7 months ago
Shark Tank India 5: Dr. Parag Gad's xStep Device Impresses Judges
Dr. Parag Gad appeared on Shark Tank India 5 to showcase his mobility device called xStep.
This device helps people with cerebral palsy and paralysis move their muscles better.
He has been working on it for 17 years.
He showed how the device works by using it on one of the judges, Vineeta Singh, and her fingers moved on their own.
The judges were very impressed and called it magical.
Dr. Parag asked for Rs 1 crore for 1% of his company.
After some discussion, three of the judges made a joint offer of Rs 1 crore for 10% equity.
Dr. Parag countered with Rs 1 crore for 6% equity, which the judges accepted.
This deal will help him make the device more affordable and available to more people.
Dr. Parag Gad pitched his mobility device xStep on Shark Tank India 5, aiming to raise Rs 1 crore for 1% equity.
xStep is designed to help treat paralysis and cerebral palsy without invasive procedures.
The device was demonstrated on judge Vineeta Singh, showing involuntary finger movements.
Judges Namita Thapar, Vineeta Singh, and Kunal Bahl made a joint offer of Rs 1 crore for 10% equity, which was countered and accepted at 6% equity.
The device is currently priced at Rs 3 lakh per unit, with plans to reduce the cost to Rs 20,000 to Rs 25,000 with higher production volumes.
- Who
- Dr. Parag Gad, a Bengaluru-based inventor
- What
- Pitched his mobility device xStep on Shark Tank India 5
- Where
- On the television show Shark Tank India Season 5
- When
- Recently, with the product launched three weeks ago
- Why
- To seek investment for his company Vivatronix and to bring the device to market
Key facts
- Pitcher
- Dr. Parag Gad
- Device Name
- xStep
- Company
- Vivatronix
- Ask
- Rs 1 crore for 1% equity
- Final Deal
- Rs 1 crore for 6% equity
- Device Cost
- Rs 3 lakh per unit
- Manufacturing Cost
- Rs 46,000 per unit
- Target Cost
- Rs 20,000 to Rs 25,000 per unit
