What Happened to Urban Naps After Shark Tank India?
What is Urban Naps?
Urban Naps is a napping pod where you can work, rest, and even sleep. It’s IoT-connected. You can take body massages and listen to music also. It comes with a mobile app.
Who is the Founder of Urban Naps?
Jainam Mehta & Mihir Mehta are the founders of Urban Naps. They are brothers. Jainam started the company back in 2018 and later Mihir joined in.
They’ve installed 4 pods in Ahmedabad airport. They both have equal shares in the company.
How much money did they ask for Urban Naps?
They came to Shark Tank India seeking ₹50 Lakhs for 4% equity in the business. Which gives the company a valuation of ₹12.5 Crores.
How much money did they raise for Urban Naps?
They raised ₹12 Lakhs from the National Institute of Design for 4%.
Jainam is a software developer and Mihir is a mechanical engineer. They are very talented. They are also making phone booths for corporate offices under a different brand name.
How to use Urban Naps pods?
You can use the mobile application to pay and use the pod. It has all payment solutions. Suppose you want to rest for an hour. Just open the app, pay the amount, and rest inside the pod.
It has two doors, one automatic and one manual. In case of power failure, you can use the manual door to get outside.
The making cost of 1 pod is ₹2 Lakhs. Abroad, these pods cost around ₹15 ~ ₹20 Lakhs. So, just exporting this pod abroad can be a very good business.
In an airport, they get around ₹50,000 per month from one pod. Among that, operations cost is ₹12,500 and operators cost is ₹12,500. Rest ₹25,000 is profit. So, in 8 months the making cost is covered.
Which shark gave Urban Naps an offer?
Peyush Bansal was out because he didn’t like the business model of the company. He suggested they sell this abroad. Because of the way they were going, it’d be an operation-heavy business.
Aman Gupta was out because he thought this business wasn’t sustainable.
Anupam Mittal thought the airport business could be an operation nightmare. He offered them ₹50 Lakhs for 25%. But under the condition that, the founders will work on other products and take a different direction.
Vineeta Singh was out because she wasn’t comfortable with the B2B model in this business. She thought this type of business model could be really unpredictable.
| Offer 1 | Offer 2 |
| Anupam Mittal – ₹50 Lakhs for 25% | Ashneer Grover & Anupam Mittal – ₹50 Lakhs for 25% |
Ashneer Grover joined Anupam’s offer.
The founders gave a counteroffer of ₹50 Lakhs for 12%. The sharks didn’t agree on that. They gave another counteroffer of ₹50 Lakhs for 15%. Then Ashneer got out of the deal.
| Company Name | Urban Naps |
| Founders | Jainam Mehta & Mihir Mehta |
| Asked Amount | ₹50 Lakhs for 4% |
| Final Deal | No Deal |
| Shark | No Shark |
| Company Net Worth | ₹12.5 Crores |
| Company Website | urbannaps.com |
| Company Status | In Business |
What deal did Urban Naps get in Shark Tank India?
Now there was only Anupam’s offer on the table. The founders thought for a while but later rejected the offer. They thought the valuation was too low for the company and they couldn’t accept a deal on this valuation.
