For the first time ever a brand has got ₹5 crore offer in Shark Tank India. Medulance, an ambulance service company achieved this feat.
Amit Jain was so impressed by their cause and business that he offered whopping ₹5 crores to the founders. Unfortunately, the equity he asked for was not acceptable to the founders and the deal did not materialize.
Medulance Bussiness Model
To solve the problem of 30% of death that is caused in India due to delayed ambulance services, Medulance has developed a system to provide ambulance service in 20 minutes. They are able to achieve this with their helpline and backhand technology support.
Also, they have leased out 7,500 ambulances at many locations in 22 cities, so that ambulances can reach easily to patients in as much less time as possible.
They are India’s first, GPS-based technology platform for fast and reliable medical attention.
Additionally, they have normal ambulances as well as smart ambulances and depending upon the patient’s condition they assist you in selecting the right ambulance.
In Delhi, they have managed to bring down the ambulance response time from 30 minutes to 11 minutes.
Their vision is to make ambulance services easily available in all the corners of India so that no one has to lose a life because of late ambulance service.
They provide 3 services
- MeduERS– This is stationed ambulance service. They have leased out 7,500 ambulances at many locations in 22 cities so that ambulances can reach easily to patients in as much less time as possible.
- MeduClinic- Medical room set up in residential or corporates for first aid and basic life support. They themselves provide doctors and paramedics.
- MeduAlert– Tie up with corporates, wherein the employees have a designated number that they can call at any time, from any city. It also covers their 4 family members.
User Journey- Whenever anyone calls, their customer support takes the name and number of the caller. The caller then receives a link, and through this link, Medulace takes their location.
This link will show the option of the closest 5 ambulances available along with the Estimate Arrival Time, accordingly, the caller can choose the one that will reach quickly. It also shows the distance left and the types of an ambulance that you can choose from.
Ravjot Singh Arora and Pranav Bajaj are the founders of Medulance. They met through a common friend.
Pranav worked with Zomato when it was a startup in 2012. At that time he noticed that companies like OLA and Uber are taking the advantage of Geolocation and providing better cab services. He thought that he too should do something like this and provide a better Ambulance response time.
Ravjot completed his engineering and was working in the family business. His father had always given him the privilege to start something of his own. He was deliberating whether to go for further studies or start something of his own. This is when he met Pranav and go to know his plan to start an ambulance service company.
Ravjot was touched by the cause because he had suffered the loss of his grandfather, because of the late ambulance service. This is how they started this business.
Medulance Shark Tank
The founders had asked for ₹2 crores for 1% equity at ₹200 crore valuation.
This pitch had brought about a hard-core shark fight amongst the sharks with Aman and Namita on one side. Peyush, Amit, and Anupam are on one side.
Their 2020-2021 sales were ₹15.7 crores at an 18% net margin.
2021-2022 sales were ₹24 crores at a 24% net margin.
2022-2023 target revenue is ₹40 crores
The judges were super impressed when they got to know that at ₹200 crore valuation, Medulance was completely bootstrapped.
Looking at their lucrative numbers Aman and Namita immediately gave the offer of ₹1 crore for 1% equity at ₹100 crore valuation and the rest of ₹ 1 crore in debt.
This did not go down well with Peyush, Anupam, and Amit because they still had some questions and wanted to understand the business in detail. A fierce shark fight broke out.
Anupam backed out and Amit Jain gave the biggest offer of shark tank ₹5crores for 10%equity, which he later revised to 5% equity to match the valuation of Aman and Namita.
Peyush requested Aman and Namita to join them in their deal, to which they agreed.
Both offers left the founders in a deep dilemma. After the discussion, they gave the counteroffer to Aman, Peyush, and Namita for removing the debt at 1.5% equity.
Peyush said that then the equity has to be 2%, which the founders agreed and the deal was secured.
Where Can You Find Them
With an amazing cause, incredible entrepreneurs, and impressive revenue, we are not surprised that Medulance got the biggest offer made so far in Shark Tank India.
I would like to end by putting forth some of the amazing qualities of these entrepreneurs that we all can learn from.
- Make the consumer journey smooth
They know that when people don’t use any app for 3 to 4 months, they tend to delete that app. So to make the consumer journey smooth, they gauge the location of the patient by sending a link rather than asking the caller to download their app.
- Asset Light Company
Instead of buying their own ambulances, they get them leased. With this, it becomes easy for them to expand rapidly. Also, they don’t have to worry about maintenance, and can focus on making the consumer experience better.
- Feel Good Factor
When they save so many lives every day, it makes them feel good. So if you are planning to start your business, try to build the one that makes you feel good.
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