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Sepal is a startup founded by Kashyap and Vidhey in Hyderabad. Vidhey holds a B.Tech degree in Civil engineering from IIT Bombay and was offered a chance to pursue higher studies at Stanford University but chose not to join and instead delve into innovation. Kashyap comes from an Architecture and Designing background, having completed his graduation from Pune and his master’s degree from the UK.
Sepal is a unique product that is designed to solve the problem of getting wet while riding a bike during rainy weather. The company has introduced the first canopy structure for any bike that can be easily fitted and can protect riders from rain, dust, scorching sun, and pollution. The structure is so durable that even riding at speeds over 100 km/hr will not damage it. Additionally, the structure can convert any bike into a smart bike, allowing riders to use navigation, call functions, and a music system while riding through its mobile application.
The primary aim of Sepal is to solve the problem of getting wet while riding a bike during rainy weather. The founders, Kashyap and Vidhey, recognized that this is a common problem faced by bike riders, particularly in countries like India where rain is frequent. They aimed to create a solution that would not only protect riders from rain but also from dust, scorching sun, and pollution.
In addition to this, the founders also aimed to make the bike riding experience more enjoyable and convenient. They introduced a feature that converts any bike into a smart bike, allowing riders to use navigation, call functions, and a music system while riding through its mobile application.
The company's business model revolves around designing, manufacturing, and selling innovative products that cater to the needs of bikers.
Sepal's target market is primarily bikers who are looking for a reliable solution to protect themselves and their bikes from rain, dust, sun, and pollution. This product is particularly beneficial for people who ride bikes to their workplace or for long-distance travel. Sepal's product is versatile and durable, making it suitable for any bike model and safe for riding at high speeds of up to 100 km/hr. Furthermore, Sepal's product comes with additional features that allow riders to use navigation, call functions, and a music system while riding their bikes through its mobile application.
The company has already shipped its products to 25 states in India and expanded its reach to the UK, US, Middle East, and African countries. Sepal is now planning to launch a scooter under its brand in the upcoming years. The company's working principle is straightforward, and the product can be easily installed by anyone. The product comes in three parts: a base, a windshield made of hard plastic, and a front canopy made up of proprietary materials that make it strong and durable.
The unit price of the product is Rs. 10,000, and the company has sold around 1000 units in the seven months since its launch, with 160 units sold in the last month.
The sales figures for the months of June, July, and August are also impressive, with the company making sales of 10 lakhs, 12 lakhs, and 13 lakhs rupees, respectively. The gross margin for the company is 37%, indicating that they are efficiently managing their costs and generating profits.
Moreover, the company has raised 2.2 crore rupees with a pre-money valuation of 22.5 crore rupees in the year 2022. This suggests that the company has been successful in attracting investors and generating funding to support its growth and expansion plans.
The founders of Sepal, a startup that has introduced a unique canopy structure for bikes, appeared on Shark Tanks India to secure funding for their company. They asked for ?50 lakhs in exchange for 1% equity at a valuation of 50 crores.
During the pitching process, Peyush from Mani and Co offered 50 lakhs for 2% equity. After some negotiations and counter-offers, the deal was eventually finalized with Peyush for 50 lakhs in exchange for 2% equity.
This funding will provide the necessary financial support for Sepal's growth and expansion plans. It will enable them to invest in research and development, marketing and advertising, and production scaling to meet the increasing demand for their product.
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