In the latest episode of Shark Tank India, two young entrepreneurs pitched their fitness and wellness app, Fitelo, leaving the panel astonished with their high valuation. Seeking ₹1.5 crore for just 0.5% equity, the founders valued their startup at a staggering ₹300 crore.
Shark Anupam Mittal humorously remarked, “Your valuation is obese.” However, the founders justified their ask by sharing their personal struggles with weight loss, which led them to create Fitelo—an app offering diet plans, fitness coaching, dance workouts, counseling, and psychological support.
Despite being rejected twice in previous Shark Tank seasons, the entrepreneurs have significantly scaled their business. Their turnover grew from ₹1 crore and ₹4 crore in past years to an ambitious ₹100 crore revenue goal this year.
Anupam acknowledged that Fitelo’s focus on counseling set it apart from competitors like HealthifyMe but felt the business model was still similar. Meanwhile, Shark Vineeta Singh highlighted the app’s strong customer retention rate, stating, “There has to be something magical about your app.”
Shark Kunal Bahl introduced the concept of the “smile curve”, showing how customers found value in Fitelo. However, he, Anupam Mittal, and Ritesh Agarwal decided against investing, citing potential future changes in the business.
Vineeta initially offered a deal at a ₹75 crore valuation, but the founders declined. Then, Namita Thapar shared her personal experience of body shaming as a child and praised Fitelo’s mental health support. She also suggested adding nutritional supplements as a future business expansion.
Namita and Vineeta joined forces to offer ₹1.5 crore for a ₹150 crore valuation, along with a royalty component. The founders accepted the offer, sealing an exciting deal on Shark Tank India.
Fitelo’s journey from past rejections to securing a major investment highlights its potential in the booming fitness and wellness industry in India.