Portl ₹1.5 Crores for 2.5% Equity Win on Shark Tank India

Portl, a new venture established by Vishal Chandapeta, Armaan Khandari, and Indraneel Gupta, has unveiled an innovative fitness gadget named the ‘Portal.’ This unique AI-powered device offers tailored fitness sessions covering cardio, yoga, boxing, and wellness tips on a life-sized interactive screen. The main goal is to make fitness accessible to everyone, especially those with busy schedules or beginners in their fitness journey. The team’s diverse tech backgrounds played a key role in creating this device.

Click here to visit their official website: Portl

At the time of their presentation, the company had set up 50 Portl studios and received over 5000 confirmed orders amounting to ₹150 crore over the next three years. Customers can buy the products from their website or Experience Centre. They are also planning to introduce Portl in the Middle East. They requested an investment of ₹1.5 crore for a 1% Equity share. The gadget’s features include monitoring Health Vitals to provide users with suitable workouts, based on the PORTL Fitness test. It also offers User preferences and interaction with the Mirror.

The cost of the Portl Mirror is set at ₹1.25 lakh. This company sees itself as a blend of technology and content, focusing on the fitness and wellness sectors. They make a gross margin of 45% when selling directly to customers and 30% when working with distributors. They expect to spend ₹3 crores while generating ₹50 crores in revenue each year. In June 2021, they secured an investment of ₹7.5 crores at a valuation of ₹30 crores. As of now, they only have enough funds to last for 2 more months. Even after dilution and setting aside stocks for employee ownership (ESOP pool), the founders still hold a 64% equity stake.

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Vishal Chandapeta, Armaan Khandari, and Indraneel Gupta are the creators of Portl, a company from Hyderabad. Indraneel, the CEO, has a background in computer science and is a former state-level cricket player. Armaan serves as the company’s COO, while Vishal is the CTO. Before Portl, Armaan and Indraneel worked on a 3D body scanning venture named TG3DS, which achieved automatic body measurements in just 3 seconds. This prior venture currently generates $2 million in yearly revenue.

Anupam made the first offer, saying he’d give the company ₹1.5 Crores for 5% of the company, which would make the company worth the same as it was in the last investment round. Then Vineeta made an offer of ₹50 Lakh for 1% of the company, and the rest of the money as a loan with 12% interest. Aman and Namita teamed up to make an offer of ₹1 Crore for 2% of the company, with the rest as a loan. Peyush wanted to join Aman and Namita’s offer and changed it to ₹1 Crore for 2.5% of the company, with the rest as a loan, which would value the company at ₹40 Crores. The company’s owners said thank you to Vineeta and Anupam, but they didn’t accept their offers. Instead, they made a counteroffer to Aman, Namita, and Peyush, saying they’d take ₹1.5 Crores for 2.5% of the company, along with a loan of ₹1 Crore at 12% interest.

Lastly, the Sharks, another group of investors, said they wouldn’t take the loan into account in their offer, but they agreed to the company owners’ counteroffer. In the end, the company owners and the Sharks agreed on a deal for ₹1.5 Crores in exchange for 2.5% of the company.