Shark Tank India: Peyush Bansal becomes a sample study for entrepreneurs who developed a device for diabetes

The tech guru Peyush Bansal becomes the subject of a diabetes study on the show. Bansal, a diabetic, tests himself for his glucose levels with a device that is presented by the company Vivalyf. 

The founders of the company pitched their work on the show Shark Tank India . The makers recently shared a video from Season 1 of the show and it is sure to get you emotional, the way the judges did. Duvvuru Varshita had developed the idea as she promised her parents at the age of 10 that she would come up with the solution to diabetes. Born with Type-1 diabetes, she had to take prick herself four times a day, from a very young age. She recalled her experience, slipping into a coma and her parents have meltdowns on seeing their daughter in pain. She then got in touch with the engineer, Vimal Kumar who helped her develop the device. Varshita mentioned that she slipped into a coma six times until the show and the longest duration she has been in the vegetative state is 56 days. 

The device Easylife is in the pre-clinical evaluation stage. The story behind the company and the idea for the device impressed all the judges on the show. Namita Thapar congratulated the duo for coming up with the device as India is the diabetes capital of the world. In India, 7 crore individuals suffer from the disease and Varshita said they intend to make their life easier with their non-invasive and painless device. 

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The two founders demanded Rs 56 lakh for 7.5 equity. The sharks on the show were speechless and impressed with their innovation but only Anupam Mittal and Bansal came ahead to make a small investment since the device is only 90 per cent accurate. The other sharks backed out mentioning the same reason and saying that they found it a risk to invest at the moment but are available for guidance and expertise if needed. 

The two made a counteroffer too after they were not convinced with the offer of Bansal and Mittal, who said they'd invest for one-third equity. The two discussed the idea and said they'd otherwise prefer Rs 36 lakh for 15 per cent equity and the rest can be given as debt which they will repay. But the two sharks suggested that it would be a risk since the product is not out in the market and it would be safe to go their way. 

Vivalyf agreed on their deal and went home happily. The show, Shark Tank India is about budding entrepreneurs pitching their ideas to sharks or investors for funding in exchange for a certain share in their company. Season 1 of the show, which ended earlier last month, was hosted by Roadies fame Rannvijay Singha and is available to stream on SonyLIV.