InnerGize, a pioneering stress-relief gadget brand, garnered attention during its recent appearance on Season 4 of Shark Tank India.
The brand, founded by Dr. Siddhant Bhargava, Shalmali Kadu, and Mitansh Khurana, introduced a first-of-its-kind mental health wearable designed to provide immediate stress relief and improve resilience against stress.
The founders shared that InnerGize aims to empower individuals to manage mental well-being, promoting a calmer and happier lifestyle.
The device, priced at ₹5,000, includes a charger and 12 patches for initial users, with additional patches available at ₹500 for eight. Boasting a manufacturing cost of ₹1,200, the gadget promises strong profitability.
At the pitch, InnerGize sought ₹54 lakhs for a 1.5% equity stake, valuing the company at ₹36 crores.
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The co-founders, holding equal ownership of 33% each, revealed they had already raised ₹2 crores in funding, including ₹90 lakhs in grants, and were pursuing a ₹4 crore investment round.
The Sharks expressed significant interest. Ritesh Agarwal, CEO of OYO Rooms, was the first to match the founders’ ask, offering ₹54 lakhs for 1.5%.
Aman Gupta, Co-Founder and CMO of boAt, followed with ₹54 lakhs for 2.5%, while Azhar Iqubal, Chairman of Inshorts, mirrored the original ask of ₹54 lakhs for 1.5%.
After deliberation, Ritesh, Aman, and Azhar combined their offers, proposing ₹75 lakhs for 3%.
The founders countered with ₹1.08 crores for the same equity, and after further discussions, a final deal of ₹1 crore for 4.2% equity was struck, valuing InnerGize at ₹23.81 crores.
