- Entrepreneurs: Anant Sharma, Ayush Kushwaha, Shwetank Shrey, and Aman Parnami
- Business: Smart Wearable Tech
- Ask: ₹40 lakhs for 2% Equity
- Valuation: ₹20 Crore
- Result: ₹60 lakhs for 10% Equity
- Sharks: Ashneer Grover, Peyush Bansal and Anupam Mittal
Shark Tank India Pitch:
In a world that’s increasingly embracing the fusion of technology and sports, Tweek Labs emerged as a pioneering force. Founded in 2020 by Anant Sharma, Ayush Kushwaha, Shwetank Shrey, and Aman Parnami, this innovative startup set out on a mission to redefine sports training through smart wearable devices that could capture and analyze athletes’ motion in stunning 3D. Combining the powers of IoT and AI, Tweek Labs’ creations aimed to revolutionize the way athletes honed their skills, offering a range of applications from cricket to golf and tennis.
The quartet from New Delhi made their compelling pitch on the second episode of Shark Tank India’s second season. Their request was simple yet audacious: 40 lakhs for a mere 2% equity, valuing their nascent venture at a staggering 20 crores. The founders meticulously unveiled the predicament plaguing the sports training landscape in India – a shortage of accessible, high-quality coaching, particularly for sports that demanded precision and skill. Their solution was equally profound: a virtual reality service enabling users to receive real-time feedback on their motion and biomechanics. A riveting demonstration illustrated how wearing Tweek Labs’ smart helmet and glasses could enhance an athlete’s bowling prowess, instantly elevating performance.
Shark Tank Negotiations
The Sharks were captivated by the pitch, recognizing the potential to disrupt and redefine sports training. However, the valuation of 20 crores for a 2% equity stake was a contentious point. The Sharks dug deeper, inquiring about Tweek Labs’ sales figures, profit margins, growth rate, patent portfolio, and competitors.
In response, the founders revealed the impressive financials of the startup. They disclosed a revenue of 2 crores in the previous financial year, boasting a robust gross margin of 60% and a net margin of 40%. Additionally, they revealed the existence of six patented products and an impressive 25 patents pending for future innovations across various industries. Notably, the founders highlighted that while they had no direct competitors in India, global players such as Blast Motion and Zepp operated in the same space.
Opinions among the Sharks diverged. Namita Thapar and Aman Gupta dropped out early, citing reservations about the valuation and market potential. On the contrary, Ashneer Grover, Peyush Bansal, and Anupam Mittal saw Tweek Labs as an opportunity laden with futuristic promise. They were enamored by the founders’ passion, innovation, and execution.
After negotiating the terms, the trio of interested Sharks presented a joint offer of 60 lakhs for a 10% equity stake. The founders accepted the offer, sealing the deal between Ashneer Grover, Peyush Bansal, Anupam Mittal, and Tweek Labs. The Sharks commended the founders for their remarkable pitch and product, warmly welcoming them into the Shark Tank family. In response, the founders expressed their gratitude for the trust and support extended by the Sharks, eagerly anticipating the journey ahead.
Tweek Labs After Shark Tank India?
Our research in the company revealed that despite their agreement on the Shark Tank show, Their deal with Sharks did not close after the show aired. However, Tweek Labs wasted no time in expanding its product portfolio. The startup introduced smart glasses tailored for tennis and golf players, demonstrating their commitment to serving a broader spectrum of athletes.
Strategic partnerships have also been a key focus for Tweek Labs. Collaborations with prestigious sports academies and clubs, including Karnataka State Cricket Association, Delhi Golf Club, and Indian Tennis Academy, have further established their presence in the sports training domain.
As of the current status of Tweek Labs, In January 2024, one of the founding members confirmed that Tweek Labs is out of business.
Image Source: Tweek Labs Instagram
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