Shark Tank inside FPV
In this episode of Shark Tank India inside FPV, a consumer-based drone company that manufactures Plug and Fly First Person View drones presents their pitch. Will they get a deal from the sharks? To know about the deal read till the end.
|Company name||inside FPV|
|Founders||Arth Chowdhary, Oshi Kumari, Deyvant Bharadwaj|
|Ask||₹75 lakhs of 4% equity|
Inside FPV Founders
Arth Chowdhary, Oshi Kumari, and Deyvant Bharadwaj are the founders of the company. They are from VIT. From the educational side, Arth and Oshi have mechanical backgrounds and Deyvant has an electrical background. Oshi is still studying whereas the other two have just graduated. Oshi is India’s first FPV pilot.
About the company inside FPV
They love to watch drones flying during their college days, thus they decided to make one by themselves. During their research they found these drones are brought from foreign countries in unauthorized ways.
inside FPV consumer-based leading drone company that manufactures Plug and Fly First Person View drones. Through this invention, the founders want to make drone pocket friendly in India. The drones are available on their website starting from Rs 2800. They provide other services to their consumers such as one drone crash warranty and free consultation by experienced pilots. Founders have the vision to make the inside FPV the number one drone brand globally. FPV means first person view which means with the help of a transmitter or remote a person can get feed on their goggles at a distance of about 4 to 5 km area. They had a range of drones having prices starting from ₹2800, ₹8000, ₹10000, ₹15000 and can go up to ₹25000 also. FPV drones are costlier as along with the drone transmitter, Goggle and a battery is given. They bring the raw parts from China, Taiwan, and Hong Kong and integrate and assemble the product in India. Founders had plans to go for manufacturing and not in the service sector in the future. As the company grows they want to make an ecosystem of hardware and software for drones.
Ask by the Owners inside FPV
The owners made an ask of ₹75 lakhs of 4% equity of the company at the valuation of ₹18.75 crores.
inside FPV Sales And Revenue
Last month the company made a sales of 13 lakhs. In FY 21 to 22 the sales were ₹85 lakhs. In FY 22 to 23 year till date the sales were 44 lakhs and the projected sales is ₹4 crores as VIT Vellore is going to buy agriculture drones worth ₹8 lakhs from them. VIT Vellore is also going to set up a drone lab for students for which all the drones are taken from this company. All the three founders have equal equity share. Arth works as CEO, Oshi works as COO and Deyvant works as CTO. Out of total sales 40% comes from Plug and Fly FPV drones and 60% comes from spare parts. Their complete sales are from the B2C model. A drone who’s selling price is ₹2700, its cost price is ₹1711 and gross profit is ₹989. Previously they had raised a fund of ₹25 lakhs at the valuation 12.5 crores and got ₹10 lacs grant from the Government of India.
Offers and counter offer
- Peyush and Aman gave an offer of ₹50 lakhs for 20% equity of the company and ₹25 lakhs debt at 0% interest at the valuation of ₹2.5 crores.
- Namita and Amit gave an offer of ₹75 lakhs for 15% equity of the company at ₹5 crore valuation
- The founders gave a counteroffer of ₹75 lakhs for 5% equity of the company at the valuation of ₹15 crores.
- Peyush and Aman revised their offer and matched it with Namita and Amit’s offer.
- Namitha and Amit revised their offer for ₹75 lakhs for 12% equity of the company at the valuation of ₹6.25 crores.
- All the fourth sharks together gave an offer of ₹75 lakhs for 15% equity of the company.
inside FPV Final Deal
The final deal was closed with Piyush Amit Namita and Aman for ₹75 lakhs for 15% equity of the company at the valuation of ₹15 crores.