• Founder: Rakhi Pal, Saurabh Mangrulkar &Venkatesh Prasad
• Business: Community App
• Ask: ₹30 lakhs for 2% equity
• Valuation/Net worth: ₹15 Crores
• Funding: ₹30 lakhs for 3% equity
• Sharks: Ashneer Grover, Aman Gupta, and Peyush Bansal
• Episode: Season 1 Episode 10

EventBeep Shark Tank India Pitch:

EventBeep, a student community mobile application featured on Shark Tank India Season 1 Episode 10, addresses the community needs of students. Available on both Android and iOS platforms, the app enables students to connect, create memories, and communicate with college friends, offering a unique experience of college life. Founded by Rakhi Pal, Saurabh Mangrulkar, and Venkatesh Prasad, the startup sought ₹30 lakh for 2% equity. The app rewards students for their performance in college, such as attending lectures on time and submitting assignments. It also helps students connect with mentors and facilitates connections with companies for future career opportunities.

They have four revenue models. The first is to charge colleges for digitizing their campuses. Secondly, they run brand campaigns for students and charge those brands for their services. Thirdly, they are integrating Ed-Tech courses, and lastly, they charge a commission on tickets for any events they promote on their app.

They launched six months ago with 10,000 students and had 60 thousand students on their platform at the time of the pitch. They have generated ₹65 lakh in revenue in the last 6 months. Their daily engagement time on the app is 20 minutes per day. They have 1800 daily active users and 9000 monthly active users. Saurabh owns 40% of the company, and the rest is divided equally between Rakhi and Venkatesh.

Eventbeep Shark Tank India Negotiations:

Ashneer gave the first offer of exactly what they asked for plus an extra ₹10 lakh to buy secondary shares for Rakhi, in exchange for only 0.5% of the company from her. He said that he would also integrate post-pay in the app to encourage students to join the platform. Peyush also offers the dream deal of exactly what they asked for as well. Aman comes in next to match what other Sharks offered. Anupam thought that they didn’t have clarity on where they are going, so he goes out of the deal. Namita follows Anupam, saying that she doesn’t have expertise in this and the company already has good offers, so she steps out of the deal.

The company takes a moment to think and comes back to the counter at ₹40 lakh for 3% with all sharks coming together. Sharks counter that offer with ₹30 lakh for 3%, which founders accept without any hesitation, and they shake hands on that deal.

Who are the Founders of EventBeep?

EventBeep was founded by Rakhi Pal, Saurabh Mangrulkar & Venkatesh Prasad. Saurabh has been an entrepreneur since he was 15 years old and had earned enough money to pay for his own tuition fees. Venkatesh is a computer engineer, and Rakhi has been into the community aspect with expertise in that area. They were all 24 years old at the time of the pitch. The founders also shared that Rakhi was not supported by her family to pursue entrepreneurship and was kicked out of the house once they found out about their venture.

How is EventBeep doing after Shark Tank India?

Our research in the company revealed that their Shark Tank India deal with sharks did indeed close after the show. Interestingly, the post-Ashneer shared had a transfer of ₹14.98 lakh to the company’s account, which leads us to believe that other sharks also contributed to buying the secondary shares from Rakhi to help her out. As of November 2023, their app has over 100k downloads on Google Play and is still in business.

Saurabh shared on Podcast Bantr with Cheytan that Rakhi’s family came around after the show aired. The company changed its direction after the show to move more towards getting students internships by connecting them with the company and giving students a community feeling. Saurabh shared that he’s been watching Shark Tank since he was 14 and learned 70% about businesses from the show. He also shared that sharks did mentorship sessions with them, and they have gained important insights from them. He added that the show has pushed their growth number to a point where they have grown so much in 1 month which may have taken 2 years otherwise.

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Source: Eventbeep Instagram

Here are updates on other companies from Season 1 Episode 10.