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The Renal Project is a startup founded by Shashank Modhia, a biomedical engineer who completed his master's degree at the University of Texas in the USA. Prior to founding The Renal Project, Shashank worked for a dialysis manufacturing company. The startup aims to provide dialysis facilities to small villages, localities, and talukas where people have to travel long distances to access treatment. The startup was featured on Shark Tank India's Episode 14.
The startup began with one center in 2019 and has since inaugurated 21 centers across Pune, Mumbai, Thane, and Nashik. Their goal is to create 1000+ dialysis centers to serve patients in remote areas, where access to medical care is limited. The setup can also be used in the home, providing patients with more comfortable and convenient treatment options.
The aim of The Renal Project is to provide dialysis facilities to small villages, localities, and talukas where people have to travel long distances to access treatment. By doing so, they are addressing a critical need for people in remote areas who suffer from kidney failure, making it difficult for family members to transport patients to the city for treatment. The startup's vision is to create 1000+ dialysis centers to serve patients in remote areas and improve the quality of life for patients and their families. Additionally, The Renal Project also aims to make the treatment process more comfortable and convenient for patients by providing home dialysis options.
The unique selling proposition (USP) of The Renal Project is its focus on providing dialysis facilities to remote areas where access to medical care is limited. By setting up centers in small villages, localities, and talukas, the startup is making it easier for patients to access life-saving treatment without having to travel long distances. This not only improves the quality of life for patients and their families but also reduces the overall cost of treatment by eliminating the need for expensive travel and accommodation expenses. Additionally, The Renal Project's home dialysis options provide patients with a more comfortable and convenient treatment option, which sets it apart from traditional dialysis facilities that typically require patients to travel to the clinic for treatment
The business model of The Renal Project is based on providing affordable and accessible dialysis facilities to patients in remote areas. The startup operates dialysis centers in small villages, localities, and talukas, which are often underserved by healthcare providers. By providing these facilities in remote areas, The Renal Project is able to reduce the cost of treatment for patients by eliminating the need for expensive travel and accommodation expenses. The startup generates revenue by charging patients for dialysis treatment, which is priced competitively to make it affordable for people from low-income backgrounds.
In addition to traditional dialysis facilities, The Renal Project also offers home dialysis options, which provide patients with a more comfortable and convenient treatment option. This service is provided at a slightly higher cost than traditional dialysis, but it still remains affordable and accessible for patients in need.
To expand their reach and increase their impact, The Renal Project is focused on opening more dialysis centers in remote areas. The startup plans to create 1000+ dialysis centers to serve patients across India. This expansion will be financed through a combination of debt and equity funding.
The Renal Project generated a revenue of 7.5 lakhs from home dialysis in the first five months of operation, starting from January 2021. This translates to an average monthly revenue of 1.5 lakhs for that period.
However, the startup's revenue seems to have increased significantly since then. It is mentioned that the monthly revenue of the company is 25 lakhs, which indicates a significant growth in revenue over a short period of time. This rapid growth is impressive and suggests that the startup has been successful in expanding its reach and attracting a large number of patients in a short span of time.
The Renal Project has become a 3cr ARR (annual recurring revenue) company in 20 months of inception, which is a remarkable achievement for a startup that is focused on providing affordable and accessible healthcare in remote areas. This achievement is a testament to the effectiveness of the startup's business model and its ability to generate revenue while fulfilling a critical need in the healthcare sector.
The founders of The Renal Project pitched their idea in Shark Tank India and asked for 1 crore INR for a 3% equity stake in the company.
The sharks made counter offers, with Ashneer offering 1% equity for 25 lakhs INR and 75 lakhs INR as debt with 12% interest for a 5-year tenure. Namita initially offered 10% equity for 1 crore INR, but later reversed the offer to 8% equity for the same amount. Peyush Bansal did not make an offer, while Anupam did not find the venture suitable for investment. Aman later joined forces with Namita and made a counter offer for 6% equity for 1 crore INR, which was ultimately accepted by the founders.
Therefore, the final deal was struck with Namita and Aman investing 1 crore INR for a 6% equity stake in The Renal Project.
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