Why Viraj Bahl Is Financially Backing Shark Tank India 5 Pitcher Without Being an Investor
In a heartwarming turn of events from Shark Tank India Season 5, Dr. Parag Gad, the founder of Bengaluru-based startup xStep, has revealed that despite not securing an investment deal from Shark Viraj Bahl during the pitch, he has received significant financial support from him afterwards. This unexpected gesture highlights the broader impact of the show beyond just equity deals.
The Shark Tank India Pitch That Won Hearts
Dr. Parag Gad appeared on Shark Tank India 5 with a revolutionary mobility device designed to treat paralysis and cerebral palsy, a project he had dedicated 17 years to developing. With a vision to take this Made in India technology global, he pitched for Rs 1 crore in exchange for 1% equity. His presentation deeply impressed all five Sharks, leading to a three-Shark deal with Namita Thapar, Kunal Bahl, and Vineeta Singh, who invested Rs 1 crore for 6% equity.
Reflecting on the experience, Dr. Parag described it as "surreal," noting the intense environment where Sharks quickly grasp complex ideas. He credited his team for preparing him over 2-3 days before the pitch, as contestants are only informed about the panel a few weeks prior, with little else to expect.
Viraj Bahl's 'God Bless You' Moment and Financial Aid
During the pitch, Viraj Bahl was moved by the device's potential, exclaiming "God bless you" upon learning about its invention. Similarly, Varun Alagh praised it as "magical," yet neither made an offer. However, in an exclusive interview, Dr. Parag disclosed that Viraj Bahl and his foundation have since provided additional financial support to help build and distribute devices to underprivileged individuals.
"Even though Viraj and Varun didn't participate, we have gotten a lot of support from them," Dr. Parag said. "Viraj and his foundation have provided us with additional financial support for building devices that can then be distributed to the less fortunate. So while we didn't get a deal with them, there is full support. And the deal is always a consequence of everything that happened; the validation from all 5 sharks mattered the most."
Post-Shark Tank Business Surge and Shark Collaboration
The appearance on Shark Tank India has catalyzed significant growth for xStep. Dr. Parag reported a surge in business, with everything moving "upwards" for the brand. Sales have begun to appear, and the premium product has attracted over 2000 queries in just one week, with calls from across India and heartwarming messages from potential users.
Regarding the deal with Namita, Kunal, and Vineeta, Dr. Parag mentioned that due diligence is ongoing, and meetings have been productive. "Everything we discussed was consistent with what they spoke about in the tank," he explained, emphasizing their focus on understanding the technology's capabilities and market potential. As a medical-regulated device, legal policies are being carefully followed.
Dr. Parag highlighted the value of having seasoned professionals like Namita Thapar, with her healthcare expertise, and others who bring diverse skills to scale the business. "Having backing from such kind of Sharks was very critical," he added, expressing ambitions to make xStep a global med-tech player.
The Broader Impact of Shark Tank India
This story underscores how Shark Tank India fosters not just investments but also mentorship and support networks. Viraj Bahl's financial aid, despite no equity stake, demonstrates the show's role in empowering entrepreneurs beyond the tank. For Dr. Parag, the validation from all Sharks has been pivotal, driving both immediate business growth and long-term aspirations.
Shark Tank India continues to stream on SonyLiv and Sony TV, showcasing such inspiring journeys that blend innovation with compassion.
