Shahil Patel came onto
Shark Tank BollyX Update
- Entrepreneurs: Shahil Patel
- Business: Dance-based Workout Classes
- Ask: $375,000 for 8% equity
- Result: No deal
- Sharks: None
With a company based around a Bollywood-themed workout, Shahil told the sharks that he believes the company’s vision is positive and has the potential to bring in tons of revenue in the future. Kevin O’Leary wanted to know how many different locations featured the BollyX workout classes. Shahil said that his company teaches about 500 classes per week across 350 different locations.
The company currently licenses its workout class material to instructors that can pay $20 per month to use the material in local gyms. This subscription model was concerning for the sharks because they didn’t feel like it was enough to justify the valuation of the company.
Shahil tried to reassure the sharks that his company was cash-flow positive and had more than $1 million in sales over the course of the company’s 5-year lifespan.
Unfortunately, more bad news came when Shahil shared the fact that they lost $600,000 in the previous year and had to raise more than $1.7 million over the course of five years. Mark Cuban couldn’t take the bad news and dropped out because he couldn’t see himself making an investment. All of the remaining sharks also dropped out for similar reasons, forcing Shahil to leave the
Now let’s take a look at the BollyX update after
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