- Founder/Owner: Hardik Kedia & Kartik Kedia
- Business: LED Neon Lights
- Ask: ₹75 Lakhs for 3% Equity
- Valuation/ Networth: ₹25 Crores
- Funding: ₹50 Lakhs for 2% + ₹25 Lakhs debt with 2% royalties until ₹50 Lakhs is recouped
- Sharks: Namita Thapar & Aman Gupta
- Episode: Season 3 Episode 50
Neon Attack Shark Tank India Pitch:
Neon Attack is an Indian startup that appeared on Shark Tank India Season 3 Episode 50. They manufacture and sell premium quality LED neon signs for homes, offices, and events. Customized neon signs can also be ordered through their own website. They also sell a color-changing line of signs which goes by the name ‘Floro’. Their products use 80% less power compared to traditional neon gas signs and come with a 2-year warranty. They have served over 12,000 customers since their inception and have over 1.5 lakh followers on Instagram. The founders sought an investment of ₹75 Lakhs for 3% of the company, valuing the business at ₹25 Crores.
Neon Attack’s Floro line includes color-changing technology that can be controlled by a smartphone. They also sell India’s first waterproof neon signs, which are IP-67 rated. In addition to this, they also have break-proof signs that will not break even when bent. The company has divided their consumers into three segments: home decor, businesses, and events, which bring in 25%, 45%, and 30% respectively.
Neon Attack’s Financial & Revenue during Shark Tank India:
Neon Attack makes 70% of their revenue directly from their own website, and the rest comes from the WhatsApp channel. Customized orders bring in 60% of the total revenue. Their average order value is ₹9,500. In August 2023, the company made a gross revenue of ₹63 Lakhs, and they are projecting to close FY23-24 at ₹10 Crores. They closed the last financial year FY22-23 with a revenue of ₹4.75 Crores and a net profit of 15%.
Neon Attack Shark Tank India Negotiations & Funding:
Vineeta goes out, citing this is not as exciting for her because the majority of the company’s revenue is coming from the B2B side, which is not as scalable. Anupam goes out because this could be easily commoditized. Amit goes out due to the same reason.
Namita gives the first offer of ₹25 Lakhs for 1% and the rest as debt. In addition to that, she asked for 5% royalties until she recoups ₹1.5 crores back. Aman also gives an offer of ₹75 lakhs for 6% of the company, valuing the business at ₹12.5 Crores. Namita asked Aman to join her, so together, they offered ₹25 lakhs for 2% valuing the business at ₹12.5 Crores and the rest as debt, which will be paid in royalties of 5% until they make ₹1.5 Crores back.
The founders countered that offer with ₹50 lakhs for 2% equity and ₹25 Lakhs as debt, which they would pay back as royalties of 2% until ₹50 Lakhs is recouped. The Sharks countered that with ₹30 lakhs for 2% and 2% royalties until they make ₹1.3 Crores back. The founders refused the Sharks’ counteroffer and said they would stick to their offer. The Sharks eventually accepted that, and they shook hands on a ₹25 Crores valuation.
Who are the founders of Neon Attack?
Hardik Kedia & Kartik Kedia founded Neon Attack. They are from Hyderabad.
How is Neon Attack doing after Shark Tank India?
Our research on Neon Attack revealed that while they did get the deal on Shark Tank India, whether that deal was finalized and closed is still not clear. Early signs, however, suggest that the deal has not gone through, but this could very well be because they are still in the due diligence phase. We will update this article with their revenue and final verdict once more information comes to light. In the meantime, you can check out season 1 companies and Shark Tank India products by clicking the Amazon Button below!
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Source: Instagram @neonattack_in
Here are other companies from Season 3 Episode 50.
P-TAL
Update coming soon!