Mindpeers: Revolutionizing Mental Health with Their Innovative Startup

In today's world, mental health has become a pressing issue, with depression being a major concern in many countries. India, in particular, has been identified as the most depressed country in the world, which has led to the emergence of startups like Mindpeers. The aim of this startup is to reduce mental pressure and strengthen mental health, and they have a patented algorithm that can measure how financial status, relationship status, and social status impact your mind. They have also developed in-house neuroscience games and behavior-changing and habit-forming tools to assist their users.

Business Model of Mindpeers

Mindpeers is a B2C and B2B startup that operates on a subscription-based model. They offer their services through a mobile application that can be downloaded by their users. The cost of the application is INR 350 per month. In addition to their B2C services, they also offer their services to businesses, with B2B contracts being a significant source of revenue for the company.

Target Market of Mindpeers

Mindpeers' primary target market is individuals who are looking to improve their mental health. They have 3.5 lakh active users, and their services have expanded worldwide in the UK, US, and Singapore. Additionally, they target businesses that are interested in improving their employees' mental health and productivity.

Gross Sales of Mindpeers

In Oct '22, Mindpeers had sales of INR 16.5 lakhs, with INR 10 lakhs coming from their B2C model and INR 6.5 lakhs coming from their B2B model. They have already signed a contract worth INR 22 lakhs from their B2B model, indicating the potential for future growth and revenue.

Journey on Shark Tanks India

During their appearance on Shark Tanks India, the owner of Mindpeers pitched their startup and asked for INR 53 lakhs for 1% equity in the company. The company had already raised INR 1.12 crore at a valuation of INR 33.75 crore, with 70% equity being held by Kanika, 25% by Sahil, and 5% by financial advisors.

After the initial offer, a counteroffer was made by Vineeta, Namita, and Aman, who offered the same amount for 1% equity. Peyush also offered INR 53 lakhs for 1% equity, but he later increased his offer by another INR 53 lakhs, bringing the total offer to INR 1.06 crore for 2% equity.

In the end, Mindpeers agreed to the final deal with Aman, Vineeta, Namita, and Peyush for INR 1.06 crore for 2% equity, marking a significant milestone in the company's journey towards success.

Conclusion

Mindpeers is a startup that has identified a significant issue and aims to solve it by providing solutions that can improve mental health. Their patented algorithm, in-house neuroscience games, and behavior-changing tools make them a unique player in the market. With a growing user base and successful B2B contracts, Mindpeers has the potential for future growth and success. Their appearance on Shark Tanks India and the subsequent deal they secured is a testament to their potential for success.