Eume is a startup that builds Massager Backpacks and got featured in Shark tank India. This article tells you about EUME BACKPACKS, eume wiki, eume official website, eume brand, eume umbrella, eume bag, eume massager bags, and eume masks.
|Founders||Pranay Parekh, Naina Parekh, and Sanjay Parekh|
|Featured in||Shark Tank India Unseen Pitches|
|Net Worth||7 Crores|
|Funding Asked||Rs 1.5 Crores for 2% Equity|
Introduction to EUME
Pranay Parekh, Naina Parekh, and Sajay Parekh are the founders of the “The EUME” Massager Backpacks startup. Eume Backpack is completely made in India and World’s first patented massager backpack which is having inbuilt massagers.
When we carry heavy backpacks it affects our backs also, and by using these massage backpacks our blood flow system also runs smoothly. Now they want to take this massager technology to take around the World.
Eume’s backpack is having 4 massagers, 2 are located on the top and 2 on the downside. These massagers can be started when a power bank is connected to them.
Eume started in July 2018, Covid impacted businesses in 2020. The team is happy with the response they got from their consumers. Their massager backpack starts from Rs 2999, and the tracking backpack starts from Rs 6999.
EUME’s main market share is from Backpacks. Masks and Umbrellas, EUME’s umbrellas are the best-selling on Flipkart.
EUME is having 3 ranges for their products.
- Yellow: Entry Range
- Blue: Medium Range
- Red: Exclusive Range.
B2B vs B2C
Eume wanted to take the review market before launching the business in B2B. Now they are tied with Pharma Companies and have also pitched to IT Companies.
Gross Margin of EUME
- Online Business: 55-60%
- Offline Business: 35%
Sales of EUME
- The 1st Year 2018-19 – 3.2 Crores
- The 2nd Year 2019-20: 5.2 Crores
- 3rd Year2 2020-21: 12.9 Crores
- 4Th Year: 2021- Date: 6.9 Crores
EUME also tied up with IPL Teams like CSK.
Eume Ask for Funding from Sharks | Valuation of EUME
Eume’s ask is Rs 1.5 Crores for 2% Equity which makes the company’s valuation at Rs 75 Crores.
Profit of EUME
The Gross margin of EUME is 53% & ABETA is 17%. The total investment from AVON LIFESTYLE.
Sharks investing in EUME | Eume Massager Backpacks in Shark Tank India
Ashneer Grover said that “The Team knows how to build a great business but not to build a brand”
Ashneer’s Offer: Rs 50 Lakhs for 20% Equity and Rs 1 Crore for Debt 12% P.A for 3 Years.
Anupam said that EUME is not getting a lot of chunk of business from their USP which is massage, and he believes that no one uses these massage products for more than a week. This is a Go-To-Market for the beginning but not for long.
Anupam made an offer for the parent company of EUME which is AVON Lifestyle.
Offer: Rs 75 Lakhs Debt at 12% and the Rest Rs 75 Lakhs for 10% Equity
Namita said that she was very excited when they pitched because of their patented massage bags but she was unable to find the focus of the founders in that product. For this reason, she is out of pitch.
Vineeta observed that the core strength of this startup is the sales part, but if they go on the D2C Part which is brand building but she was unable to find their styles trendy, that’s why she is out.
Aman is impressed with the founder’s energy and their business sense but he is having a problem with the Bags industry. He feels that he will not be able to add value to this startup so he is out of the pitch.
EUME said that they are not willing to get investment in their parent company, and after hearing this Anupam got out of the pitch.
EUME does not want to do the debt deal with Ashneer, and after hearing this Ashneer said that he does not like the people who are not interested in getting the debt deal, and for that reason, he also got out of the pitch.
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Read about Sharks in Season 2 of Shark Tank India
- Aman Gupta – Founder of Boat and iMAGINE MARKETING
- Anupam Mittal- Founder of Shaadi.com
- Vineeta Singh- Founder of Sugar Cosmetics
- Namita Thapar- Executive Director of EMCURE
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This was one of the most amazing pitches of Shark Tank and You will be amazed to know that this pitch was not aired on Sony Channel. This is only available on Sony Liv App.