Solinas ₹ 90 Lakhs for 3% Equity Win on Shark Tank India

Solinas Integrity, a Chennai-based startup, is leading the charge in India to eliminate manual scavenging by harnessing robotics in the sanitation sector. They specialize in creating and deploying robotic solutions tailored for different sanitation tasks. Their flagship products include HomoSEP, a cutting-edge robot for cleaning septic tanks without human intervention, and Endobot, a robot for inspecting pipelines thoroughly.

Click here to visit official website: Solinas

Their advanced technology also features iGlobus, an inspection robot that focuses on detecting leaks and theft over long distances. Solinas Integrity’s advancements in this field have earned them recognition, such as winning the prestigious Best on Campus award at the ET Startups Awards 2022. They were seeking an investment of ₹90 Lakh for a 2% stake in the company. The price of their machines ranges from ₹15-25 Lakh, inclusive of all accessories.

They managed to secure an investment of ₹4.2 Crores with a valuation of ₹26 Crore. Their sales for the fiscal year 2021-2022 stood at ₹1.2 Crores, and their current sales projection for the year is at ₹5 Crores. Out of this, ₹3 Crores will be from HomoSEP and the remaining from services related to Endobot. Their gross margin stands at 60%. The founders have indicated that the global market size is approximately $6 Billion, and they estimate India’s market potential to be around 10% of that.

Related: Ghar Soaps: ₹ 60 Lakhs for 4% Equity Win on Shark Tank India

Solinas was established by a team of entrepreneurs including Bhavesh Narayani, Divanshi Kumar, Moinak Banerjee, and Linda Jasline. The company is located in Chennai and was introduced in 2020. Both Divanshi and Bhavesh are graduates from IIT Madras, with Bhavesh taking on the role of product head within the company. Moinak completed his engineering studies in Chennai, while Linda holds a B-Tech degree from the same city.

Initially, Amit and Namita offered a total of ₹52 lakh for 2% ownership in the company, with the rest of the money as a debt with 10% interest. Peyush, however, believed that the company needed more partners and a more affordable deal. He, along with Anupam, then offered the company ₹90 lakh for 3.35% ownership. Aman decided to step back from the negotiations as he felt there were already enough mentors and investors.

Eventually, the company received a counteroffer of ₹66 lakh for just 2% ownership from the investors. Peyush came back with a counteroffer of ₹90 lakh for 3% ownership. Amit and Namita withdrew from the discussions after facing tough negotiations. In the end, the company accepted the offer from Peyush and Anupam, agreeing to receive ₹90 lakh in exchange for a 3% stake in the company.

We discovered that even though the company’s deal with the investors on Shark Tank India didn’t work out after the show was aired, they were still able to secure funding in November 2022. They managed to raise more than half a million dollars, which is over ₹3 Crores.

As of July 2024, the company is still active and doing well. They have received multiple awards and recognition for their work and are collaborating with local governments and municipalities to make their technology more available to people.

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.