Tweek Labs is a motion capture sensors startup that got featured on Shark Tank India. This article aims at tweek labs funding, tweek labs products, tweek labs founder, tweek labs shark tank india episode, shark tank india tweek labs, tweak labs, shark tank india, and shark tank
|Company Name||Tweek Labs|
|Founders||Anant Sharma and Shwetank|
|Valuation||Rs 20 Crore|
|Net Worth||Rs 2 Crore|
|Funding Asked||Rs40 Lakhs for 2% Equity|
|Funding Given||Rs60 Lakhs for 10% Equity|
|Investors||Shaadi.com, Lenskart and BharatPe (Anupam MIttal, Peyush Bansal and Ashneer Grover)|
|TV Show||Shark Tank India – EPISODE 33|
|Click Here for the LInkedIN page|
|Website||Click here to visit their website|
Introduction to the Pitch | AI CRICKET ASSESSMENT APP
When we look at Cricket Coaching in small towns and in local academies so the coach never gives proper guidance to their players. They displayed the same via drama in the show and explained how these things lead to inefficient training of players. This is the reason why many players lose their confidence.
What are Tweek Labs?| Shark Tank India
Anant Sharma. Ayush Kushwaha, Shwetank Shrey, and Aman Parnami are professional students team launched Tweek Labs.
This startup has made a smart wearable that captures the motion of an athlete in 3D and we can analyze the performance of the athlete in very depth. Insights that we get from this wearable are instantly available in their phone app.
How does this smart wearable works?
There are 12 sensors that touch our body and capture the various limbs of the body. The Player has to stand in T Pose for calibration, after this all motion is being captured in 3D. Now when the player balls and he wants to see his action so he can get that in App. All KPI- Key performance indicator is displayed in their app which is necessary for every player.
Equity split of Co-founders
Anant and Shwetank have 33.3% each and Ayush has 19.4% and Aman has 13.4%
What is their ask for investment from Sharks? | Shark Tank India
Their ask is Rs40 Lakhs in exchange for 2% Equity. The valuation of the company is Rs20 Crores.
QnA | Sharks Asking Tweek labs | Shark Tank India
What is the cost of the product?
We can get this product in two ways Academy can buy this or rent it for their players. These are sharable models as 10 different players can wear
We can get this product for personal use- Rs5000 for 1 Month.
This costs them Rs35000 per unit. (Cost price to startup)
Who is their target audience?
Their target audience is serious athletes and players and they want to solve their burning problems.
What are their sales?
At present, there are 10 Lakh active cricket players and 10% of them go to the academy. Tweek labs will target 20% of this which will be 20,000 Players. They will offer Rs1000 Subscription to 20,000 Players
1:1 | Sharks investing in Tweek Labs | Shark Tank India
The product is very good but it is in a very early stage and valuation is very high according to pre-revenue. This is the reason Namita Thapar is out.
He feels that the revenue model of this startup will remain limited after a certain time as most of the professional bowlers will use it. When they become a perfect bowler so they will also leave it. For this reason, Aman is out.
He is ready to pay Rs40 Lakhs but he will need 8% of the equity in the company.
Offer- Rs40 Lakhs for 8% Equity
Orignal Ask– Rs40 Lakhs for 2% Equity
He feels that the main issue comes from covering the hardware cost. After clearing his doubts Peyush matched Ashneer’s Offer. Peyush is also ready to come with Ashneer.
He made a rival offer to Peyush and Ashneer. Then he also made ALL 3 SHARKS OFFER.
Offer- Rs40 Lakhs for 7% Equity.
Anupam, Ashneer, and Peyush’s offer- Rs60 Lakhs for 12% Equity
Counteroffer from Tweek Labs
They presented a counteroffer in which Rs60 Lakhs for 6% Equity.
Where did the deal of Tweek Labs meet?
Anupam said that they want to put their hearts in the company but not at such a high valuation. Ashneer is believing in him and Peyush will hire engineers globally for this brand.
New counteroffer from Startup – Rs 60 Lakhs for 8% Equity.
Last offer from Sharks- Rs60 Lakhs for 10% Equity.
The deal got closed at Rs60 lakhs for 10% Equity at the valuation of Rs 6 Crores.
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