- Founder/Owner: Mr. Devendra Pradhan and Mr. Biswajit Swain
- Business: Robots
- Ask: ₹80 Lakhs for 1% Equity
- Valuation/ Networth: ₹80 Crores
- Funding: ₹80 Lakhs for 1% Equity
- Sharks: Ritesh Agarwal
- Episode: Season 3 Episode 43
Coratia Technologies Shark Tank India Pitch:
Coratia Technologies specializes in unmanned underwater robots for inspection, surveillance and gathering high-end technical data in deep water bodies. Their product line includes JALADUTA which is a service class robot & JALASIMHA which is made exclusively for Indian Navy. The founders sought an investment of ₹80 Lakhs for 1% of the company valuing the venture at ₹80 Crores.
Coratia Technologies shared that their products are fully autonomous and controlled by a person from the surface. They added that the robots could also clean the marine growth underwater before capturing the data for better accuracy. The cameras on the robots also provide real-time HD vision. It also has a very compact design and helps with search and rescue operations.
Coratia Technologies shared that their JALADUTA costs them ₹50 lakhs to manufacture and JALASIMHA costs around ₹2 Crores. Both of them have a slightly positive buoyancy so that if they malfunction, they can float back to the surface. They also do a 3D real-time mapping.
Coratia Technologies Revenue & Financials during Shark Tank India:
Coratia Technologies made a revenue of ₹1.28 Crores in FY23-24 till October 2023. They charge ₹10-12 Lakhs for 5-7 days of inspection with their robots of a medium size bridge. The company also provides manpower of 4-6 people for the deployment of a robot.
The company has received grants worth around ₹2 Crores from the Government of India. The founders shared that they are expecting a revenue of over ₹50 Crores by December 2024 with a projected profit of around ₹30 Crores.
Coratia Technologies Shark Tank India Negotiations & Funding:
Vineeta give the first offer of ₹80 Lakhs for 1% and royalty of 1% until ₹1.6 crores is recouped. Radhika went out citing she wouldn’t be able to add any value to the company. Peyush shared the same sentiment therefore he went out as well. Aman went out as well. Ritesh gives second offer of ₹80 Lakhs for 1% with no royalty. which is exactly what the founders asked for. The entrepreneurs accepted that offer without any hesitation.
How is Coratia Technologies doing after Shark Tank India?
Our research in the company revealed that while they did get the deal on Shark Tank India, Their deal with Ritesh Agarwal did not close after the show. While the reasons for the fallout are not yet clear, we will update this article as soon as more information comes to light. In the meantime, you can check out their website for more info and click the Amazon button below to check out other Shark Tank India Products.
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Here are other companies from Season 3 Episode 43: