Ayusynk is a health-tech company revolutionizing how doctors use stethoscopes for hearing internal body sounds. The company is incubated at the Indian Institute of Technology, Bombay.
There are three major stakeholders of the company, namely, Adarsh Kachappilly, the CEO of the company. Tapas Pandey, the Head of Hardware, and Varad Patil, the Head of Software and Analytics
Ayusynk aims to change how doctors use stethoscopes to treat patients.
More About Ayusynk
Ayusynk is a small device that can be attached, making any traditional stethoscope a digital one. The business has been in operation, making great sales and garnering good profits when they appeared on shark tank.
The company offers a digital solution for doctors to better hear the sound through a stethoscope. They have invented a device that can be attached to any traditional stethoscope and converted it to a modern one.
The benefits of the devices are multifaceted, better audio quality, visual representation of the sound, recording of sound patterns, etc. Currently, the device has two modes, helping detect heart murmurs and lung abnormalities.
The unique features of Ayusynk include the that the device can provide-
- Live Stream of Data.
- Removal of Background Noise.
- Better Audio and Visual Clarity.
Ayusynk Shark Tank Pitch and Updates
The founders of Ayusynk appeared on Shark Tank India and informed the sharks that they had already sold 5000 units and secured a patent in the US. The founders demanded INR 1 crore for a 1.5% equity at a valuation of INR 66.67 crores.
After the initial pitch, all the sharks were highly interested in the products. Namita, hailing from the pharma industry, was very interested and asked for a product demo. The founders took the help of Peyush to explain it.
They further introduced their app Ayusynk through which the heartbeats and sounds of the lung can be visually interpreted on a connected device. Finally, the founders explained to the sharks how this product is revolutionary in tele-auscultation.
Namita and Peyush enquired about the pricing and sale. The founders informed us that the average selling price of the product is INR 12,000, and the gross margin is 55%. The founders further shared that they are projecting a sale of INR 7 crore for FY 22 – 23, with an EBITDA of 18%.
Namita enquired how they had sold their devices and what has been the feedback. The founders informed us that, to date, they had sold their devices to 90% of telemedicine companies and 10% of B2C doctors.
They also shared that there has been a steady improvement concerning the feedback they are receiving. When asked about the reason behind the investment, they informed the sharks that they were willing to purchase raw materials with the amount.
Vineeta informed the founders that she would like to be out of the deal as she lacks expertise. Aman advised them to lower their price so that there could be mass adoption.
Anupam opined that they had found an innovative solution, but the market size is relatively small so they might have an issue scaling the business. Thus he was unable to move forward with the deal.
Piyush offered them INR 50 lakhs for 5% equity and INR 50 lakhs debt at an interest rate of 12%, giving a valuation of INR 10 crore.
Peyush offered Namita to join him and concurrently make a deal. However, Namita expressed her willingness to go solo. Namita offered INR 50 lakhs for 4% equity and INR 50 lakhs debt at the interest rate of 10%, giving a valuation of INR 12.5 crore.
The founders offered a counteroffer of INR 50 lakhs for 3.5% equity and INR 50 lakhs debt at an interest rate of 10%, giving a valuation of INR 14.29 crore. Namita agreed to the counteroffer made by the founders.
|Founders||Adarsh Kachappilly, Tapas Pandey, and Varad Patil.|
|Shark Tank Episode||Season 2 – Episode 7|
|Asked For||INR 1 crore for 1.5% equity|
|Deal||INR 50 lakhs rupees for 3.5% equity and 50 lakhs debt at a 10% rate.|
|Sharks Invested||Namita Thapar|
|Valuation Given||INR 14.29 crore|
The deal was closed as Namita accepted the counter offer made by the founders for INR 50 lakhs for 3.5% equity and INR 50 lakhs debt at the interest rate of 10%, giving a valuation of INR 14.29 crore.
Frequently Asked Questions About Ayusynk
After their appearance on Shark Tank India Season 2, people were trying to find more information about Ayusynk. Here are some of the frequently asked questions about them.
1. Who Are The Founders of Ayusynk?
There are three major stakeholders of the company, namely, Adarsh Kachappilly, who is the CEO of the company, Tapas Pandey, who is the Head of Hardware; and Varad Patil, who is the Head of Software and Analytics.
2. Is Ayusynk profitable?
Yes, Ayusynk is a profitable company and they are showing amazing growth year by year.
3. Why did the Sharks not invest in Ayusynk?
Vineeta could not invest because she felt that she lacked the expertise needed in Health Tech. Aman was not convinced with their price point and hence was out. Anupam believed that their market was a bit small and hence they wouldn’t be able to scale significantly; thus, he was out.
4. What happened to Ayusynk after the Shark tank?
Ayusynk was able to secure a great deal offered by Namita. However, we are following up with them and shall share any updates as soon as we receive them.