- Founders: Shashank Modhia
- Business: Kidney Dialysis Treatment
- Ask: ₹1 crore for 3% equity
- Valuation: ₹33.3 Crore
- Result: ₹1 crore at 6% equity
- Sharks: Namita Thapar and Aman Gupta
- Shark Tank Episode: Season 1 Episode 14
The Renal Project Shark Tank pitch:
The Renal Project, a Mumbai-based startup founded in 2019 by biomedical engineer Shashank Modhia, offers hemodialysis treatment for chronic kidney disease patients. In a notable appearance on Shark Tank India Season 1 Episode 14, the startup requested INR 1 crore for 3% equity and secured INR 1 crore for 6% equity. The Renal Project provides three key services: In-center Hemodialysis, Home Hemodialysis, and Ad-hoc Emergency Dialysis. With an ambitious goal of establishing 1000+ dialysis centers across India, the startup aims to make a significant impact in the field of kidney healthcare.
At the time of the pitch, they had opened 21 centers. The renal project have helped over 1000 patients since 2019. They started doing home Dialysis in January 2021, and they made 7.5 lakh in May 2021 through home Dialysis alone. The company is also developing in-house management software, which no other company is doing, to manage multiple centers. They are making ₹25 lakh per month with an ARR of 3 Crores within 20 months of inception. The company already had a term sheet for a 2.5 Crore infusion at a 19.5 Crore valuation.
The Renal Project Shark Tank Negotiations:
During the pitch, the Sharks compared The Renal Project to other companies with a similar business model and asked about the unique proposition of the business, to which Shashank responded that it’s an execution play. Aman mentioned that Nefro+ is doing the same thing. Ashneer liked the business and offered ₹25 Lakh for 1% equity and the rest as debt at 12%, repayable in 5 years. Namita offered ₹1 Crore for 10% equity. Peyush opted out, citing competition in the market. Anupam also decided to opt out, stating that it’s too early. Aman suggested if he could join Namita, which she accepted.
Namita later revised her offer to ₹1 Crore for 8%, with Aman coming along, but she added that this would be non-negotiable. Ashneer then pitched that he could offer a better deal. Shashank requested a minute to think, and he came back to counter at ₹1 Crore for 4%. Namita suggested 6%, and Ashneer revised his offer to ₹50 Lakh for 2%, with the rest as debt, giving a valuation that Shashank initially asked for. The company eventually accepted Namita’s offer after some thought and closed the deal.
How The Renal Project is doing after Shark Tank India:
Our research on the company revealed that the deal they made on Shark Tank India with Namita and Aman closed after the show. Shark Tank gave the Renal Project a significant boost, helping them stay ahead of their competitors. While the company’s growth hasn’t been astronomical, they are still operating over 20 centers in 5 states across India. They have also been featured in multiple newspaper articles for their work in recent times.
Namita shared the strides made by The Renal Project in March 2023! She shared 3 important things as
They are 3x on their revenue and are now present in 10 times more districts. 80% of their revenue comes from Tier 2 and 3 cities, where it is most needed. Most importantly, they are becoming known for their quality and are doing it in an affordable, sustainable, and profitable way.
Moving the needle on healthcare is close to my heart, and therefore in this deal, beyond my investment at Shark Tank, I invested 2 Cr additional in further rounds of the company. The sales team of my Nephrology division worked closely with Shashank, the founder in identifying suitable growth areas and also helped with introductions to HCPs and hospitals. My father, Satish Mehta seen in this pic also spent time with him.
Namita Thapar Instagram
Source: The renal project Instagram
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