Cosmo Secures Major Investment on Shark Tank India
Cosmo, a healthcare startup, captured significant attention on Shark Tank India during one of the most animated episodes of Season 5. All five Sharks competed fiercely to secure a deal, leading to an extraordinary moment when two Sharks were turned down right on stage by the entrepreneurs.
About Cosmo and Its Unique Offerings
Cosmo is an innovative healthcare application aimed at residents of gated communities. The app was presented by co-founders Dr Shivansh Bhalla, Atul Jain, and Himanshu Mewara. It consolidates various healthcare services into one single platform, enabling users to request ambulances, consult with healthcare professionals, order laboratory tests, and procure medications seamlessly. This service caters to Resident Welfare Associations (RWAs), allowing families to access these benefits for a fee ranging from Rs 99 to Rs 299.
Operational Success and Future Plans
In their presentation, Shivansh highlighted that Cosmo is presently functional in Ludhiana and Hyderabad, with aspirations to expand into additional cities. The app is particularly invaluable in urgent situations, featuring an innovative function that allows users to send alerts to their neighbours, emergency contacts, and on-site healthcare personnel with just a single button press, ensuring rapid access to medical assistance, especially useful for individuals living alone.
Funding Request and Shark Interest
The founders requested Rs 1 crore in exchange for a 4 percent equity stake in the venture. The Sharks expressed clear enthusiasm, with Kunal Bahl, Anupam Mittal, Kanika Tekriwal, Aman Gupta, and Mohit Jain all wanting to invest. This sparked a lively exchange among the Sharks, filled with banter, competitive remarks, and sharp retorts.
Competition and Unique Selling Point
Kanika raised concerns regarding competition from companies like BlinkIt that have entered the ambulance sector with greater financial resources. In response, the founders defended their value proposition, emphasising their comprehensive healthcare solution without commission charges from hospitals, a point that Anupam appreciated. They generate revenue through partnerships with pharmacies and pathology labs instead.
Offers and Dramatic Showdown
The offers came rapidly. Anupam and Kanika proposed Rs 1 crore for a 10 percent equity share, followed by similar offers from Aman and Mohit, as well as Kunal Bahl. However, the entrepreneurs expressed a preference for Anupam, Kanika, and Kunal’s backing.
A Value Proposition
Kunal articulated his support for the venture, stating that it represents more than just an application; it provides peace of mind for users, making it a fantastic value proposition at Rs 99.
Escalating Tensions
As discussions progressed, Anupam, keen to secure a deal, issued an ultimatum to the founders. Simultaneously, Aman questioned Kanika’s industry connections. The escalating argument prompted the founders to ask for time to deliberate, ultimately leading to a surprising rejection of Aman and Mohit right on stage, affecting Aman visibly and showcasing the entrepreneurs’ desire for alignment beyond mere financial support.
Final Deal and Aftermath
The deal concluded with Anupam, Kanika, and Kunal investing Rs 1 crore for a 9 percent stake in the company. As the segment wrapped up, Aman Gupta, still irate, had a light-hearted remark, followed by a terse response when the founders expressed gratitude, further illustrating the charged atmosphere.
This striking exchange on Shark Tank India revealed not only the fierce competition among the Sharks but also underscored the importance for entrepreneurs to align with investors who resonate with their vision. The Cosmo founders walked away not only with a financial lifeline but also with partners equipped to propel their enterprise to greater heights.