Shark Tank Medulance
In this episode of Shark Tank India Medulance, ambulance services providing company presents the pitch. Will the founder get a deal from the sharks? To know about the deal read till the end.
|Founders||Ravjot Singh Arora and Pranav Bajaj|
|Ask||₹2 crore for 1% equity|
Ravjot Singh Arora and Pranav Bajaj the founders of this startup. They hail from Delhi. Both of them met each Other through a common friend. Pranav started his career through a startup company called Zomato in 2012. Navjot did his schooling from Delhi and did engineering from Faridabad. He had a family business of Nike shoes, he entered into that. Navjot lost his grandfather due to lack of proper ambulance service. Their equity split is 50% each.
About the company Medulance
Nowadays everything is available instantly at just a click from electrical appliances, to food, to groceries, and even a life partner is available at just a swipe. But when it comes to emergency medical services, nothing comes in time. In India around 30% people died due to unavailability of ambulances on time. To solve all this problem, Medulance is here. Medulance with its helpline and backup technology provides an ambulance in 20 minutes on average. It ties up with corporate partners. It provides 3 services via subscription. They are:
Stationed Ambulance service where the ambulance is placed on the location already.
Medical room service. A Medical room with doctors and paramedics is set up already in a residential place or incorporated for first aid or basic life support services.
This is a prominent service. Covers corporate employees and their 4 members. This provides a specific ambulance or helpline number specific to every organization.
Medulance started in 2017. With a network of 7500 ambulances and smart ambulances, they are present in more than 60 cities. They saved 8 lakhs and assisted 2 lakh, covid patients. Response time in Delhi is reduced from 35 minutes to 11 minutes. They want to provide their assistance to every part of India. For Medu Alert service they work with 60 corporate partners and have a subscriber base of 80 lakh employees.
Ask the Owner of Medulance
The owners made an ask of 2 crores for 1% equity of the company at the valuation of 200 crores.
Medulance Sales And Revenue
They had sales of 24 crores in the year 2021 to 2022. Net margin in the same year was 24%. They had sales of 15.7 crores in the year 2020 to 2021. Net margin the same year was 18%. Last month’s sales were 2.7 crores. The projected sales in FY 22 to 23 is 40 crores. And the projected profit this year is 24%. Their company is completely bootstrapped and has not raised any funding till now.
Offers and counter offers
Namita and Aman gave an offer of 1 crore for 1% equity and 1 crore at debt.
Amit gave an offer of 5 crores for 10% equity. Later revised it for 5 crores at 5% equity.
Namitha, Aman and Peyush come together for an offer of 1 crore for 1% equity and 1 crore at debt.
Owners revised their offer for 2 crores at 1.5% equity.
The trio revised their offer for 2 crores at 2% equity.
Medulance Final deal
The final deal was closed with Namith, Aman, and Peyush for 2 crores at 2% equity.