Hornback Emobility & Malaki Secure Deals While Sharks Advise Nanoclean to Explore New Use Cases
Shark Anupam Calls Zoe’s Products ‘A Sin’
Modern professionals often struggle with lifestyle disorders, leading them to seek quick fixes like detoxes. Zoe, a dynamic startup based in Gurgaon, India, aims to offer more than just temporary solutions. Founded by Karan and Tanya, Zoe focuses on providing personalized nutrition plans through its innovative online platform. With cutting-edge technology, Zoe crafts individualized meal plans and offers high-quality supplements, detox packages, and superfoods to support overall health and wellness. Additionally, the platform allows users to connect virtually with doctors and nutritionists for personalized health advice.
Having positively impacted over 1.4 lakh customers, Zoe has achieved Rs. 43 crore in lifetime sales. Despite their achievements, when they pitched for an investment of Rs. 75 lakh for 5% equity at a Rs. 15 crore valuation, they did not secure a deal. Shark Anupam Mittal criticized the product, calling it “a sin” and stating that the founders lacked the necessary expertise. The Sharks felt the product’s claims were unsubstantiated, leading them to pass on the investment.
Hornback Emobility’s Foldable E-Bicycle Bags a Deal
Hornback Emobility, a Hyderabad-based startup founded by Nishith Parikh and Rajkumar Kewat in 2022, is making strides in the electric vehicle industry. Specializing in foldable e-bicycles, Hornback is committed to providing eco-friendly, stylish, and practical transportation options. Their patented mechanism allows for easy storage without sacrificing the benefits of a full-sized bicycle. With 80 pre-ordered bikes, each priced at Rs. 44,999, the company has already raised Rs. 3.33 crore in funding at a Rs. 15.33 crore valuation.
Hornback sought an investment of Rs. 50 lakh for 1% equity at a Rs. 50 crore valuation. Shark Amit offered Rs. 30 lakh for 2% equity at a Rs. 15 crore valuation and Rs. 10 lakh in interest-free debt. When the founders expressed reluctance to take on debt, Amit revised his offer to Rs. 50 lakh for 2.5% equity at a Rs. 20 crore valuation. The founders accepted the deal, aiming to make electric bicycles an affordable and environmentally friendly option.
Malaki’s Non-Alcoholic Beverages Captivate Sharks Aman & Peyush
Malaki, a Mumbai-based startup founded by Ashish and Mohit Bhatia, is redefining non-alcoholic beverages with its premium, flavorful drinks. With a focus on quality and sustainability, Malaki offers a range of beverages made from natural ingredients and exotic flavors. Their products are available in over 500 HoReCa outlets and on platforms like Swiggy and Zepto. The company reported Rs. 7 crore in revenue for FY 21-22, with a projection of Rs. 9 crore for FY 22-23.
Malaki sought an investment of Rs. 50 lakh for 1% equity at a Rs. 50 crore valuation. Sharks Aman, Peyush, and Anupam made offers, with Aman and Peyush ultimately teaming up to offer Rs. 50 lakh for 3% equity at a Rs. 16.67 crore valuation. Despite Anupam’s better valuation offer, the founders chose Aman and Peyush, valuing their expertise over a higher company valuation.
Sharks Advise Nanoclean to Explore New Use Cases
Nanoclean, an Indian startup founded by Prateek Sharma in 2017, is revolutionizing air purification with its nanotechnology-based products. Their wearable NASO95 technology filters out bacteria, viruses, and pollutants, improving the breathing quality for over 2 lakh people. Despite a lifetime revenue of Rs. 15 crore, the company has seen a decline post-COVID, with Rs. 1.1 crore in FY 21-22.
Nanoclean sought an investment of Rs. 80 lakh for 2% equity at a Rs. 40 crore valuation. However, the Sharks declined to invest, suggesting that the company explore additional use cases for its nanofiber technology.