Haqdarshak is on a mission to make government welfare schemes accessible to the masses.
The company uses tech to leverage support to avail access to the beneficiaries of government welfare and financial schemes. Aniket Doegar, hailing from Shimla, is the founder of the company.
He graduated from the esteemed Shri Ram College of Commerce and has previously worked as a teacher in a government school.
The company’s vision is to elevate the standard of living and improve socio-economic conditions.
More About Haqdarshak
The business has been in operation since 2015 and is making great sales and garnering good revenue when they appeared on shark tank.
The company provides a web and mobile platform through which people can get information about various government schemes and check their eligibility for the same.
The company’s primary aim is to bridge the gap between the beneficiary and government schemes caused due to lack of information and the complicated application process.
The unique features of Haqdarshak include the following-
- Using technology for digitizing the information of welfare schemes.
- Doorstep registration services to the beneficiaries.
- Providing end-to-end application support to beneficiaries.
Haqdarshak Shark Tank Pitch and Updates
The founder of Haqdarshak appeared on Shark Tank India Season 2 Episode 6 and demanded INR 1 crore for a 0.5% equity at a valuation of 200 crores.
Aniket informed the Sharks that India has a population of around 140 crores, of which INR 90 crore people are from marginalized communities.
For these people, the government makes more than 1300 schemes and programs. INR 20 lakh crore was the budget of the various government schemes last year, and many have failed to reach the beneficiary.
According to Aniket, there are two primary reasons for that, the first is the lack of information, and the second is the lack of technical support and application assistance.
Aniket is working with more than 25,000 agents based out of 50 centers across India to solve this problem. He has already helped over 25 lakh people and over 5000 micro-business entities.
After the initial pitch, Vineeta applauded Aniket for the impact he has made through his company, followed by the app demo through an agent, Jyoti Mule.
The agent explained how eligibility is determined by filling out a questionnaire. Aniket also introduced their newly launched product, Yojana Card, which will help to discover the welfare schemes and financial services one is eligible for.
Peyush enquired about the team composition of the company, to which Aniket replied that he has an all-women CXO (Chief Experience Officer) team, and ninety percent of the agents are women.
Namita next asked about the sales company was making. Aniket informed the founder that the company was profitable till FY 2020-21, and they suffered a loss in FY 2021-2022 by clocking a sale of around INR 15.5 crore. He also informed us that the projected FY 2022-23 sales are INR 30 crore.
Anupam was dubious about whether the company will have a good profit margin after the tedious effort of acquiring customers, to which Aniket replied this is a high volume low margin business and that they currently have an EBITDA of 7%.
Peyush was impressed with the clarity and efforts of Aniket and asked him the reason for pursuing the idea.
Aniket shares his life experiences and how he aims to change the user behavior of the marginalized community while availing services from government offices. He shared his dream of making the company the most prominent social security company in the next ten years.
Peyush was the first to take the leap and offered a whooping INR 1 crore for 2% equity, giving a valuation of INR 50 crore. Anupam appreciated the impact Aniket was making and acknowledged that Peyush had made a generous offer that he won’t be able to match.
Vineeta resonated with the inputs of Anupam and kept herself out of the deal. Namita and Aman concurrently offered INR 50 lakhs for 1% equity and INR 50 lakhs debt at 10% interest, matching the valuation of Peyush. Aniket offered a counteroffer for all three sharks and offered INR 33 lakhs for 0.5% equity to each shark.
|Business||Social Service Company|
|Shark Tank Episode||Season 2 – Episode 6|
|Asked For||INR 1 crore for 0.5% equity|
|Deal||INR 1 crore at 2% equity|
|Sharks Invested||Namita, Aman and Piyush|
|Valuation Given||INR 66.7 crores|
Haqdarshak secured a deal of INR 1 crore in Shark Tank India for 2% equity at a valuation of INR 66.67 crore by Namita, Aman, and Piyush.
Frequently Asked Questions About Cloudworx
After their appearance on Shark Tank India Season 2, people were trying to find more information about Cloudworx. Here are some of the frequently asked questions about them.
1. Who Is The Founder of Haqdarshak?
The founder of the company is Aniket Doegar. He did his graduation from Shri Ram College of Commerce.
2. Is Haqdarshak profitable?
The company was initially profitable but has suffered some losses, which they plan to overcome shortly with a defined revenue plan.
3. Why did the Sharks not invest in Haqdarshak?
Anupam could not invest in the business because he felt Peyush gave a very generous offer that he wouldn’t be able to match. Vieneeta was also not convinced about the growth and had doubts regarding the scalability of the business.
4. What happened to Haqdarshak after the Shark tank?
Haqdarshak was able to secure a great deal on the Shark tank. Namita, Aman, and Peyush were convinced about the idea and decided to invest INR 1 crore at 2% equity.