A pair of ambitious entrepreneurs took the stage on Shark Tank India, presenting their fitness app, Fitelo. Their pitch caught the panel off guard when they asked for Rs 1.5 crore in exchange for just 0.5% equity, valuing their company at a massive Rs 300 crore. The unexpected valuation led Anupam Mittal to quip, “Your valuation is obese.”
The founders shared that they had struggled with weight issues for years. Their personal battles inspired them to create Fitelo, an app designed to guide users through weight loss with customized diet plans, counseling, exercise routines, and dance workouts. They also emphasized the importance of mental health support as a key feature of their platform.
Anupam acknowledged that psychological aid was a unique addition but pointed out that their core business model resembled existing platforms like Healthify Me. The founders revealed that they had previously applied to Shark Tank twice, in the first and second seasons, when their company had a turnover of Rs 1 crore and Rs 4 crore respectively. They skipped the third season but returned stronger, now projecting Rs 100 crore in revenue for the year.
Vineeta Singh noted their impressive customer retention and remarked, “There has to be something magical about your app.” Kunal Bahl described this success pattern as the ‘smile curve,’ explaining that it demonstrated strong consumer trust in the product. However, despite their appreciation, Kunal, Anupam, and Ritesh Agarwal refrained from investing. They admired the business but believed that significant industry shifts were imminent. “It’s best to wait and watch,” they agreed.
Vineeta, however, stepped forward with an offer. She proposed a valuation of Rs 75 crore, which the founders hesitated to accept. At this point, Namita Thapar spoke up, sharing a personal experience. She recalled being mocked for her weight in her younger years, saying, “I was called ‘moti’ by other kids, and it deeply affected my mental health.” She appreciated the founders’ focus on psychological well-being and suggested they could expand into supplements in the future.
Recognizing their shared vision, Namita decided to team up with Vineeta. Together, they revised the deal, offering Rs 1.5 crore at a Rs 150 crore valuation, along with a royalty component. The founders accepted, securing two influential partners to propel Fitelo’s growth.
With their journey on Shark Tank concluding on a high note, the entrepreneurs walked away with not just funding, but also the strategic guidance of two industry leaders.