'Valuation badhayi hai aur kuch nhi': Mittal on Aman Gupta's deal with Hyperlab founders

In a recent episode of Shark Tank India S3, an Ahmedabad-based startup, Hyperlab introduced an innovative training device that promises to revolutionise the way athletes train and improve their performance. 

Founded by trios - Hitarth Parik, Chahil Patel, and Harshit Maliwal - The startup aims to bridge the gap between physical prowess and digital analysis, offering athletes a comprehensive tool to enhance their stamina, agility, and reflexes.

The beginning 

The idea for Hyperlab was born out of the founders' realisation that in sports, just as in any other field, measurement is key to improvement. However, traditional training methods often lack the precision and feedback necessary for athletes to truly understand and enhance their performance. 

This led to the development of their flagship product, Helios, the planet's first laser-assisted training device.

Addressing a Market Gap in the Sports Training Market

Hyperlab addresses a critical gap in the sports training market by providing a device that offers real-time, detailed analysis of an athlete's performance. Traditional training equipment, ranging from treadmills to weightlifting gear, falls short when it comes to improving an athlete's reflexes and agility. 

Hyperlab's Helios device fills this void by offering a portable, easy-to-use solution that tracks and trains various aspects of athletic performance, including stamina, agility, and reflexes.

The team behind Hyperlab comprises Hitarth Parik, Chahil Patel, and Harshit Maliwal, who bring a blend of product design, robotics, and electronics expertise to the table. The founders began their journey with a simple prototype made from PVC pipes, evolving through over 600 iterations to the sophisticated Helios device.

How Helios Works?

Helios operates by projecting laser points on a surface, which the athlete then interacts with. The device, connected via Bluetooth to an application, tracks the athlete's movements, providing immediate feedback on their performance. This data-driven approach allows athletes to see tangible improvements in their agility, stamina, and reflexes, offering insights that were previously unattainable.

Pitch on Shark Tank India

Hyperlab's pitch on Shark Tank India caught the attention of the sharks, leading to a significant investment. The startup sought Rs 10 lakh for a 1% equity stake, valuing the company at Rs 10 crore. 

The sharks were impressed by the potential of Hyperlab's technology and its application in sports training. 

Shark Aman Gupta initially accepted the pitchers' original request of Rs 10 lakh for 1% equity. However, in a surprising turn of events, Vineeta Singh proposed Rs 50 lakh for 5% equity, while Namita Thapar not only increased the monetary offer but also the valuation, proposing Rs 20 lakh for 1% equity, which effectively valued the company at Rs 20 crore. Vineeta matched Namita's offer as well.

To this, Aman Gupta said, "Aapne suna hai bhagwan se jitna maango utna miljaye accha hain?" Anupam Mittal advised the founders to focus on extending their financial runway since their monthly burn rate was Rs 4 lakh, which would leave them operational only until around March.

As the Sharks continued to offer their advice, Aman Gupta commented, "Itni jaldi hame business samaj aagya...Itna time hogya logo ko samaj nhi aa raha hai kya kar raha hai yaar...!" The pitchers expressed their aim to expand their operations globally and domestically, stating they would need to raise at least Rs 1.5 crore for mass manufacturing.

Following this comment, Anupam Mittal made an offer of Rs 1 crore for 5% equity, valuing the company at Rs 20 crore, which was double the original valuation sought. Soon after, Aman Gupta raised his offer to Rs 25 lakh for 1%, valuing the company at Rs 25 crore. Vineeta Singh and Namita Thapar matched this deal. However, the pitchers accepted Aman Gupta's offer, leaving all the Sharks surprised.

"Valuation badhayi hai aur kuch nhi", Anupam Mittal said. 

"What...I cannot believe this," Thapar said.

With the backing of Shark Tank India, Hyperlab plans to expand its reach beyond the Indian market, targeting global audiences. The company aims to make its training device accessible to athletes at all levels, from beginners to professionals, ensuring that everyone has the tools they need to reach their full potential.