In a gripping episode of Shark Tank India, the founders of Fitelo, a fitness and wellness app, impressed investors with their ambitious pitch, seeking Rs 1.5 crore for just 0.5% equity. Their bold valuation of Rs 300 crore sparked debate among the Sharks, with Anupam Mittal humorously remarking that the valuation was “obese.”
The founders, who had faced rejection in previous seasons of the show, have significantly scaled their business over time. Fitelo, which provides personalised diet plans, fitness coaching, dance workouts, counselling, and psychological support, has seen remarkable growth. Their revenue has surged from Rs 1 crore and Rs 4 crore in previous years to an ambitious Rs 100 crore target this year.
While acknowledging Fitelo’s unique focus on counselling, Anupam Mittal and Kunal Bahl expressed concerns over its similarity to competitors like HealthifyMe and questioned its long-term sustainability. However, Vineeta Singh pointed to Fitelo’s strong customer retention as a promising sign of its value.
Kunal Bahl introduced the concept of a “smile curve” to illustrate Fitelo’s ability to engage users, but ultimately, he, Anupam Mittal, and Ritesh Agarwal opted out of investing, citing uncertainties in the evolving business landscape.
Despite initial setbacks, Fitelo secured a deal from Sharks Namita Thapar and Vineeta Singh, who offered Rs 1.5 crore at a Rs 150 crore valuation, along with a royalty component. Namita, who shared her personal experiences of body shaming, appreciated Fitelo’s emphasis on mental health and even suggested expanding into nutritional supplements.