Pregnancy and Parenting Tech Startup iMumz Won ₹10 Lakhs for 1% Equity From Shark Tank

iMumz is a startup based in Bengaluru that aims to change the way pregnancy and parenting are approached through its scientifically-focused mobile app. This app provides a wide range of services, including expert-led workshops, webinars, personalized care, and various forms of support to help mothers during their pregnancy and the two years following childbirth. Founder Ravi Teja Akondi showcased iMumz on Season 2 of Shark Tank India, looking for INR 70 lakhs in exchange for a 1% stake in the company. Launched in 2020, their app has achieved over 600,000 downloads.

Click here to visit their official website: iMumz

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Ravi Teja Akondi, Mayur Dhurpate, and Dr. Jaideep Malhotra started a company called iMumz. Ravi and Mayur are graduates from the Indian Institute of Technology (IIT). Ravi comes from a family with a long history in Ayurvedic medicine, with five generations of doctors. Dr. Jaideep is a gynecologist and is part of a family of doctors for three generations. They have another co-founder in their team, and all partners share an equal stake in the company.

The app offers assistance throughout pregnancy and for two years after a baby is born. They provide two subscription plans: the Premium plan, which includes direct supervision from experts, and the Standard plan, which mainly offers access to content. Additionally, they host live classes featuring specialists. Currently, iMumz has 110,000 monthly active users and 30,000 subscribers who pay for their services. The company reported a total revenue of ₹2 Crores over its first two years, with ₹20 Lakh earned in the last month alone and a gain of 1,200 new subscribers. Out of the last month’s earnings, ₹16 lakh came from the Standard plan and the remaining amount from the Premium plan.

iMumz primarily attracts customers through advertising on Facebook and Google, along with content marketing strategies. Their Standard plan is priced at ₹700, while the Premium plan costs ₹1,700. Anupam remarked that their pricing might not fit well with the market, suggesting that their subscription model could face challenges.

In terms of ownership, the founders collectively hold 67% of the company, distributed equally among them. They have set aside 10% for an Employee Stock Ownership Plan (ESOP) while 23% has been given up through two funding rounds. In their most recent funding round, they raised ₹6 Crores at a valuation of ₹70 Crores in August 2022.

In a meeting, several investors discussed whether to invest in a company. Namita decided not to invest because she didn’t agree with the company’s valuation, although she appreciated its mission. Aman also opted out, believing the product needed to be more user-friendly. Vineeta felt the pricing was too high, limiting its market appeal, while Anupam thought the company should focus on rural customers before moving forward. In contrast, Peyush believed his investment wouldn’t significantly impact since the company already had enough funding, so he offered ₹10 Lakhs for 1% ownership and the rest as a loan at 10% interest. After considering his proposal, the founders agreed, and they shook hands to finalize the deal.

After the show aired, the founder, Mr. Ravi Teja, mentioned that even though they didn’t finalize a deal with the investors (the “sharks”), the response from the audience was very positive and it made him quite popular.

Ravi specifically mentioned that he was interested in working with two of the sharks: Peyush and Namita. He liked Peyush because of his vision for business and Namita for her strong distribution network, which helps companies sell their products more effectively.

As of May 2024, iMumz is still operating and growing. Ravi shared in a podcast that they have noticed an increased interest from couples wanting to have children. They had previously tested this idea with a small group and found it successful, so they plan to expand this aspect of their business soon.