has an AI system which suggests personalized and enhanced workouts for its users. According to them, Very soon, with the subscription model, you could access live classes, nutrition coaching and mental wellness. They have installed 50+ Portl studios and confirmed the order of 5000 more Portl studios. They also own website and experience centers. Some features of the Portl studio include Health Vitals, Portl Fitness Test, User Preferences and Interaction with the mirror.
Portl also has a sensor to monitor, measure, and analyzes all the activities. The price of the mirror is 1,25,000 rupees.
Portl statistics :
Their company has raised two rounds of funding. In June 2021, the First round was for 7.5 crores at a post-money valuation of 30 crore rupees. They made their team, content, and product between June to April and started their sales in April 2022. When they sell it directly to customers, the gross margin is 45%, while selling through distributors is 30%. The international market has 52% of the gross margin. The monthly burn is 26 lakh rupees, monthly sales are 10 lacs, and monthly expenses are 36 lakhs.
Problem solved by portl
A fitness mirror is an option for people with limited space seeking more physical activity at home. It provides a wide selection of classes, personal training options, and plenty of workouts that fit your needs. In the same way, Portl works like your home gym with an in-build personal trainer. It is smartly designed, which makes it easy to fit anywhere in your house. It allows you the freedom to get strong at home on your terms.
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