Loka
Initial Ask – Rs. 40 lacs for 5% equity at a valuation of Rs. 8 Cr.
About the Company
Being the first Metaverse application of India, this is basically an app where there are real world maps, where we can connect with a friend in Connaught Place, and interact with people. There are three interactive places in this universe, the Auditorium, the Theatre and the Sporting Events. Now, the founder believes that these events and interactive places are what people are looking for, so that their experience of social media is enhanced. This is the reason that this can be a disruptor of the current social media apps.
However, the sharks did not find a hook to the application. The reason behind this is, as stated by one of the sharks, that in order to kill time, why will he interact with people through this dimension, he’ll take his car out and meet people in person. Also, it has a huge risk of being acquired by Zuckerburg if it scales up.
Past performance of the Company
No data available for past revenue.
Industry Overview
This industry is for the future and is bound to be the next tech revolution. This platform not only allows virtual interactions with other individuals but also allows digital transactions. Thus it is estimated that this industry will be worth nearly $400 Billions. However, this sector currently demands a lot of improvement on security and safety of the individuals and the transactions that they make in the virtual world. The biggest challenge for any start-up entering this space will be Meta Inc. They have already been bullish on this tech revolution and have been investing highly in this sector.
Offers made, and the one accepted:
Aman Gupta, Anupam Mittal and Peyush Bansal came together to offer Rs. 40 lacs for 25% equity of the company. This was countered by asking for the same amount at an equity of 20%. The final offer was made at 24% equity, and it was accepted.