- Founder: Jainam Mehta & Mihir Mehta
- Business: Resting Pods
- Ask: ₹50 lakhs for 4% equity
- Valuation: ₹12.5 Crore
- Funding: No Deal
- Sharks: No Deal
- Episode: Not Aired
Urban Naps Shark Tank India Pitch:
To provide people with something to do while they wait for their flight, Urban Naps offers capsules where individuals can work, sleep, and relax at Airports. These pods also include body massages, which can be initiated through their mobile app. At the time of the pitch, the company had installed four pods in Ahmedabad. They sought ₹50 lakh for 4% of the company, resulting in a valuation of ₹12.5 Crores.
The pod is controlled by an app and RFID. You can book the pods starting at a minimum of 20 minutes for ₹199, going up to 60 minutes for ₹499. The pod also features Zero Gravity seats, Oxygen Therapy, ventilated/heated seats, and includes meditation music.
The pod costs ₹2 lakh to make, and all pods are manufactured in India, significantly lower than the cost of importing from outside, which could range from ₹15-20 lakh. The company also has plans to export their pods, with an order from a client in France for two sample orders amounting to ₹7 lakh. They generate around ₹50,000 per pod per month, with 25% allocated to operations, another 25% to operators, and a net profit of 50%. Founders also shared that The National Institute of Design has invested ₹12 lakh for 4% equity in the company.
Urban Pods Shark Tank India Negotiations:
The Sharks inquire about addressing body odor problems, to which the founders respond that they are working on another project to resolve that. Following that, Peyush points out the existence of sleeping pods in airports and expresses doubts about the long-term viability of the business. Aman and Vineeta also exit the deal for various reasons.
Anupam is interested in the business and the founders’ ideas. While he acknowledges concerns about the current revenue model, he offers ₹50 lakh for 25% of the company. Ashneer, impressed with the engineering and quality of the product, joins Anupam’s offer under the condition of shifting towards selling products and innovating more concepts.
The founders take a moment to think, return, and clarify their focus on the Airport model. The Sharks disagree, leading to negotiations. The company counters at ₹50 lakh for 12%. Ashneer counters at ₹50 lakh for 20%, but the company settles at 15% and 16.6%. Ashneer exits the deal, expressing frustration with the founders’ mindset. Anupam reverts to his initial offer of ₹50 lakh for 25%, but after the founders continue to emphasize their Airport idea, Anupam also exits.
Who are the founders of Urban Naps?
The founders of Urban Naps are Jainam Mehta and Mihir Mehta, two siblings. Jainam is a software developer with a Master of Science in IT, while Mihir is a Mechanical engineer. They founded Urban Naps in 2018.
How is Urban Naps doing After Shark Tank India?
After Shark Tank India, despite not securing a deal, Urban Naps stuck to their original plan. They began exporting pods after the show aired. However, as of November 2023, they did not expand beyond their initial setup at Ahmedabad airport, which has since been shut down.
Source: Urban Naps Instagram
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