NeoMotion is a brand that delivers customized wheelchairs and wheelchair solutions to specially-abled people. Since its launch in 2020, they’ve deployed over 2000+ products in 32 states. You can order their products via their website from anywhere.
More About NeoMotion
1.5 crore people in India need wheelchairs. These people need support to do even basic tasks, like having water or going to the washroom. Ashish Sharma, Swostik Dash, & Siddharth Daga founded NeoMotion to help these handicapped and senior citizens regain their dignity by becoming self-dependent.
All three founders studied at IIT Madras and have been friends since then. Swostik was fond of design and spent five years in the Center of Innovation to hone his skills.
He worked on a project with his professor where he met with 200+ wheelchair users. He understood user challenges and the products they were using. Post that, the idea of NeoMotion was born.
Their products are –
It is a personalized wheelchair made according to the user’s body measurements. India’s fastest wheelchair marathons were organized using NeoFly.
It is an innovation for outdoor mobility. It can be attached to a wheelchair to convert it into a scooter.
Their products use removable and rechargeable batteries that run 25 km per charge. Their products are sponsored by the government, donors, and CSRs (corporate social responsibility).
NeoMotion Shark Tank Pitch and Updates
Ashish, Swostik, and Siddharth appeared on Shark Tank India Season 2, Episode 18, seeking INR 1 crore for 1% equity at a valuation of INR 100 crore.
Their pitch started really well. The demo was also very effective when a real user told the story of how his life changed after using NeoMotion, and now he’s supporting himself and his family.
Swostik is the CEO of the company. Siddharth manages sales & marketing, and Ashish manages the production and supply chain. They don’t have direct competitors in India. And the imported products cost 5-6 times what NeoMotion is offering.
Their FY 21-22 revenue was INR 4.7 crore. And their profit after tax was INR 30 lakhs. Their FY 22-23 was already booked for products worth INR 13 crore.
65% of their orders come from individuals via their website and social media campaigns. The rest of the orders come from government agencies and CSRs.
Their complete product set (NeoFly+NeoBolt) is priced at INR 1.18 lakhs. Currently, it’s selling for INR 99,900. The NeoFly costs INR 49,000, but they are selling it for INR 42,900.
Anupam felt the price was too high compared to regular wheelchairs. Swostik replied that other products are already in the pipeline for that price range. And they plan to deliver innovative and better products compared to what’s available in the market right now.
They received a grant of INR 44 lakhs from IIT Madras Incubation Cell at an equity of 6.5%. They also got a debt of INR 53 lakhs.
Anupam Mittal was the first to make an offer. He offered INR 50 lakhs for 4% equity at a valuation of INR 12.5 crore and INR 50 lakhs as debt at the same interest rate they were paying on their previous debt. Namita Thapar joined Anupam in his offer.
Amit Jain wanted the business to run at 5% profit only because it was for a cause. The pitchers couldn’t agree to that, and Amit was out of the deal.
Peyush gave them a conditional offer. He offered INR 1 crore for 5% equity at a valuation of INR 20 crore. The condition he presented was that – Peyush would receive 5% of the total profit until he receives INR 1 crore, and that amount will go to donations (free wheelchairs to the needy).
Aman Gupta said they already got good offers. Otherwise, he would have offered them something. And therefore, he decided to get out of the deal.
Anupam and Namita revised the offer. They matched Peyush’s offer of INR 1 crore for 5% equity at a valuation of INR 20 crore without any condition.
The pitchers said they would only dilute 1% equity. Namita instantly quit. Anupam changed the offer to INR 99 lakhs as debt at 15% interest and INR 1 lakh for 1% equity at a valuation of INR 1 crore.
Peyush Bansal also revised his offer and offered them INR 1 crore for 2.5% equity at a valuation of INR 40 crore.
Pitchers wanted to go with their original ask of INR 1 crore for 1% equity at a valuation of INR 100 crore. As a result, Anupam decided to get out of the deal.
|Ashish Sharma, Swostik Dash, & Siddharth Daga
|Chennai, Tamil Nadu
|Customized Tech-Enabled Wheelchairs
|Business is profitable
|Shark Tank Episode
|Season 2 – Episode 18
|INR 1 crore for 1% equity
|INR 1 crore rupees for 1% equity
|INR 100 crore
NeoMotion got a deal of INR 1 crore from Peyush Bansal for 1% equity at a valuation of INR 100 crore on Shark Tank India Season 2 with the condition that NeoMotion will pay back that INR 1 crore by paying 5% of the net profit to Peyush Bansal. This amount will go into donations.
Frequently Asked Questions About NeoMotion
After their appearance on Shark Tank India Season 2, people were trying to find more information about NeoMotion. Here are some of the frequently asked questions about them.
1. Who Are The Founders of NeoMotion?
Ashish Sharma, Swostik Dash, and Siddharth Daga are the founders of NeoMotion.
2. Is NeoMotion profitable?
NeoMotion is profitable.
3. Why did other sharks not invest in NeoMotion?
Aman wanted the business to run at 5% profit only to support the cause. The pitchers couldn’t agree to that. Aman felt pitchers already received good offers so he was out. Namita and Anupam had to back out because NeoMotion didn’t budge from their original ask of 1 crore at 1% equity.
4. What happened to NeoMotion after Shark Tank?
NeoMotion raised INR 1 crore from Peyush Bansal (founder of Lenskart). Since the episode was aired, NeoMotion has received calls from their existing customers supporting them. And they also reached a wider user base.
They are also planning to expand their operations globally, but it’s still in the planning stage.