- Founder/Owner: Amit Bhayani & Manjeet Singh
- Business: Chronic Pain Management Platform
- Ask: ₹1 Crore for 2% Equity
- Valuation/ Networth: ₹50 Crores
- Funding: ₹50 Lakhs for 1.32% + ₹50 Lakhs debt at 10% interest for 2 years
- Sharks: Namita Thapar
- Episode: Season 3 Episode 38
FlexifyMe Shark Tank India Pitch:
FlexifyMe is a chronic pain management platform which integrates Yoga, Physiotherapy and Artificial intelligence. The company appeared on Shark Tank India Season 3 Episode 38. The founders sought an investment of ₹1 Crore for 2% of the company valuing the business at ₹50 Crores.
FlexifyMe operates through multiple steps. The first one is to collect basic details and self-assessment is conducted using camera vision and AI. Secondly, a report is generated based on the data provided. Finally, a customized plan is created which is delivered through Yoga and physiotherapy therapists and AI – guided self practice solutions. The sessions can be completed at home in multiple languages.
FlexifyMe’s Financials & Revenue during Shark Tank India:
FlexifyMe has over 50,000 users in the last 12 months and 2,000 paid subscribers. These customers are spread across 26 countries globally. They also have 15 associated orthopedic doctors and 30 associated physiotherapists.
The company has an average subscription plan for 6 months which costs about ₹16,000. It includes 25 1 on 1 live session and a customized plan. Therapists make from ₹300-₹350 per session on their app. The Brand has a gross margin of around 60%. The company’s current customer acquisition cost is about ₹4,500 and the lifetime value of a customer is at ₹22,000.
FlexifyMe has a monthly revenue of around ₹32 lakhs at the time of their pitch. The founders shared that they are EBITA level positive and at a break-even point for cashflow. The company has a month on month growth rate of around 12-15%. They are currently raising a funding round in which they already got commitments at ₹38 Crore valuation.
FlexifyMe Shark Tank India Negotiations & Funding:
Namita gives the first offer of ₹50 Lakhs for 2.5% and the rest as debt at 10% for 2 years. Aman just didn’t believe in the product therefore he went out. Anupam goes out due to the low treatment success rate in this market for patients. Vineeta went out citing she wouldn’t be able to add much value to this product.
Amit gives another offer of ₹50 Lakhs for 1% and the rest as debt at 12% for 2 years. Namita revised her offer to ₹50 Lakhs for 1.5% and the rest as debt at 10% for 2 years. The founders took a moment to think and come back with a counter of ₹1 Crore for 2.64% but they wanted both sharks in that deal. Sharks refused to join hands.
Namita gives a last counter offer of ₹50 Lakhs for 1.32% and rest as debt at 10% interest for 2 years. Amit matched that offer. The founders decided to take Namita’s offer and they shook hands on ₹37.88 Crore valuation.
Who are the founders of FlexifyMe?
Amit Bhayani & Manjeet Singh founded FlexifyMe.
How is FlexifyMe doing after Shark Tank India?
Our research in FlexifyMe revealed that the deal they got on Shark Tank India was finalized and Closed post show with Namita Thapar. The founder shared this through LinkedIn that their due diligence was completed in 6 weeks and they had money in the bank within 2 months.
In April 2024, approximately 30 days after the appearance, The founder shared that their traffic increased by 80X and lead generation went up by 40X but that didn’t come without issues. Sony Entertainment reported logo infringement and some other violations against FlexifyMe and 7 other companies. Due to this all their Instagram and ad accounts have been blocked.
As of May 2024, the company is still trying to get those back up and they have no social presence which is hurting their business. You can still visit their website more more information and click the Amazon button below to browse other Shark Tank products.
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Here are other companies from Season 3 Episode 38.