The Hyperlab shark tank journey was impressive. It creates a sense of curiosity among all the sports lovers. Hyperlab is designed for fitness freaks so that they can work on the basic three pillars of sports, i.e., stamina, agility, and reflex. The company’s model is among the few ones in the country yet. It focuses on measuring the performance of an athlete and improving its core performance. Hyperlab successfully cracks the deal with Shark Aman. Let us have a look at their journey below.
Who Is Hyperlab Founder?
Hyperlab Shark Tank founders are Hitarth Parikh, Chahil Patel, and Harsheet Maliwal. They all are college students who entered the business world with a fantastic idea. They all aim to create a revolution in the sports industry. Following is the wiki bio of the Hyperlab founders:
Hitarth Parikh
Hitarth Parikh is the CEO and founder of Hyperlab with 70% equity shareholding. He belongs to Ahmedabad, Gujarat and is currently 23 years old. He completed his schooling from Prakash Higher Secondary School. Later, he attends the GLS Institute of Design for graduation. He has worked with Studio Carbon as a product designer. After this, he founded Hyperlab in Aug 2022. He saw a cat jumping on the laser light and tried working on the same technique to make Hyperlab. He tried several prototypes but things didn’t work well.
Chahil Patel
He then asked Chahil Patel for help. Chahil was a freelancer with a lot of projects. Thus, he denied it at first. However, he agrees to join Hitarth during their internship. He also belongs to Ahmedabad and is currently 24 years old. Chahil completed his graduation with a Bachelor of Engineering. Later, he joins an apprenticeship with GTU Robotics Club. He worked there for three years. Chahil was always interested in robotics and was pursuing it as his hobby. He has a 2% shareholding in the company.
Harsheet Maliwal
They met Harsheet later who joined with a 1% equity share in the company. He completed his graduation from Nirma University with a Bachelor of Technology. Harsheet is currently 23 years old. He was working as a freelance graphic designer during his college. Harsheet joined an internship with Studio Carbon as an Android Developer. After working there for a year, Harsheet started working with Hyperlab full-time as a head of software.
What Are Hyperlab Products?
Hyperlab is a sports tech platform that helps sportspeople or fitness freaks to measure their progress from all perspectives. The company has its hero product, Helios. It is a small portable device that connects to your smartphone via Bluetooth. Helios shows a player’s frontal and back speed. It also helps them work actively on their reflexes. The product has different modes with different practices for all sports. Hyperlab shark tank pitch also shares this product’s features in detail. Let us take an example of a Killer mode.
Under the killer mode, an athlete can start with a particular speed and stamina he/she has. It will point out random laser spots where the athlete has to move. The patterns will be random to check the speed of reflexes. It will measure your speed and stamina and increase the difficulty level every time to see at what level your stamina and moving speed start decreasing. It is used in badminton as a drilling practice. The company worked on more than 600+ prototypes for 2+ years with 100+ user testing. All the product’s tech is patented in the US and India.
What Is Hyperlab Revenue
Hyperlab Shark Tank Season 3 pitch and appearance takes place after their Research and Development was completed in September 2023. They are still going in their testing phase. However, they plan to launch the product soon with a target of Rs. 6 Crores revenue. The product is expected to have a selling price of Rs. 30,000. The company targets to sell their product in gyms and Zumba spaces. However, they realised that the sports academy won’t be able to afford it.
Hyperlab introduces the product on a subscription basis to the sports academy with Rs. 2,000 per product per month. Apart from that, they also have a grant of Rs. 45 Lakhs from the government. If we talk about the shareholding, the company has 70% share with Hitarth, 2% with Chahil, 1% with Harsheet, 5% with Studio Carbon, 10% with Neel Mehta (the initial investor), 3% with an advisor, and 9% with ESOP.
Hyperlab Shark Tank Success Story
The Hyperlab shark tank deal was successful. Hitarth and his team pitched for Rs. 10 Lakhs for 1% equity at Rs. 10 Crore valuation. Aman offers Rs. 10 Lakhs for 1% equity at Rs. 10 Crores valuation. Vineeta offers Rs. 50 Lakhs for 5% equity at Rs. 10 Crore valuation, Namita then increased the company’s valuation and offered Rs. 20 Lakhs for 1% equity at Rs. 20 Crore valuation. After some discussions, Shark Amit Jain also offers Rs. 10 Lakhs for 1% equity at Rs. 10 crore valuation.
Shark Anupam offers Rs. 1 Crore for 5% equity at Rs. 25 Crore valuation. While Shark Aman revises the offer for Rs. 25 Lakhs for 1% equity at Rs. 25 Crore valuation. Namita and Vineeta match Aman’s offer. It was decision time. The Hyperlab shark tank deal was successful. The final deal was for Rs. 25 Lakhs for 1% equity at Rs. 25 Crore valuation with Shark Aman Gupta. We hop you get enough details about the Hyperlab shark tank success story above. Keep reading with Charcha Times.
