Astrix Engineering Products
Initial Ask – Rs. 75 lacs for 3% equity at a valuation of Rs. 25 Cr.
About the Company
Being the first and only company to think about ‘smart’ in terms of locks, they claim to be the smartest brands in door locks and wardrobe locks. Their product is connected to mobile phones, through which the individual has access to their door locks through 6 access points like, fingerprint, OTP, numberpad, etc. They take pride in the fact that this is completely made in India.
Starting from July 2021, they have done their business in B2B format, where they sell their products to the dealers, distributors, builders and other parties. However, they have a little high pricing as they sell their product to the distributor for Rs. 18500 and then goes into retail with a price range of Rs. 21000 to 35000. This can be due to the fact that they have so many access points, to which their solution is customisable locks, where access points can be added according to one’s preference.
Past performance of the Company
Their 4 months sales figure from July 2021 in Rs. 25 lacs, out of which they made Rs. 18 lacs in the month of October and were sure to get Rs. 50 lacs in the month of November.
Industry Overview
Growing urbanisation and increasing crime rate has developed a potential market of better security systems: smart locks in India. Along with this, growth in home automation and technological advancements has led us to demand such products even more. These are the reasons that the smart lock industry is expected to grow at a CAGR of 36% till 2023. There have also been studies that say that 60% of the guests would pay more for the rental services if they are equipped with smart lock technology. With the increasing outstation jobs, rental services have a huge demand.
However, fierce competition can be faced by brands like Samsung and LG, because of just their brand names.
Offers made, and the one accepted:
No sharks offered a deal.