Haqdarshak Raised INR 1 Crore From Shark Tank India

Haqdarshak is a tech platform that helps people access government welfare schemes. They have 25,000 agents in 50 locations and have aided 25 lakh people and 50,000 businesses, totaling over INR 5 Crore in scheme value. The app works by agents asking citizens questions, inputting the data, checking eligibility, and generating a list of suitable schemes.

Click here to visite official website: Haqdarshak

The company, Haqdarshak, has a main goal of helping people connect with government assistance programs. They want to help because many people don’t know about these programs or find it hard to apply for them.

Haqdarshak has some special things it does:

• They use technology to put all the information about government programs online.
• They go to people’s homes to help them sign up for the programs.
• They give step-by-step help to make sure people finish their applications correctly.

Related: Prime Book Raised ₹75 Lakhs For 3% Equity On Shark Tank India

Haqdarshak has 200 staff, 3,000 active agents, and 150 part-timers. They train 25,000 agents. Aniket holds 34% equity, ESOP has 30%, investors own 30%, and senior management has 6%. They raised INR 1.25 Crores at a INR 10 Crores valuation in the first round and INR 6.6 Crores at a INR 30 Crores valuation in the second round.

Operating on a B-to-B model, Haqdarshak partners with 110+ corporates, charging around INR 500 per person for two services. Sales were INR 15.5 Crores in FY 21-22 and are projected to be INR 30 Crores in FY 22-23, with an EBITDA of 7%.

Peyush was the first shark to propose giving INR 1 Crore for 2% of the business. Anupam and Vineeta decided not to participate because they believed the business didn’t have high profits, and the value was too high. Aman and Namita offered INR 50 lakhs for 1% of the business and an additional 50 lakhs as a loan at 10% interest. Aniket then made a new offer to all three sharks, suggesting INR 1 Crore for 1.5% of the business, but the sharks wanted at least 2% ownership. Aniket eventually agreed to the sharks’ terms, and the deal was sealed.

Our investigation into the company’s progress following their Shark Tank India experience showed that they did not finalize a deal with the Sharks. However, the company has continued to flourish as of 2024. They introduced the Yojana card, a unique social security and financial inclusion card. This card functions as a loyalty card that, when presented to an agent or tapped on a phone, displays the user’s profile and all the social schemes they qualify for. As of July 2024, the company remains successful, although specific financial details are not yet publicly available. According to Haqdarshak’s website, they have positively impacted the lives of over 2.8 million individuals and 37,936 small businesses.

In a Season 3 update, the company revealed receiving significant support following their participation in Shark Tank. The founder mentioned that prior to the show, they had impacted approximately 6 lakh people, but that number has since surged to over 30 lakh. Additionally, the number of women associates has grown from 1,000 to 6,000 post-Shark Tank. The benefits derived from government schemes have also increased significantly from ₹4,000 crores before Shark Tank to over ₹15,000 crores in 2024.

Shark Tank India showcases a dynamic platform where aspiring business owners pitch their concepts to influential investors, hoping to gain the support and resources needed to scale their enterprises.