Feb 20, 2023
By: bhakti.makwana@timesinternet.in
Credit: Wikipedia
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
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.
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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.
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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.
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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.
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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.
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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.
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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.
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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