- Founders: Pankaj Bhai, Aashna Mutneja & Suresh Mutneja
- Business: Caring for Elders
- Ask: ₹1 Crore for 2.5% Equity
- Valuation/ Networth: ₹40 Crores
- Funding: No Deal
- Sharks: No Deal
- Episode: Season 1 Episode 35
Elcare India Shark Tank India Pitch:
Elcare India is an Indian Startup which appeared on Shark Tank India Season 1 Episode 35. The founder shared that India has 20 Crore people over the age of 50 which they can cater to. They provide services from taking elders to places and setting up their homes. They provide these services at affordable rates and right at the doorsteps.
Elcare India has worked with over 200 families in 11 cities across India in their first 8 months of Inception. The company added that their services are provided by Ex-defencemen who are trusted across the country. The founders sought an investment of ₹1 Crore in exchange for 2.5% of the company valuing the business at ₹40 Crores.
Elcare India’s Revenue during Shark Tank India:
Elcare India started in February 2021 and has made a revenue of ₹50 Lakhs by November 2021. They are currently at a monthly revenue of ₹5 Lakhs. The company has 30% margin on their services.
Elcare India Shark Tank India Negotiations & Funding:
Peyush was the first shark to go out of Elcare India’s negotiations. He felt like there was a need for a product like this but as the company scale, it would be very complex to maintain this business. Namita goes out due to lack of defensibility of this business with already established business taking over this area.
Anupam goes out due to founders having conflicted views on direction of the business and complexity with equity structure of the company. Gazal & Aman goes out as well due to the same reason. Vineeta didn’t see a clarity on how to scale this business therefore she goes out as well. Ashneer also goes out but suggests the founders to build a different business on the bases on their Ex-servicemen supply chain.
Who are the founders of Elcare India?
Pankaj Bhai, Aashna Mutneja & Suresh Mutneja founded Elcare India.
How is Elcare India doing after Shark Tank India?
Our research in Elcare India revealed that while they did not get a deal on Shark Tank India, Their appearance on the show gave them nationwide exposure and validation. The company decided not to change their model and continue doing what they did. Unfortunately, As the sharks predicted, The company did not succeed in capturing the market and went out of business in 2024.
Here are other companies from Season Episode 33.