What Happened to NeoMotion After Shark Tank India?
What is NeoMotion?
People who need support moving from one place to another know how important having a wheelchair is. Almost 1.5 Crore people need wheelchairs in India.
For completing simple tasks like doing groceries, having a glass of water, going to the bathroom, or using the car, disabled people suffer a lot. To solve this problem NeoMotion was created.
Who is the Founder of NeoMotion?
Ashish Sharma, Swostik Dash & Siddarth Daga are the founders of NeoMotion. They created NeoMotion in 2020. Till now, they’ve delivered 2000 NeoMotion products.
Swostik Dahs is the CEO of the company. Siddarth takes care of sales & marketing. Ashish takes care of production & supply chain.
How much money did they ask for NeoMotion?
They came to Shark Tank India seeking ₹1 Crore for 1% of the company. Which gives the company a valuation of ₹100 Crores. They got a grant from IIT Madras Incubation Cell for ₹44 Lakhs. IIT Madras took 6.5% equity.
NeoMotion offers 2 different types of wheelchairs.
- NeoFly: This is the customized wheelchair. With this wheelchair, you’ll get the most comfort. It will take good care of your health and posture. This is fast and efficient. You can use it on any surface you want. The price of NeoFly is ₹42,900.
- NeoBolt: This wheelchair will give you mobility. With NeoBolt you can go anywhere you want. You can instantly make your wheelchair mobile. To do that, you don’t need any outside help. It’s fully safe. The price of NeoBolt ranges from ₹1,04900 to ₹1,14900.
They are on the higher side in terms of pricing. A normal wheelchair costs around ₹12000 ~ ₹15000. So, it’s clear that not everyone can afford these wheelchairs. So, in the future, they will launch wheelchairs in the low-price segment also.
How to get NeoMotion?
Anyone can order these wheelchairs through their website. There are EMI options available on the website. So, people can start taking advantage of it from day 1.
NeoMotion founders brought in a disabled person who had been using NeoBolt for the last 5 months. Using NeoBolt, that guy was actually earning money and he was no longer a burden on his family. With NeoBolt one can play cricket also.
With 1 full charge, NeoBolt can go up to 25 kms.
What are the Annual Sales of NeoMotion?
| Fiscal Year | Annual Sales |
| 2021 – 2022 | ₹4.7 Crores |
NeoMotion sells to individuals, Government & CSR.
Which shark gave NeoMotion an offer?
Anupam Mittal offered them ₹50 Lakhs for 4% & ₹50 Lakhs debt. Namita Thapar joined the offer. They wanted to make this profitable business and in the long run, they wanted to reduce the prices.
Amit Jain was out.
Peyush Bansal offered them ₹1 Crore for 5%. Which gives the company a valuation of ₹20 Crores.
| Offer 1 | Offer 2 |
| Anupam Mittal & Namita Thapar – ₹50 Lakhs for 4% & ₹50 Lakhs debt | Peyush Bansal – ₹1 Crore for 5% (Under Condition) |
But there’s a condition. The founders have to give 5% of their profit to Peyush Bansal until it reaches ₹1 Crore. That ₹1 Crore will be used as a donation.
Aman Gupta was out because there were already some good offers on the table.
The founders wanted a deal only on ₹100 Crores valuation.
What deal did NeoMotion get in Shark Tank India?
There were some arguments back and forth and the deal was closed on ₹1 Crore for 1% equity in the company. Peyush Bansal got the deal, but the condition he mentioned earlier stayed.
| Company Name | NeoMotion |
| Founder | Ashish Sharma, Swostik Dash & Siddarth Daga |
| Asked Amount | ₹1 Crore for 1% |
| Final Deal | ₹1 Crore for 1% |
| Shark | Peyush Bansal |
| Company Net Worth | ₹100 Crores |
| Company Website | www.neomotion.in |
| Company Status | In Business |
