On the Tank
Hunny Bhagchandani from Ahmedabad founded Torch-it in August 2017.
Also, he has two patents one for Portable Electronic Braille Note Taker Device and another for Compact Device for Aiding Visually Impaired and System Thereof.
Why started Torch-it?
Torch-it has a vision to positively impact the lives of visually impaired people through its product and ecosystem.
The device, innovative yet affordable, boasts 99.7% accuracy and guides a visually impaired person through various vibration modes when an object appears in front of them.
Additionally, they are developing a JYOTI product, a smart wearable glass with sound.
Shark Tank Recap
An innovative, yet affordable device with 99.7% accuracy that guides a visually impaired person, if any object comes in front of them, through different modes of vibrations.
- To create a positive impact in the lives of the visually impaired through their products and ecosystem.
- Ask:₹75 lakhs in exchange for 1% equity, making the valuation stand at ₹75 crores.
- Anupam offered ₹50 lakhs for 2.5% equity (valuation:₹20 crores) and the remaining ₹25 lakhs in debt.
- At last, Anupam rejected Hunny’s counteroffer for ₹50 crore valuation, and as such, no deal was made on the tank.
Shark Tank Live
Ask
₹75 lakhs in exchange for 1% equity making the valuation stand at ₹75 crores.
In October 2020, when their revenue was just ₹2 crores, they raised ₹50 lakhs from an Angle investor in exchange for 2.5% equity (valuation: ₹20 crores).
Business Model of Torch-it
Operating in both B2B and B2C.
However, B2B contributes more, as their major customers are NGO’s and governments.
They also participate in the distribution process, hiring over 500 trainers to guide other people with visual impairments.
Sales and Revenue
Generated revenue of ₹1.10 crores in FY 2020-21 (pandemic), out of which ₹31 lakhs is profit, and generated a revenue of ₹2.6 crores in FY 2022-22.
Moreover, got an order for 1 lakh pieces from a private organization worth ₹18.6 crores.
Feedbacks from the sharks
- Vineeta: Complex business model
- Aman and Namita: You shouldn’t dilute equity. The government can easily help you.
- Ashneer: I would have asked for 25% equity in ₹75 lakhs. So I’m out.
Offer for Torch-it
Anupam: ₹50 lakhs for 2.5% equity (valuation: ₹20 crores) and the remaining ₹25 lakhs in debt.
Counter offer
Anupam to come for ₹50 lakhs for 1% equity (valuation 50 crores) and the remaining ₹25 lakhs debt.
Deal
Anupam rejected Hunny’s counteroffer for ₹50 crore valuation, and as such, no deal was made on the tank.
Torch-it Beyond Tank tank updates
Beyond Tank constantly provide updates and follow-ups about the entrepreneurs from the day they appeared on Shark Tank India.