Fitelo Impresses on Shark Tank India 4 with Ambitious Valuation

A pair of young entrepreneurs took the stage on Shark Tank India 4, captivating the judges with a bold request — Rs 1.5 crore in exchange for just 0.5% equity, placing their company, Fitelo, at a remarkable valuation of Rs 300 crore. The ambitious valuation prompted Anupam Mittal to humorously remark, “Your valuation is obese.”

Fitelo’s Founders Share Their Journey

Mehakdeep Singh and Sahil Bansal, the minds behind Fitelo, conveyed that their own challenges with weight management inspired them to develop a wellness application that goes beyond just diet and exercise. It also considers the psychological facets of controlling weight. While Anupam recognised this as a significant differentiator, he noted that their approach resembled that of competitors such as HealthifyMe.

A Stronger Pitch After Initial Setbacks

The founders disclosed that they had faced rejection in the initial two seasons of Shark Tank India, during which their turnover was Rs 1 crore and Rs 4 crore, respectively. Now boasting a projected revenue of Rs 100 crore, they returned with a more robust pitch. “There has to be something magical about your app,” noted Vineeta Singh, clearly impressed by their impressive user retention metrics.

Experts Share Opinions on the Business Potential

Kunal Bahl referred to their metrics as the “smile curve,” indicating that customers found genuine value in their product. Nevertheless, he, along with Anupam Mittal and Ritesh Agarwal, opted to decline, believing that the business might undergo significant shifts in the upcoming year. However, Vineeta identified potential in Fitelo and proposed an offer — considerably lower at a valuation of Rs 75 crore.

Emotional Moments Influence Deal-Making

The pitch took an emotional turn as Namita Thapar and Kunal Bahl recounted their personal experiences with body shaming. Namita reflected on her childhood, recalling being labelled ‘moti’, while Kunal shared his battle with weight, revealing that at 17 years old, he weighed 112 kilograms, often facing ridicule. “People didn’t call me by my name, they called me ‘mota’. Those who haven’t faced this won’t understand how humiliating it is,” he mentioned.

Fitelo’s Innovative Focus Captivates Investors

Responding to Fitelo’s commitment to providing psychological support, Namita proposed that the app could branch into supplements. She opted to join forces with Vineeta, and together they made an offer of Rs 1.5 crore at a Rs 150 crore valuation, alongside a royalty agreement. The founders graciously accepted, securing a deal that, while lower than their original request, represented a significant accomplishment.