Portl/Portal Shark Tank Pitch:
Portl, a startup founded by Vishal Chandapeta, Armaan Khandari, and Indraneel Gupta, has introduced an innovative AI-powered fitness device called the ‘Portal.’ This life-sized interactive fitness screen delivers personalized fitness classes, focusing on cardio, yoga, boxing, and wellness guidance. The aim is to democratize fitness, catering to individuals with busy schedules or those seeking a starting point in their fitness journey. The team’s diverse technological backgrounds have contributed to the device’s development.
The Company has installed 50 Portl studios by the time of pitch and has over 5000 confirmed orders which value at ₹150 crores in next three years. Products can be purchased through their website or Experience Centre. They are also planning to launch Portl in the Middle East region. They sought an investment of ₹1.5 crores for 1% Equity. Their features include measuring Health Vitals which help them to give users relevant workouts. This follows the PORTL Fitness test. Additional features include, User preferences and Interaction with the Mirror.
The Portl Mirror is priced at ₹1.25 lakh. The company considers itself as Tech and Content company which works in fitness and wellness. Their gross margin is at 45% D2C and 30% through distributors. The company will burn ₹3 Crores at ₹50 Crores revenue per year. They have raised an investment in June 2021 of ₹7.5 Crore at ₹30 Crore valuation. They only have a runway left of 2 months. Founders have total equity of 64% with them after dilution and ESOP pool.
Portl/Portal Shark Tank Negotiations and Funding:
Anupam put out the first offer of ₹1.5 Crores for 5% of the company giving them the same valuation as their last round. Vineeta puts out the second offer of ₹50 Lakh for 1% of the company and the rest as debt @12%. Aman and Namita puts a joint offer of ₹1 Crore for 2% of the company and the rest as debt. Peyush wanted to join Namita & Aman’s offer and revises that to ₹1 Crore for 2.5% of the company and rest as debt giving them valuation of ₹40 Crores.
The founders thanked Vineeta and Anupam. They counter Aman, Namita and Peyush at ₹1.5 Crores for 2.5% of the company and ₹1 Crore as debt at 12% interest. Sharks comments that they would not include debt but accepted the counteroffer founders gave them. The founders agreed to that and they shook hands on ₹1.5 Crores for 2.5% of the company.
Who are the founders of Portl?
Vishal Chandapeta, Armaan Khandari, and Indraneel Gupta founded Portl. They hail from Hyderabad. Indraneel has played state-level cricket and has a background in computer science. He is also the CEO of the company. Armaan is COO and Vishal is CTO of the company. Armaan and Indraneel also had a past venture of a 3D body scanning company called TG3DS. that tech did automatic body measurements in 3 Seconds. That company currently makes revenue of $2 million per year.
How is PORTL doing after Shark Tank India?
Our research in the company revealed that their Shark Tank India deal with Sharks did not close after the show aired. This may have taken a big hit on the company as we know they were not profitable at the time of the pitch, Not getting an investment took the survival hopes away and the company went out of business shortly after their episode aired.
One of company’s employee posted on LinkedIn in early 2023:
Just wondering 💭
What happens if a start-up tanks?
Are there laws governing and protecting employees rights?
If you know the answer to this, please let us know in the comments below!
The company’s social’s are back online as of April 2024 and they are back in the game. we will keep an eye out on their progress moving forward!
Source: Instagram @portlfitness
Here are other companies from Season 2 Episode 20.
Fat to Slim
Update coming soon!
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