Shark Tank S2 judges refuse to 'get in bed' with this wearable sleep relaxer biz
Coezy Sleepsells relaxers with stretchable apparel that claim to help customers sleep better using a cocoon-like design.
- It claims to provide the same effect as swaddling a newborn baby.
- All judges refused to fund Coezy Sleep, calling it ‘nonsense’ ‘unsafe’ and ‘unfit for
India’ at present.
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Founded by Hardik
As per the founder, it’s a common custom to wrap a newborn baby in a cloth and rock it to sleep. The relaxer claims to do the same for adults. Made of stretchable material, the relaxer wraps around the body giving the feeling of a jadoo ki jhappi (magical hug), claims Rathore.
However, the brand got no takers on Shark Tank India, despite the startup selling products worth ₹1.05 lakh in 20 days. The startup started selling its products a month before the episode was shot (August 2022). It was founded in late 2021.
Globally, a $400 million industry
Rathore claimed that though the concept is well-known abroad, the benefits of compression therapy have not been explored in India yet. “Globally, this is a $400 million industry and the West has already started adapting to it,” he said.
Rathore, a mechanical engineer, had earlier suffered from stress, anxiety and insomnia. On a tour to Istanbul, he was introduced to weighted blankets and compression sheets, which lulled him to sleep. This sparked in him an ambition to bring this product to India. Prior to starting Coezy, he worked for four years with Tata and Byju’s.
“India is the second most sleep-deprived country. One out of four Indians face sleep issues and 14% suffer from extreme anxiety or depression because of it. We need pampering, a deep touch or jadoo ki jhappi (magical embrace),” Rathore, who hails from Bhilwara, said on Shark Tank India season 2.
The demo that led to dismissal
At Shark Tank India, he asked for ₹35 lakh for 20% of equity in his company, valuing the company at ₹1.75 crore.
Advertisement“The equity you have offered makes me want to cry. Nobody gives us that high an equity on this show. Thank you brother, thank you,” Lenskart co-founder Peyush
Rathore gave a demo of the product to shark Anupam
“The product is horrible. While I was trying the product, the compression for me felt suffocating. Felt like I was dying,” Mittal said.
“What if you want to pee?” Mittal asked Rathore. The founder explained one can lift up the relaxer. But if users want to stay for a long time on the toilet, they have to remove the whole thing.
Mittal also had fun trying the product out. “I will come for sure but I will not come to bed with you,” he told Rathore who called his product a partner. “See I am married, so whatever partner you are talking about, let me know beforehand,” Mittal quipped.
AdvertisementBansal said, “What is this product? If I go to the washroom on a flight wearing this, people will start laughing at me.” Bansal and Namita Thapar, executive director of Emcure Pharmaceuticals, claimed that India is not ready for such a product yet.
“This product’s fit and form factor will take time to shape in India. It is quite an early stage. That’s why I don’t think this is investable,” said Bansal.
“I have seen these products in Walmart in the USA. These things are working there. The Indian market is not ready for this yet,” shark Namita Thapar said.
‘Why swaddle adults?’
Mittal also refused to fund the startup. “I think this is vahiyad (nonsense). If this is true, why would babies come out of a womb then? We swaddle babies to help them easily transition from the womb to the real world. If you want to transition into adulthood, you have to leave these things behind,” he said.
AdvertisementMittal added that he was confused about the logo of the company, which hinted more towards pregnancy rather than depicting a sleep company.
Aman Gupta, co-founder of boAt, backed out, and asked the founder to “understand the consumer, shut shop and do something else”.
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