Srikanth Bolla scolds amputee founder on Shark Tank India, but Namita Thapar steps up to take a big bet on him: ‘Let’s change India’

On the most recent season of Shark Tank India, two Tamil Nadu entrepreneurs—one of them is amputee—presented their prosthetics business, Symbionic. The main founder said to the group of “sharks” that he lost his arm in a bus accident and committed to making prosthetics that he could use with ease. As he demonstrated a kit that contains a variety of prosthesis that an amputee can use to accomplish various jobs, he declared that he would never sell a product that he wouldn’t use himself. Additionally, he stated, they are conducting research and development on a bionic arm that they hope to market at a significantly lower price than what consumers can now import them for.The founders asked for Rs 80 lakh in exchange of 2% equity, valuing their company at Rs 40 crore.

Founder Rishi began his presentation by recounting a terrible event that forever altered his life: in September 2018, at the age of 24, he lost his right arm in a terrible bus accident. “I felt much lighter when I woke up in the hospital, but after several rehab sessions and experiencing phantom pain, I kept wondering— ‘Is my life over?’” he said, sharing his emotional journey. Have my aspirations and objectives been dashed? I can’t stop living my life, even when accidents keep happening.”

Rishi, who was determined to regain his independence, searched for bionic arms but found that both practical and inexpensive solutions were inadequate. This was the turning point that made him decide to act alone. Therefore, Symbionic was established with the intention of producing prosthetic limbs that are both economical and effective for individuals such as himself.

Symbionic is a Chennai-based Indian company founded in 2019 that develops and manufactures bionic prosthetics, particularly focusing on affordable and accessible solutions for people with limb loss, with their flagship product being the “Titan arm”

What they do:

Symbionic designs and manufactures bionic prosthetics, aiming to provide functional independence and a sense of confidence to people with limb loss.

Key Product:

Their primary product is the “Titan arm,” a multi-articulating bionic arm that utilizes AI and machine learning for natural movement and control.

Focus:

Symbionic is committed to making bionic prosthetics more accessible and affordable, with the goal of helping people overcome their sense of loss and live active lives.

Vision:

Symbionic envisions becoming a one-stop shop for all types of disability solutions.

Click here to visit their website: Symbionic

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According to the founders, they have already received Rs 6 crore in three investment rounds and plan to use the proceeds to construct the bionic arm. However, they acknowledged that they are already profitable and want to release the prosthetics kit within the next months. When giving his feedback, guest “shark” Srikanth Bolla didn’t hold back. He questioned, “You have Rs 1.6 crore in the bank. Why aren’t you launching your products?” He went on to say, “You can’t respond to me, you don’t have faith in the product, and third, your valuation is arbitrary.” I’m out since it’s outside of my area of expertise and your responses are too complex for me to understand.  I request you to launch, show us the numbers, and return. We’ll give you the money.”

2021= Rs 30 lakhs

2022= Rs 1.35 crores

2023- Rs 3.99 crores

Total amount raised = Rs 5.64 crores

Aman Gupta backed out, saying he couldn’t invest in a product that hasn’t been validated in the market and telling the entrepreneurs to get creative. The same was true for Anupam Mittal. One of the issues I see here is that you’re striving for perfection, which isn’t how great enterprises are made,” he remarked. With the speed at which technology is developing in today’s world, you must iterate, pursue product-market fit, and ship, ship, ship. Don’t keep waiting. If the product is successful, investors will be vying for your business. Get up!

Namita Thapar, however, held a different opinion. “First-mover advantage isn’t everything,” she remarked. We at Emcure have made crores of rupees in similar ventures. While some did not work, others did. However, that’s how invention works. The most impressive thing about you is that you have been working at this for five years. Innovation is taking enormous risks. Your tale is personal, and you have invested Rs 5 crore in your products and raised Rs 6 crore. I would like to wager on you.

In return for 2% shares and the remaining Rs 40 lakh in debt, she offered the founders Rs 40 lakh. In response, the founders asked Namita to lower her request to 1%, and she complied. In a conversation with Jeet Adani following the pitch, the founders were able to acquire an additional Rs 50 lakh in funding, with the possibility of receiving an additional Rs 50 lakh should the initial batch of items prove successful.