Shark Tank India Season Two had neomotion. Friends from IIT Madras Swostik Dash, Ashish Sharma, and Siddharth Daga started the company. Two products developed by Neomotion, Neofly and Neobolt, aim to enable those with disabilities to be independent. Neofly is a personalised wheelchair composed of human being nerves. Attachable to a wheelchair, Neobolt is an invention for outdoor mobility that turns it into a scooter. Neobolt also boasts a replaceable battery that can run up to 25km on one charge and be charged independently.
Originally starting in 2020, they have sold goods to more than 2000 Indian consumers. Revenue in the financial year 21–22 was 4.7 crore rupees; the profit after tax came out to be 30 Lakh. Individuals brought 65% of their orders; governments and CSRs brought the remaining 35%. For 1% of the business, they requested a ₹1 crore investment. The business markets the MRP of the whole set—₹1.18 Lakh—for ₹99.9 thousand. MRP from NeoFly is ₹49,000. For 6.5% equity, they have a grant worth ₹44 lakh from IIT Madras Incubation Cell.
Company Name: Neomotion
Founder: Swostik Dash, Ashish Sharma, and Siddharth Daga
Product: Motorised Wheelchair
Highlights
1. Neomotion’s wheelchairs are made to be flexible enough to fit the particular requirements of each user, so offering a customised experience for comfort and movement.
2. Lightweight and portable: The wheelchairs are simple to move and carry as they are lightweight. For individuals who must carry their wheelchair with them in particular, this improves the whole user experience.
3. One of Neomotion’s main objectives is to offer reasonably priced, high-quality wheelchairs, thereby increasing the availability of assistive tools in India, especially for those from less affluent families.
4. The product is made with durability in mind, so guaranteeing long-lasting performance even in demanding surroundings.
5. Designed to survive Indian circumstances, the wheelchair has elements fit for local terrain, so guaranteeing easier access in a variety of surroundings.
6. Comfort is the main emphasis of Neomotion’s wheelchair, which has an ergonomic shape addressing common discomfort issues including long-term sitting and poor posture.
7. To appeal to both old and disabled people, the company combines innovative elements including the possibility for motorised help or customisable accessories.
8. The main objective of Neomotion is to empower persons with disabilities so that, with improved mobility solutions, they may lead more autonomous and satisfying life.
Pitch Details
Ask: ₹1 crore for 1% equity, valuing the company at ₹100 crores.
Deal: After negotiation Peyush Bansal finished the deal at ₹20 Lakhs for ₹1 Crores for 1% Equity +royalty of 5% of profits till he receives ₹1 Crore
Investors: The investment came from Peyush Bansal.
Conclusion
The last point of Neomotion’s pitch on Shark Tank India Season 2 emphasised the company’s goal of transforming the assistive device industry in India. The creator, underlined how their sturdy, reasonably priced, and adjustable wheelchairs especially meet the demands of those with impairments, therefore providing them more comfort and independence.
Given India’s paucity of decent assistive gadgets, the product’s possible impact really surprised the Sharks. The company presented great development potential and the business plan, with its emphasis on scalability and cost, connected with the investors.
In the end, Neomotion sought to make high-quality mobility aids available to those with disabilities all throughout India by using the funding to scale operations, extend its product line, and increase reach. The Sharks’ enthusiastic closing of the pitch highlighted the company’s bright future in a specialised but significant sector.
