Inali Assistive Tech is founded by Prashant Gade who is also the CEO of Inali Foundation. This article tells you about the inali foundation, inali foundation address, inali foundation hand, inali foundation Wikipedia, inali foundation founder, inali foundation contact details, inali shark tank India.
|Company||Inali Assistive Tech|
|Valuation||Rs 10 Crores|
|Net Worth||3 Lakhs|
|Funding Asked||Rs 50 Lakhs for 5% Equity|
|Market Cap||5000 Crores|
Introduction to Inali Assistive Tech | Inali Foundation
Prashant Gade is the CEO of Inali Assistive Tech. He is of 30 Years old and from Pune. Before starting the pitch he asked all the Sharks to open one bottle using one hand and keeping the other hand unused.
All the sharks opened the bottle and said that it is a little hard task. Drinking water is our daily life task and very negligible when we have both hands. Can you imagine the same task for children or persons who have lost their single or both hands in an accident?
According to a report by the Ministry of Road Transport, only 460K Persons needed Prosthetics in 2018 and even today 85% are not having any solution. The main reason behind this is the affordability as the Prosthetic arms available in the Indian market are very expensive 1 Lakh – 20 Lakhs and everyone cannot afford them.
What is Inali Arm by Inali Assistive Tech?
Inali arm is a lightweight, highly customized, and affordable arm. Inali arm is half the cost of all Currently Available Prosthetic arms in the market. He presented Durgesh Shukla, who is of 16 Years. He was not having his fingers and his arms were half removed.
Working with Inali Arm
So With Inali’s arms, he can do the same movement of Fingers, when he will do any moment in his Foot then the same will be there in his Inali Arm. When we come to the writing task so he locked his hand, and then also showed Sharks how he was able to write and Sharks were impressed with the task.
Durgesh Shukla is also the brand ambassador of Inali Assistive Tech.
Success Story of Inali Foundation
Inali was started with a Non-Profit Motive. In 2015 he left college in his 3rd year, and meet one person named Nicolis- lost one hand also with his carpenter skills he made a new hand. So Prashant was impressed and decided to develop a prototype project.
After deciding this, he first tested his idea and went to a company asking for two hands for a girl who lost them in an accident. The company quoted Rs 24 Lakhs and Sharks got shocked after listening to this. All the arms are imported and there are only 1-2 Companies in India.
When he was crowdfunding, One NGO provided him with a small grant and asked him to work on the project. Inali Foundation was set up in 2018 and they have provided 4800 People with their arms. Prashant observed one thing in this time period 20-30% of people can afford the arms if they are customized as per their needs and this market was completely untouched in India.
What is the Ask of Inali Assistive Tech from Sharks in Shark Tank India?
Inali Assistive Tech needs Rs 50 Lakhs for 5% Equity which makes its valuation near Rs 10 Crores.
Market of Prosthetics
In India, The demand for Prosthetics is 15000 Crores and only hands account for 5000 Crores.
Sales and Revenues
In FY2019-20 They made a sales of 2.85 Lakhs.
Their first target is to touch 10,000 Hands and in the production of the Initial 1000 Hands the cost will be 2 Crores, and they will be able to make revenue of 4 Crores from that.
Difference Between Inali Foundation and Inali Assistive Tech
In NGOs when they have to install hands to people, so you only need to check the size of the arm and then install it b but here the patient will check the product and customize it accordingly. From NGOs, he will only reach 20,000 Persons from Crowdfunding.
The main motive of Prashant is to make Impactful Help with business.
There are 20-25 Doctors who directly refer their patients to Inali. However, there are a large number of Orthopedic Surgeons across India with which they can meet and get validation of the product.
Sharks investing in Inali Foundation
Ashneer says that he did have not any person who was doing Philanthropy and then made a successful business ahead. The reason behind this is that when you are doing philanthropy no one will say you that the product is not fit or matching with my vibe.
The main challenge is that the main idea was philanthropy and not a business. To develop a business, you will need many more things than philanthropy. For that reason, He is out.
Aman feels that There are two horses on which Prashant is running. One horse is of CSR and the second house is of Business Profitability. He will need to focus on one thing and for that reason, he is out. If Prashant focuses on one thing then Aman will be happy to back him.
Namita says that she does not agree with the thinking of other sharks. She says that if they are having 20-25 Testimonials, then she will also introduce them to Orthopedics who are heads of big firms. If they bring strong validation from them then she will invest but for now, she is out of pitch.
He feels that Prashant is a very nice person and doing great work, but he is unable to drive it in a business direction. So for now he is out from Pitch but will think in the future due to his personal incident.
She says that the Business of Inali is having less revenue and their ask is not matchable, for this reason, she is out.
Read about More Startups | Under20s
How did “The Artment” Home Decor Startup got valued at 68 Crores in Shark Tank India?
Theka Coffee “How This Amazing startup earns Rs1.8 Crore featured in Shark Tank India” | Under20s
Tagz Chips | Healthy Chips Startup Featured in Shark Tank India | Founders, Net Worth, Investors, & Funding
Hammer Lifestyle | Net Worth, Funding, Valuation
Thanks for Reading the 4Th Article of “The Startups Economy” Produced by Under20s Media. You are going to get exclusive content revolving around the Business and Economic Side of your favorite Founders and Startups. To read them first, Subscribe to our newsletter.
You Can Do follow us on Social Media Handles – Linkedin, Twitter, and Instagram. This story is Penned by Devansh Kaushal, Follow him on Twitter, LinkedIn, and Instagram. For any Query/ Collaborations/ Promotions, Contact us at [email protected]
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.