How is WISELIFE Doing After Shark Tank India?

Founder/Owner: Prateek Kedia & Shreya Bansal
Business: Yoga Mats
Ask: ₹60 Lakhs for 2% Equity
Valuation/ Networth: 30 Crores
Funding: ₹1.2 Crores for 4%
Sharks: Namita Thapar, Aman Gupta, Anupam Mittal & Ritesh Agarwal
Episode: Season 3 Episode 29

WISELIFE Shark Tank India Pitch:

WISELIFE is an Indian startup which appeared on Shark Tank India season 3 Episode 29. The company is a Yoga and Wellness brand which manufactures and sells yoga mats with superior grip and more cushioning than the competitors. Their products are made from natural rubber, cork, suede, and other non-toxic materials. Their unique selling proposition is their quality, design, sustainability, and affordability. They have over 1 lakh customers by the time of their pitch. The founder’s vision is to motivate every household in India to do Yoga and to fulfill this they sought an investment of ₹60 Lakhs for 2% of the company valuing the business at ₹30 Crores.

WISELIFE creates over 40 different mat prints in various colours. Designing and printing all their designs in-house also provides them with a unique advantage over other competitors. The company also shared that they have done over 100 surveys to validate their products. Further, Their mats start at around ₹1000 and top-of-the-line products go up to ₹1,200.

WISELIFE Revenue & Financials during Shark Tank India:

WISELIFE made revenue of ₹12.5 lakhs in their first financial year which was FY20-21. This was followed by 860% growth and they closed FY21-22 at ₹1.2 Crores in revenue. They almost tripled that number in the following year to ₹4.2 Crores in FY22-23. Till November 2023, the company has already made ₹4.3 Crores for FY23-24 with last month clocking at ₹80 Lakhs in Net revenue. Their current net profit is around 3%. The founders are hoping to close this year with ₹12 Crores in revenue.

WISELIFE has an average order value of ₹734 out of which 30% goes to COGS, giving them 70% gross margin. 15% of that goes to delivery, Marketing takes another 26%, Amazon commissions are around 18%, and salaries and office expenses take another 5%, leaving them with 5% EBITDA. The company makes a profit after tax of around 3%. They have around 30% impression shares on Amazon.

WISELIFE gets 80% of their sales through online channels like marketplaces and their website, the rest comes from offline channels. The founders added that their offline sales have been growing at a good pace through Yoga Studios.

WISELIFE Shark Tank India Negotiations & Funding:

Aman and Namita were the first sharks to put an offer out on the table. Together they offered ₹60 Lakhs for 3% and 2% royalties until ₹60 Lakhs are recouped. This values WISELIFE at ₹20 Crores. Anupam was also interested in the business and he offered ₹90 Lakhs for 4%, no royalties. After hearing that, Namita and Aman revised their offer to give founders what they came in asking for which was ₹60 Lakhs for 2% of the company. Anupam revised his offer to 3% matching other sharks’ valuation of ₹30 Crores.

Ritesh comments that he has many hotels under his umbrella which has yoga studios and founders can use those to increase their reach to test their products. He added that he would match both offers on the table and founders can pick how much equity they want to dilute. Amit suggested that the founders can use Tech to create a community of yoga enthusiasts, He offered ₹60 Lakhs for 2% plus 2% royalties until he makes ₹60 Lakhs back.

Ritesh, Aman, Anupam & Namita join hands to give one collective offer of ₹1.2 Crores for 4% valuing the business at ₹30 crores with no royalties. The founders take a moment to think and come back to ask if they could do a 5 Shark deal to which Aman refused. The founders ended up picking the 4 Shark offer of ₹1.2 Crores for 4%, and they shook hands on that.

Who are the founders of WISELIFE?

Husband-wife duo Prateek Kedia & Shreya Bansal founded WISELIFE. Prateek is 26 and Shreya is 27 years old at the time of their pitch and they are both from Gurgaon. They met at PWC while doing their CA.