Aroleap Update 2024 | Shark Tank India Season 03
Aroleap founders Aman Rai, Rohit Patel, and Anurag Dani pitched in Shark Tank India to raise ₹1 crore in investment to expand their business globally.
The Sharks were impressed by Aroleap’s innovative technology. However, the majority of them were concerned about the price point and the scalability of the business.
Will Aroleap manage to get a deal from the Sharks, and what happened after Shark Tank? Find out in this Aroleap Shark Tank India update.
| Company Name | Aroleap |
|---|---|
| Founders | Aman Rai, Rohit Patel, Anurag Dani, Amal George Mechiracka |
| Founded | 2020 |
| Product | Home gym equipment |
| Ask | ₹1 crore for 2.5% equity |
| Deal | ₹1 crore for 5% equity |
| Sharks | Anupam Mittal, Amit Jain, Azhar Iqubal, Peyush Bansal |
Aroleap Shark Tank Update
Aroleap got a combined deal from four sharks: Anupam Mittal, Amit Jain, Azhar Iqubal, and Peyush Bansal. The founders accepted ₹1 crore in exchange for a 5% stake in the company. However, this agreement isn’t completed yet off the camera.
Aroleap received huge exposure and has been featured in renowned Indian digital media platforms like ANI, The Better India, Hindustan Times, Indian Startup News, etc.
Presently, they need to focus on scaling their business in the US market by utilizing the guidance and financing they received from the four experienced Sharks.
More companies updates that got combined deals in Shark Tank India 3:
About the Company
Aroleap is a one-stop home gym solution that can be attached to walls. Because of its slim build, it occupies minimal space, which is suitable for setting at home. You can do squats, deadlifts, bench presses, and other exercises on it.
Additionally, there is a Patented Digital Weights Technology in Aroleap that allows users to customize their weight set to reduce the risk of injury under heavy loads.
Aman Rai, Rohit Patel, and Anurag Dani founded this company in 2020. All the founders studied at IIT Delhi.
Aman, Rohit, and Anurag serve as the COO, CEO, and CTO, respectively, each holding a 21.5% equity in the company.
The founders noticed that there was no single apparatus that could imitate the whole gym at home.
They found that home gym equipment was large, expensive, and required a lot of space. Also, they couldn’t monitor their movements precisely.
That’s when the trio decided to launch Aroleap to assist people in setting up a gym to work inside their homes.
The patented digital weight technology of Aroleap permits clients to lift a maximum of 75kg, beginning from as low as 2 kg with 0.5kg additions. You can cover more than 100 gym exercises using Aroleap.
The Aroleap comes with a rope, an ankle strap, a barbell, and a flat bench. There are hooks at the ends of each arm to which you can attach different accessories.
The device utilizes a motor to replicate the weight. 75 kg of resistance is available on each side. Aroleap provides real-time data on reps, pace, and power graphs.
If power is put on the rep, the power graph moves upward. As you get fatigued, the graph starts going downward.
Based on that, the machine analyzes the user’s performance data and suggests exercises.
The Unique Selling Proposition of Aroleap is that it offers personalized training without an In-person trainer.
The machine provides three modes: Eccentric Mode, Spotter Mode, and DIY Mode.
The Eccentric Mode powerfully builds the load in real-time to confirm maximum rep productivity.
In the Spotter mode, clients can personalize the weight set to diminish the risk of injury under large loads.
Lastly, the DIY mode lets clients define their exercise routines straight on the machine.
The selling price of each machine is ₹1.6 lakhs plus GST, and it is targeted towards homeowners, physiotherapy clinics, and hotel gyms.
Alongside Amazon, you can purchase Aroleap’s products from their official website.
Aroleap Shark Tank Pitch Recap
Founders Aman Rai, Rohit Patel, and Anurag Dani pitched and demanded ₹1 crore for a 2.5% stake at a ₹40 crore valuation.
The founders began their pitch by sharing the fact that visiting a gym daily is difficult.
The trio then demonstrated the features and functionality of their home gym equipment line, Aroleap.
Amit Jain asked, “What’s the home gym market size in India?”
Aman replied that the Indian equipment for home gyms market size is around ₹500 crores.
Namita Thapar had issues with the high price, so she asked, “Who will buy this?”
Anurag stated that considering the Indian market, the price is definitely high, so their primary focus will be in the USA. As in the US market, Aroleap would have the lowest price point.
Then the Sharks asked about the sales.
In FY 22-23, Aroleap had sales of ₹1 crore. They are anticipating sales of ₹3 to ₹3.5 crores and an expected profit of ₹30 lakhs in FY 23-24.
Peyush Bansal asked about their investment.
In terms of investment, Aroleap conducted a seed round in October 2021, where they raised ₹5 crores at a ₹25 crores post-money valuation.
Aman mentioned that besides money, they’re also looking for sharks with exposure in the market abroad.
Amit asked about the company’s remaining funds in the bank.
They informed the Sharks that they had ₹20 lakhs in the bank and ₹30 lakhs in inventory.
As Aroleap’s price is extremely high, Namita found it challenging to sell it in both India and abroad markets. Particularly, the founders had a limited strategy to sell their product in the US.
Namita said, “ It’s too early for me,” so she’s out.
Azhar Iqubal and Amit Jain gave a combined offer of ₹50 lakhs for 2% equity plus ₹50 lakhs in loan at 12% interest for 3 years.
Anupam Mittal liked the product and offered ₹1 crore for 4% equity. He gave them a condition to focus on the domestic physiotherapy market.
Peyush was interested in joining Anupam, and they jointly offered ₹1 crore for 4% equity.
Accordingly, Amit and Azhar revised their proposal to match Anupam and Peyush’s offer. They removed the debt aspect because of the founder’s indifference and gave no particular conditions.
The trio countered with ₹1 crore for 3% equity.
Anupam removed the condition from his previous offer while keeping the valuation.
Peyush, along with Azhar, Anupam, and Amit, then counter-offered ₹1 crore for 5% equity that the founders accepted.
Conclusion
Aroleap has simplified fitness for everyone by offering customized training and full-range exercises right to your doorstep.
Even though Aroleap is costly, the Sharks saw massive potential in this company. Ultimately, the trio could onboard Amit, Azhar, Anupam, and Peyush for their business.
With an ever-growing demand for staying fit, we can surely state that Aroleap’s advanced technology and innovative features will continue to have a significant impact on the fitness industry.
