Matri Update | Shark Tank India Season 03
Founders of Matri, Roni Mondal and Rohan Roy, appeared in Shark Tank India (Season 03) to raise funds for their company.
Matri provides a drug-free solution to mensuration pain relief. It’s a portable, wearable, and rechargeable electronic device that restricts pain signals from reaching your brain.
Shark Tank judges gave more than the original ask because they think it has excellent market potential. Are you excited to know what happened to Matri after the shark tank? Find out everything in the Matri Shark Tank update!
If you’re in a hurry and don’t have time to read the whole story, here’s a brief overview of what happened to Matri after Shark Tank!
Matri founders appeared in Shark Tank India (Season 03) and got a deal from Namita Thapar and Aman Gupta. Their original ask was ₹60 lakh for 4% equity, and they got funding at the same valuation, which is ₹60 lakh for 4% equity. In terms of the Matri update, the company is booking pre-orders for this device, and they’ll ship the product on March 30, 2024.
About The Company
Roni Mondal and Rohan Roy together founded Matri. It is a portable, rechargeable, scientifically proven, 100% drug-free solution for menstrual cramps and back pain.
The founders claim that Matri has a 96% positive response from its users. It can be used anytime and anywhere.
The vision of the founders is to help women go through pain-less menstruation cycles and also to raise awareness about menstruation, which is still considered a Taboo in our country.
The product is open for pre-booking on the company’s official website, and they’ll start shipping the device on March 30, 2024.
Matri Shark Tank India Pitch and Update
The founders began the pitch by giving an offer of ₹60 lakhs at 4% equity at a valuation of ₹15 crores.
Vineeta began the discussion by thanking the founders for bringing such an innovative product that can help so many people who are helpless on their menstruation days.
All the Sharks looked highly impressed with the founder’s vision and purpose towards solving such an important issue.
Anupam: You guys are Padman 2.0. The modern version of Padman. What a great initiative you guys have picked. Fantastic!
The founders then said that Matri is available in both wired and wireless versions so that customers can pick according to their convenience.
Namita: Okay, so how does your device work exactly?
The founder said that Matri works on something called Gate Control Theory. Matri artificially generates a signal that blocks the original pain signal from the nerves from reaching the brain.
Matri’s pulse is designed to block pain pulses in a specific region.
Anupam: Okay, I got it. But, this product has already been used in Physiotherapy for decades. You can’t have any IP (Intellectual Property) in this. So, where’s your IP?
Founder: We already have a utility patent for Matri’s pulse patterns. We have basically miniaturized the original physiotherapy device.
Anupam then asked whether Matrwasis is unique in the market or if others could create similar devices.
Founder: We already have two competitors in the market. But the performance of our device is much better. We have also already received a test license from CDSCO and have applied for a manufacturing license.
The discussion then shifted toward the business side of things. Aman asked about their strategy to enter the market.
Founder: We have adopted a go-to-market strategy. Our products will be sold on our website and other marketplaces like Amazon, Flipkart, etc.
Namita then inquired about the product pricing.
Founder: The pricing will be ₹1,999 only.
Anupam then gave an offer of ₹60 lakhs at 10%. He said the company has great potential only if they market it well. He liked the vision and outlook of the founders towards solving this problem.
Then, even Namita entered the race and offered precisely the same ₹60 lakhs at 10% equity. She believes that the product needs a lot of work now, and she can help and guide the founders on the right path.
Vineeta: Your product has the potential to bring a societal change if it works. I liked your story and vision and would offer you ₹60 lakhs for 6% equity.
Anupam: Brother, your product is not only helping women but also helping humanity. If women are happy, then Men are also delighted.
Anupam then revised his initial offer and gave a new offer of ₹60 lakhs at 4% equity.
Namita: Okay, so I will give you ₹60 lakhs at 6%, and I will also provide you with all support and infrastructure.
Aman then said that this product has to get overnight success. Otherwise, there will soon be many similar products flooding the market.
So, the time window is relatively short, and Matri should capture as much of the market as soon as possible before the competitors arrive.
Aman: I have already scaled one brand like this. So I will be able to help you guys. I offer you guys ₹60 lakhs for 4%, which you initially requested.
Ritesh finally entered the battle and said the founders would need a lot of support and guidance. And it’s his responsibility to provide as much assistance as possible.
Ritesh: You guys need a lot of money to make this company big. So, I will give you ₹1 crore for 4% equity at a ₹25 crore valuation.
The founders wanted to work together with Namita and Aman. The final deal was made at ₹60 lakhs for 4% with Namita and Aman on board.
More updates from Shark Tank India (Season 03):
Final Words
Matri is one such product that has the potential to be the next big thing. And, all the Sharks could see that. This is why the founders were able to lock in the perfect deal for themselves without much hassle.
