- Founders: Hitarth Parikh, Chahil Patel, and Harsheet Maliwal
- Business: Sport-Tech equipment
- Ask: ₹10 Lakhs for 1% equity
- Valuation/ Networth: ₹10 Crores
- Funding: ₹25 lakhs for 1% equity
- Sharks: Aman Gupta
- Episode: Season 3 Episode 18
Hyperlab Shark Tank India Pitch:
Hyperlab is an Indian startup which appeared on Shark Tank India season 3, Episode 18. They sought an investment of ₹10 Lakhs in exchange for 1% equity in the company, valuing the business at ₹10 Crores. The founders shared that sports are based on 3 factors: Stamina, Agility, and Reflex. Currently, the market is flooded with products to increase stamina, but there is a gap in the market to help improve the other two factors, and that’s where Hyperlab comes in.
Hyperlab is a sport-tech brand that combines the virtual world with the actual world through digitalization. Their product, Helios, is the planet’s first digital device that both trains and tracks its users. Further, It works with all kinds of sports and fitness activities. Also, To bring this product to life, the company has spent two years in R&D, where they have made over 100 prototypes that were tested on over 100 users. Moreover, Helios is a portable device that can be placed anywhere on a flat surface. It connects through Bluetooth to the phone application. They have obtained a patent for their product.
Hyperlab Financials & Revenue during Shark Tank India:
Hyperlab has collaborated with the Sports Authority of India & Swarnim Sports University in Nadiad, Gujarat, to validate their products. The founders shared that the students are now doing PhDs on their device as something like this has never existed before. Also, They completed their R&D phase in September 2023 and are hoping to launch this by March 2024. Helios is priced at ₹30,000.
Hyperlab has received a government grant of ₹45 lakhs, which they have used to develop the product. In 2022, the company also received an investment of ₹50 lakhs for 10% of their business, valuing the company at ₹5 Crores. They still had ₹47 Lakhs in the bank at the time of their shoot. Their monthly burn is ₹4 Lakhs for a team size of 12 people. They are projecting a revenue of ₹6 Crores for FY24-25.
Hyperlab Shark Tank India Negotiations & Funding:
Aman was the first shark to give Hyperlab an offer, which was ₹10 lakhs for 1% of the company, exactly what they asked for. Vineeta puts out a second offer of ₹50 lakhs for 5%, giving the same valuation as Aman. Namita offered ₹20 Lakhs for 1%, which is double what the founders asked for. Vineeta also gave her second offer of what Namita offered as well. Amit also jumps in to offer exactly what the founders asked for, which was ₹10 lakhs for 1%.
Anupam asked what their plan of manufacturing is, to which founders responded that they would have to raise more, so he asked them to do it today. Given that, he offered ₹1 Crores for 5%, valuing the company at ₹20 Crores, 2X of what the founders asked for. Aman revises his offer to ₹25 Lakhs for 1%, valuing the company at ₹25 Crores. Vineeta and Namita matched that offer. The founders take a moment to think and come back to accept Aman’s offer. They shook hands on ₹25 lakhs for 1%, valuing the company at ₹25 Crores.
Comment – This also makes Hyperlab one of the few companies which got money at 2.5X of the valuation of their initial ask. That, paired with All Sharks’ offers, makes this pitch one of a kind.
Who are the founders of Hyperlab?
Hitarth Parikh, Chahil Patel, and Harsheet Maliwal founded Hyperlab. They are based in Ahmedabad, Gujarat. Hitarth has studied industrial design. Chahil went to school for IT and also has interests in product design. Harsheet takes care of the software side of the business. Hitarth owns 70% of the company, Chahil has 2%, and Harsheet has 1%.
How is Hyperlab doing after Shark Tank India?
Our research into the company revealed that while Hyperlab did secure a deal on Shark Tank India, whether their deal has gone through yet is still not fully clear. While the early signs suggest that it has not yet closed, this could just mean that they are still in due diligence. We will update this information as soon as we get more information on the situation.
As for the product, the company has started to take pre-orders of Helios through their website with an initial fee of ₹199. Notably, the product pricing has gone up by ₹4,999 as it is currently priced at ₹34,999. The expected shipping date for their products is in May 2024. While their products are not yet available through Amazon, you can check out other Shark Tank products by clicking the Amazon Button below!
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Source: Instagram @hyperlab.life
Here are other companies from Season 3 Episode 18.