The new episode of business reality show ‘Shark Tank India 3’ witnessed a pitch by Nemocare, a patented healthcare device designed for newborns.
Nemocare Raksha is the world's first clinical-grade, wearable device for newborn babies. It can be attached to the baby's leg and tracks seven vital parameters such as heart rate, respiratory rate, body temperature, and oxygen saturation in real-time. Founded by Pratyusha Pareddy and Manoj Sanker, a pioneering wearables startup that is on a mission to prevent neonatal and maternal deaths in the developing world.
Their journey began in 2016 with a singular focus to address the core issues plaguing neonatal healthcare in developing regions. Headquartered in Hyderabad and manufactured in Bengaluru, Nemocare’s commitment to innovation is evident in every aspect of its product, from design to functionality.
During their pitch, Pratyusha highlights the scarcity of incubators in tier two and tier three cities, underscoring the urgent need for accessible healthcare solutions. With an ask of Rs 1 crore in exchange for 2.5 per cent equity, Pratyusha and Manoj pitch their vision to the Sharks.
The pitch compelled Radhika Gupta (MD & CEO of Edelweiss Mutual Fund), to share a personal experience, emphasising the impact the product could have on countless families.
Radhika said: “I was born in Pakistan and I was overweight, so l was kept in an incubator. I have an issue with my neck because I was kept in an incubator. The problem with an incubator is the parents can't see their babies, and the baby's safety is compromised in an incubator. It became a lifelong issue for me.” Ritesh Agarwal (Founder and CEO of OYO Rooms) said: “You two are doing something laudable.”
However, after hearing the entire pitch, Radhika shared: “I liked the fact that your intentions are good. I feel your company is still pre-revenue. I'm out because I don't invest in pre-revenue companies. You need to scale up gradually by getting commercial orientation and some sort of boost up. But I wish you the best.”
Ritesh added: “I think your business has some divergence. On the one hand, you have an opportunity to make an impact and on the other hand, you want to get the approval of the US FDA and work with the Fortune 5 companies. The problem is if you focus only on the impact, your valuation won't increase. And to focus on the approval from the FDA, you are still at an early stage. I don't want to make a half-hearted attempt. I'm not convinced entirely so l want to give you my best wishes to progress.”
Peyush Bansal (Co-founder and CEO of Lenskart.com), said: “I think your cause is good. If we work with good partners...It can work. I liked your model of Rs 600 per pouch. It can scale for real. It can be delivered to homes, hospitals, privileged people and also the underprivileged ones.” He made an offer of Rs 10 lakh for one per cent equity, plus Rs 90 lakh debt at 0 per cent Interest for one year.
Vineeta Singh (Co-Founder and CEO of SUGAR Cosmetics), also made an offer of Rs 50 lakh for 5 per cent equity, plus Rs 50 lakh debt at eight per cent interest for three years. Peyush and Vineeta gave a joint offer of Rs 50 lakh for five per cent equity, along with Rs 50 lakh debt at 8 per cent interest for one year.
Aman Gupta (Co-Founder and CMO of boAt) added: “I can help you. Take the grant as well as the money from the US, and also take from me.” Aman Gupta offered them Rs 20 lakh for one per cent equity, plus Rs 80 lakh debt at 10 per cent interest for two years.
Ultimately, the pitchers bagged a deal with Aman for Rs 20 lakh for 0.67 percent equity, along with a debt of Rs 80 lakh at a 10 per cent interest rate for two years.
Talking about their journey, Manoj, the Co-founder and CEO of Nemocare said: “Participating in 'Shark Tank India 3' was a game-changer for Nemocare. It provided us with an unparalleled opportunity to showcase our mission of ending preventable neonatal deaths on a global stage. The rigorous pitch process sharpened our focus, while the invaluable feedback from the sharks affirmed the strength of our product and our unwavering dedication to innovation.”
“It has not only refined our vision but also validated the strength of our product and the passion we infuse into every aspect of our work. We are deeply grateful for the overwhelming support from our loved ones and the entire Indian ecosystem, which has been instrumental in our journey,” he shared.
Manoj added: “This experience has fueled our commitment to driving impact and innovation in healthcare, reinforcing our dedication to the 'Make in India' initiative. Moving forward, we are more determined than ever to push boundaries and save lives, fueled by the momentum gained from 'Shark Tank India 3'." ‘Shark Tank India 3’ streams on Sony LIV.
