WiseLife Update 2024 | Shark Tank India Season 03
WiseLife founders pitched in Shark Tank India for ₹60 lakhs at 2% equity. It’s a premium Yoga mat and accessories brand that has already done ₹4.3 crore in revenue in 2023.
In the show, Sharks really liked the build quality of their products, and the founders received many offers. Prateek Kedia and Shreya Bansal accepted the combined offer from four sharks.
But what happened to WiseLife after Shark Tank? Here’s your WiseLife update off the camera.
| Company Name | WiseLife |
|---|---|
| Founders | Prateek Kedia, Shreya Bansal |
| Founded | 2020 |
| Product | Yoga mat and accessories |
| Ask | ₹60 lakhs for 2% equity |
| Deal | ₹1.2 crore for 4% equity |
| Sharks | Aman Gupta, Anupam Mittal, Namita Thapar, Ritesh Agarwal |
WiseLife Update After Shark Tank
WiseLife founders Prateek and Shreya got a combined deal from four Sharks in the tank. They accepted ₹1.2 crores for 4% equity against their original ask of ₹60 lakhs at 2% equity.
After the show, WiseLife gained immense popularity and was featured in some popular business portals like Zee Business and Outlook India.
Their appearance on Shark Tank India 3 has increased their website traffic, and the company saw a significant boost in revenue. The deal off the camera hasn’t been confirmed yet. However, our team is following up with the founders to get a fresh WiseLife update.
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About WiseLife
Prateek Kedia and Shreya Bansal founded WiseLife in 2020. It is a yoga mat and other accessories brand which manufactures premium products.
Their yoga mats have extra cushioning, superior grip, and one-time rolling features. All of the mats are manufactured using non-toxic materials like natural rubber, suede, cork, and TPE.
The brand claims that its mates are of higher quality, affordable, and also eco-friendly. They also sell yoga props like belts, blocks, wheels, and other accessories.
Currently, they have sold their products to more than 1 lakh customers and are looking to expand their business in other parts of the country.
WiseLife Shark Tank India Pitch Recap
The founders asked for ₹60 lakhs at 2% equity at a valuation of ₹30 crores.
Ritesh: I liked that you guys came bare-footed. You guys seem to be living in yoga itself.
Anupam then asked whether WiseLife is similar to a foreign brand called LuluLemon, which has made active and yoga wear extremely cool.
Founder: Yes, we are inspired by LuluLemon. However, this brand is completely Indian for the Indian market.
Namita then said that the idea behind WiseLife is extremely novel as she struggles to find the right Yoga accessories.
Founder: Yes, and we are also looking to start selling yoga clothing items in the future. Now, we are only looking to scale our yoga mats and other accessories.
The sharks liked the clarity of the founder. Aman said that he finds the Surya Namaskar mat extremely fascinating. It has all positions in its design itself.
Founder: We have more than 40+ Yoga mat designs with respective yoga positions.
Ritesh: I think that your products are actually world-class. And, especially, your extremely unique designs.
The founder then revealed that their products are not easy to copy as they have in-house design and are innovating rapidly.
Aman: I am extremely interested in your products. So, quickly tell me about your sales and revenues.
Founder: We have already done ₹4.3 crore in 2023. This year, the projected sales are around ₹12 crore, and our mats start from ₹1,000.
The founder also said they do 80% of their sales online and the rest 20% offline, mostly from yoga studios.
Aman and Namita then offered ₹60 lakhs for 3% equity and 2% royalty until ₹60 lakhs is recouped.
Anupam: You have built a great product. But what do you actually want? What’s your vision?
Founder: Our vision is extremely big. We have a first-mover advantage in this industry. So, we want to enter into yoga apparel to expand more.
The founders also said they are looking for a mentor on Shark Tank India.
Anupam: You guys shouldn’t give royalty to anyone, as you are just starting. Instead, take ₹90 lakhs from me at 4% equity.
Namita and Aman revised their offer and removed royalties. Now, they will give ₹60 lakhs for 2%, which was the original ask of the founder.
Anupam: I will also revise my offer. Take ₹90 lakhs for 3%.
Ritesh then revealed that many of his hotels already operate yoga studios, which can be used for trials. So, he offered ₹90 lakhs at 3% or ₹60 lakhs at 2%.
Amit: You guys are great founders. But, you need to create a category for which you need technology. I will offer you ₹60 lakhs for 2% equity and 2% royalty until ₹60 lakhs is recovered.
Namita then gave a new revised offer where 4 sharks would come on board. Aman, Anupam, Namita, and Ritesh will invest ₹1.2 crores for 4% equity and no royalty.
Amit: You guys will get diluted more in this offer.
Anupam: Take a wise decision, guys.
Founder: Since yoga is a union, we want to go with 4 sharks.
The founders accepted the offer. WiseLife raised ₹1.2 crore at 4% equity and 4 sharks on board from Shark Tank India.
Final Words
WiseLife was clearly a winner and got a way better deal than they initially sought. The sharks really liked the founders’ attitudes and vision regarding their brand. Also, the quality of their products is top-notch, and with proper guidance and funding, WiseLife can expand into new territories and capture new customers.
