HoloKitab Shark Tank India Pitch:
HoloKitab is an Indian tech company that uses Augmented Reality to create 3D content from school books and other products. They started as a book publisher and have sold about 10,000 books so far. Their vision is to make Augmented Reality education more accessible, and for that, they sought an investment of ₹45 Lakhs for a 10% equity stake, asking for a valuation of ₹4.5 Crores.
The founders started working on VR for education in 2017 when they were in college but realized quickly that it was not scalable; therefore, they pivoted to AR in December 2020. Further, Founders shared that their target is the education sector where they are working with textbook publishers and education toy manufacturers. Their unique selling proposition is that they are adding everything to their own app and bringing everything to one platform. This is also helping them to bring the cost down to about ₹100 per service, which is way cheaper than competitors’ ₹2000 price tag.
HoloKitab has only started the service model two months ago and only did book publishing previously. From December 2020 to March 2021, the company made a revenue of ₹2 Lakhs. This was followed by ₹10 Lakhs in FY21-22. The founders shared that in the first 5 months of FY 22-23, the revenue is at ₹3 Lakh rupees. Additionally, They have a 4-5 years contract for their new service model where they would make around ₹5 Lakhs per product per year, and they can do multiple products in that.
HoloKitab Shark Tank India Negotiations & Funding:
Anupam commented that the margins will shrink and will be under pressure all the time. Aman added that founders are confused about what their revenue model is and what their future looks like; therefore, he steps out of the negotiations. Peyush thought that the business was too early and not defensible; therefore, he went out as well. Further, Vineeta wasn’t impressed with revenue numbers and didn’t get confidence in entrepreneurs’ execution skills; therefore, she also goes out of negotiations. Anupam goes out, citing that he is not confident in this venture; therefore, he also goes out of the deal.
Namita was interested in the Augmented Reality market; therefore, she was also interested in this venture. She added that her offer comes with a few conditions. The first one being that they would need to expand their market to other industries. Secondly, she wasn’t impressed with their revenue model and commented that there are some flaws in it, and she would need to change their revenue model. With those conditions, Namita offered ₹45 Lakhs for 25% of the company.
The founders countered with 20%, which Namita refused and added that it would take a lot of her time, therefore she would stick to her initial offer. Entrepreneurs accepted that offer after some discussions among themselves, and they closed the deal at ₹45 Lakhs for 25% of the company, giving them a valuation of ₹1.8 Crores.
Who are the founders of HoloKitab?
Dipanshu Bajaj & Nikhil Miglani founded HoloKitab. They both graduated from Guru Nanak Dev University in Punjab, India.
How is HoloKitab doing after Shark Tank India?
Our research into HoloKitab revealed that their Shark Tank deal with Namita Thapar did not close after the show aired. Despite that setback, the company is still in business as of January 2024 and growing.
While this company’s financials are not yet publicly available, we will update this article as soon as more information comes to light!
Source: Instagram @holokitab
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Amrutam
Update coming soon!
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