How is GridMats Doing After Shark Tank India?

Founder/Owner: Saurabh Kumar & Dr. Prathap B
Business: Road Construction
Ask: ₹5 Crores for 2% Equity
Valuation/ Networth: ₹250 Crores
Funding: No deal
Sharks: No deal
Episode: Season 3 Episode 27

GridMats Shark Tank India Pitch:

GridMats is an Indian startup that appeared on Shark Tank India season 3 episode 27. The founders claimed that their innovative product is made from 100% recycled plastic waste and is used to create roads, footpaths, and warehouse flooring. Also, GridMats are sustainable, maintenance-free, and cost-effective due to their unique honeycomb design. The company added that traditional roads are around 450mm, but roads built using their material are usually 250mm and provide similar durability. The founders’ vision is to take GridMats worldwide and revolutionize road development, and therefore they sought an investment of ₹5 Crores for 2% of the company, valuing the business at ₹250 Crores.

GridMats Revenue & Financials during Shark Tank India:

GridMats made revenue of ₹10 Crores in FY21-22. They saw a dip in the following year and closed FY22-23 at ₹5 Crores in revenue. The company is projecting to close the year at around ₹5 Crores in FY23-24 as well. The founders added that they are waiting for certification, and once that is obtained, their revenue for FY24-25 will surge to ₹50 Crores and over ₹100 Crores in years afterward. The company also claims to reduce carbon emissions by 80% during road constructions.

GridMats is also aiming to be India’s first rental road platform. The founders added that they will be starting to sell the roads online in the near future on a rental basis. Also to note that Potholeraja has fixed 35,000 potholes in 35 cities across India so far. That company operates under the same umbrella and had revenue of ₹4.5 Crores last year and ₹2.5 Crores this year. The company also has a design patent on their product.

Dr. Prathap has the majority share in the company with 52% equity, Saurabh has 10%, Dr. Prathap’s wife has 15%, Dr. Kalpana has another 10%, and the founders added that they also dedicated 10% to the ESOP pool.

GridMats Shark Tank India Negotiations & Funding:

Aman was the first shark to go out of GridMats negotiations due to him not understanding the product and the founders asking for more funding than their revenue. He added that he also couldn’t make sense of the valuation either. Namita goes out citing the founders’ lack of business acumen. Peyush goes out because he felt like there was nothing he could do to help entrepreneurs. Vineeta goes out because she could not gauge how breakthrough this product is. Anupam goes out due to long sales cycles of the products of this company. GridMats walked out of the Tank without a deal.

Who are the founders of GridMats?

Saurabh Kumar & Dr. Prathap B founded GridMats, which is a product of a company called Potholeraja.