Is Scholify out of business after Shark Tank India?

• Founders: Mayank Pareek
• Business: Scholarship Platform
• Ask: ₹50 lakhs for 7.5% equity
• Valuation/ Networth: ₹6.67 Crores
• Funding: No Deal
• Sharks: No Deal
• Episode: Season 1 Episode 30

Scholify Shark Tank India Pitch:

Scholify is an Indian startup that helps students find available scholarships. They are generating awareness of available resources and helping students apply for scholarships without filling out lengthy forms. They have registered 7.5 Lakhs users in the last year on their platform, and Mayank’s vision is to make Scholify India’s first Unicorn company in the Impact space. For this, he sought an investment of ₹50 Lakhs for 7.5% of the company, valuing Scholify at ₹6.67 Crores.

Scholify charges a license fee to corporations to list on their platform, and students pay a subscription fee to access that scholarship. Mayank shared that they are a pre-revenue company. Scholify has helped 2200 students get scholarships worth ₹4-5 Crores in the last year.

Scholify Shark Tank India Negotiations & Funding:

Ashneer was the first Shark to go out because he didn’t get the confidence that the founder was not capable of building a business. Anupam didn’t understand the business model; therefore, he also goes out of the deal. Namita goes out because she thought it was too early. Following this Aman didn’t understand the business either; therefore, he also stepped out of the negotiations. Vineeta liked the resilience of Mayank but refused the funding. Hence, Scholify walked out of the tank without the funding.

Who is the founder of Scholify?

Mayank Pareek founded Scholify. He went to Woxsen University in Hyderabad. Mayank also worked as a Marketing Intern at Knolskape.

How is Scholify doing After Shark Tank India?

Our research on Scholify revealed that despite not getting a deal on the show, the company still enjoyed the exposure they got after the show.

Mayank came on the podcast “The Startup Trends” in February 2023 and shared that they are now working on a premium service, and the scholarship they have on their app is not available anywhere. He added that Shark Tank was his dream, and he has been a fan of the show for a long time. He added that Shark Tank gave them traction, and their website crashed after their episode aired. Mayank also shared that they have clarity of their vision now and are still looking for funding.

As of January 2024, the company is still in business and thriving. While the financials of this company are not yet public, we will update this article as soon as more information comes to light.

Source: Instagram @scholify_me

Here is an update on other companies from Season 1 Episode 30.