This startup gets one of the biggest offers on Shark Tank India, and rejects it

Feb 20, 2023

By: Bhakti Makwana

The biggest offer on Shark Tank India

​On Shark Tank India S2, rapid ambulances services provider Medulance received the biggest offer in the show’s history-- ₹5 crore for 5 percent equity from CarDekho co-founder Amit Jain. ​

Credit: Wikipedia

​About Medulance ​

​Founded in 2017, Medulance is a Delhi-based medical service provider with a fleet of over 7,500 ambulances. It claims to provide an ambulance in 20 minutes, on average, by leveraging Jio’s 5G network.​

Credit: Wikipedia

​Heart touching business model impresses sharks ​

​Co-founders Pranav Bajaj and Ravjot Singh Arora received all claps from the judges as they shared Medulance’s impact — they’ve helped 8 lakh patients so far, including 2 lakh Covid patients. ​

Credit: Wikipedia

Original ask by the founders

​The co-founders asked for ₹2 crore in exchange for 1 percent equity, on ₹200 crore valuation. Medulance has been profitable for the last three years and generated ₹24 crore sales in FY22 with net profit margin of 24 percent. ​

Credit: Wikipedia

Amit Jain most impressed with the pitch

Amit Jain was touched after the pitch as he revealed he lost his father to cancer, and it took about 45 minutes to arrange an ambulance. “The human connect with these timely services is extremely strong,” said Jain.

Credit: Wikipedia

Medulance skipped the biggest offer

​While the startup is bootstrapped and currently profitable, its focus was on gaining expertise from judges like Namita Thapar, executive director at Emcure Pharmaceuticals, who’s in a similar field. Hence, the Medulance founders declined Jain’s offer. ​

Credit: Wikipedia

​Medulance received ₹2 crore from three sharks

​Eventually, Medulance secured a deal of ₹2 crore for 2 percent equity from three judges – Emcure Pharmaceuticals’ executive director Namita Thapar, CEO of Lenskart, Peyush Bansal and co-founder of boAt, Aman Gupta.​

Credit: Wikipedia

Founders chose expertise over money

After closing the deal Thapar said that the deal made it clear that founders don’t just come on Shark Tank for the “check size” but rather for expertise.

Credit: Wikipedia

​Medulance’s vision ​

​Medulance aims to reach ₹200-250 crore revenue in the next three years to command billion dollar valuation in next five years. It aspires to expand its business in a few South East-Asian countries too. ​

Credit: Medulance

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