'Aapko isse better deal nhi milegi': Mittal on Peyush Bansal, Ronnie Screwvala's offer to pitchers

In an inspiring pitch on Shark Tank India Season 3, co-founders Akshata and Bonnie introduced Kibo, a groundbreaking technology designed to revolutionize the way visually impaired and blind individuals access printed and digital content.

Originating from a personal experience that deeply affected Akshata's friend Deepali, who lost her sight at 17, Kibo emerged as a solution to a widespread challenge. Deepali's struggle with accessing educational materials in a timely manner highlighted a significant gap in resources for the visually impaired, prompting the duo to develop Kibo.

Who are the founders?

Akshata, hailing from Faridabad, Haryana, brought her expertise in computer science engineering to the table, while Bonnie, from Ahmedabad, contributed his mechanical engineering skills.

Their complementary skill sets, combined with a shared vision, laid the foundation for Kibo. They began their journey in earnest after meeting at an incubation centre called Digital Impact Square in 2017, and their partnership was further solidified by their marriage in 2021.

What kind of problem Kibo is addressing?

Kibo targets a critical issue: over 2 crore visually impaired people in India alone, under the age of 50, face significant barriers to education and employment due to their inability to independently read printed, handwritten, or digital content.

The challenge is not confined to India but is a global issue, underscoring the urgent need for accessible educational and professional materials.

Kibo's solution 

The startup has developed an AI-powered technology that reads any document out loud in the user's preferred language, boasting the ability to handle 60 languages and translate into 100 languages.

It is designed to be a comprehensive tool for individuals, institutions, and professionals, enabling access to printed and digital texts through a simple, user-friendly interface.

Notably, The startup's technology is patented, emphasizing its unique capability to accurately translate and transcribe content in real-time, including Indian languages and handwriting, into audio formats.

Offerings and market size 

Kibo offers a suite of products tailored to different needs. For individuals, there's a mobile application available on app stores, serving as a lifestyle and learning tool.

For professionals and institutions, The startup provides an access kit and web software, facilitating the installation in offices, public libraries, schools, and colleges. Its market extends beyond the visually impaired community, tapping into the broader educational and professional sectors, indicating a substantial market size and potential for growth.

Shark Tank India pitch

During their Shark Tank pitch, the founders sought an investment of Rs 60 lakh for a 1% equity stake at a valuation of Rs 60 crore. They detailed the company's financial journey, highlighting a significant growth trajectory from an annual revenue of 22 lakhs in their first year to a projected Rs 5 crore by March 2024.

The pitch successfully attracted the interest of the Sharks, culminating in a negotiated deal that reflects both the potential of Kibo and the Sharks' confidence in its future.

However, the Sharks weren't ready to accept the original offer. Later, Peyush Bansal and Ronnie Screwvala revised the offer to Rs 60 lakh for 6% equity, valuing the company at Rs 10 crore.

In response, Anupam Mittal said, "It's a good deal, guys, take it. Isse better deal nhi milegi (You won't get a better deal than this)." Eventually, the pitchers accepted the offer.

With this capital, Kibo plans to expand its reach internationally and ensure that its technology becomes a staple in schools, colleges, and offices worldwide. Their goal is to make education and employment truly inclusive, leveraging their technology to bridge the gap for the visually impaired and beyond.