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The company sought an investment of Rs 80 lakh in exchange for 2%. (Photo Credits: Instagram)
Shark Tank India season 4 inches close to its grand finale. After some exciting pitches, innovative brands and high-stakes business deals, the last episode was a special one dedicated to empowering individuals with disabilities and supporting inclusive entrepreneurship. Dubbed the “Divyang Special,” the current episode of the business reality show saw the creative minds Rishi Krishna Iyer S and Niranjan Kumar Panigrahi introducing their company, Symbionic, to the esteemed panel of sharks.’
Explaining their startup, the founder revealed that their company develops advanced prosthetic arms. They sought an investment of Rs 80 lakh in exchange for 2 per cent equity for their company.
Recounting a tragic incident that changed his life forever, founder Rishi started his pitch by saying that he lost his right arm in a devastating bus accident in September 2018 at the age of 24. Sharing his emotional journey, he said, “When I woke up in the hospital, I felt much lighter, but after several rehab sessions and experiencing phantom pain, I kept wondering— ‘Is my life over? Have my dreams and goals been shattered?’ Accidents keep happening, but I can’t stop living my life.”
Determined to reclaim his independence, Rishi looked for bionic arms but discovered that practical ones were too expensive and affordable options were ineffective. It was this moment that pushed him to take matters into his own hands. Thus, Symbionic was founded with the goal to create affordable and efficient prosthetic arms for people like him.
Curious about Rishi’s accident, shark Aman Gupta asked him to elaborate. Rishi explained, “During one of my volunteering trips with a fellow volunteer, I was travelling to Pondicherry by bus. A vehicle tried to overtake our bus, causing a sudden jerk. Blood was oozing out of my arm, and doctors later said that amputation was necessary to save my life.”
In the episode, the duo also revealed their upcoming innovation—the Titan Bionic Arm. Their business model, however, raised concerns among the Sharks. Sharks Srikant Bolla, Anupam Mittal, Aman Gupta, and Chirag Nakrani opted out of the deal, advising them to launch their product first and then seek investment.
Namita Thapar, however, saw potential in the startup and decided to take a chance. She offered Rs 40 lakh for 2 per cent equity and Rs 40 lakh as debt at 10 per cent interest for three years. She said, “I want to be a risk-taker with you. I want to bet on you and the innovation that India needs.”
But the founders counter-offered Rs 40 lakh for 1 per cent equity plus 1 per cent advisory equity and Rs 40 lakh as debt at 10 per cent interest for three years. Namita Thapar agreed to the deal, and they walked off celebrating their resilience and innovation.
