Mindpeers Shark Tank Pitch:
Mindpeers is an AI powered platform which analyzes your mental strength and improve it proactively. This is based on a person’s career, financial status and relationship status. They have developed In-house Neuro Science games and behaviour changing & habit forming tools. They have over 3.5 Lakhs users and are expanding globally. They sought investment of ₹53 Lakhs for 1% of the company giving them valuation of ₹53 Crores.
Mindpeers started as a marketplace for therapists and then shifted to the current strategy after their first investor Sanjay Mehta. He invested a total of ₹1.12 Crores at ₹33.75 Crore valuation. They are also doing another big round right now which this investment will be part of. Kanika still has 70% of the company and Sahil has 25%. The rest is with financial advisors/Investors.
Their first product is their app where users fill out the form to understand how strong they are. then they recommend people to improve the score they got initially. They also has a game as a second layer of evaluation. But their hero feature is the Mindpeers club where they have 6 psycologyst respnding to your posts online. its all a paid service which costs ₹350 per month and they have 3500 paid customers for this at the time of pitch. They have monthly active users of 35,000 users. Their primary business model is B2B.
Mindpeers made ₹16.5 Lakhs in October out of which ₹10 lakh came from B2C and the rest came from B2B. They launched the B2B model just a couple of months ago and have already signed contracts of ₹22 Lakhs from companies.
Mindpeers Shark Tank Negotiations & Funding:
Peyush put out the first offer of exactly what the founders asked for which was ₹53 Lakhs for 1%. Namita and Vineeta also give the same offer that Peyush asked for. Namita says she would bring her healthcare and Vineeta brings her brand building which is what the founders wanted when they came to the tank. Aman wanted to join Namita and Vineeta which they agreed to.
Anupam liked the issue but he didn’t understand the app and therefore he stepped out of the deal. Aman asked if Peyush wanted to join the deal to which Peyush revised the offer to ₹53 lakh for 1% just from him and another ₹53 Lakh for 1% from Aman, Namita and Vineeta which the founders accept without any hesitation.
Who are the founders of Mindpeers?
Sahil Chitkara & Kanika Agarwal founded Mindpeers. They are based in Delhi. Kanika graduated in 2013 and lived in Singapore for 13 years. She worked for Google & Microsoft in the past and also started a services industry company which she built to ₹90 Crores revenue just in 2 years. She took a financial exit from that company of $1.1 million in USD. Sahil worked in startups his entire time after graduation.
How is Mindpeers Doing After Shark Tank India?
Our research in the company revealed that their deal with Sharks closed after the show aired. The founders even shared the insights of Peyush on instagram after their session which were:
1. Build for customers
2. Keep it simple, don’t make it complicated just for investors
3. Culture, culture, culture
As of December 2023, Mindpeers is still in business and Thriving! In January 2024, Namita Shared through her socials that, Emcure and @mindpeers.co, a @sharktank.india venture decided to address this issue and have launched The Strong Roots Project – an initiative to nurture the mental and emotional well-being of children through 1) workshops for parents, educators & children 2) free online counselling for 3 months. Our pilot in 5 schools saw kids crying, pouring their hearts out & has impacted 650 students and resulted in 98 counselling sessions so far. After this successful pilot, Emcure is excited to roll this Strong Roots Project pan India in a phased manner.
Source: Instagram @mindpeers.co
Here are other companies from Season 2 Episode 29.
Barosi
Update coming soon!
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