Transforming Lives Through Innovation: Kanishka Patel and Jay Shah's WeHear in Shark Tank India
In a world where innovation has the power to change lives, Kanishka Patel and Raj Shah stand as a beacon of hope for those suffering from hearing impairments. Some people are born with it and some suffer later hearing loss. According to WHO, Till 2030, one out of eight will suffer from some hearing loss. Both the founders have targeted this hearing problem. Their journey is not just about entrepreneurship but also about making a tangible difference in the lives of millions who have been suffering.
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Early Days and Education
Kanishk Patela and Raj Shah belong to Ahmedabad. They are the founders of Wehear, a company that makes cost-effective hearing solutions by using advanced technology.
The CEO of Wehear, Kanishka Patel, attended Shree Vidyanagar High School. He pursued a B. Tech in electronic engineering from LD College of Engineering Gujarat. In 2016, he co-founded a firm named Automaid. Kanishka Patel had worked with Emergence and Abu Robocon LDCE.
Co-founder, Raj attended Ramjhans Vidyalaya for his schooling. He pursued a B. Tech at NMIMS and holds an MBA degree in Technology Management from the same university. He previously worked at Reliance and CED Gujarat. He is also the founder of Cosmo Ecosystem Care Pvt. Ltd.
They both were part of the Gujarat University start-up ecosystem. Kanishk read an article on bone conduction technology used by the US Army. From that point on they decide to do something in this so that it can help people with hearing impairment. They launched it in 2019 and worked almost four and half years on it.
Shark Tank India
Recently Wehear founders were seen in Shark Tank India, they asked 2.5 crores for a 1 % equity at a valuation of 250 crores. The founders claim to be pioneers of non-surgical alternatives and their products hold endorsements from reputable institutions such as the National Institute of Speech and Hearing in Mysore and the Ali Yavar Institute of Speech and Hearing Disability in Bandra. The company is also taking investments from other channels.
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WeHear's founder also said that they have patents for their revolutionary hearing solutions.
Sharks were impressed with the innovation but were not interested in investing in the company. The issue was that the valuation was high so sharks were not much interested. After the discussion, Piyush Bansal gave them an offer of ₹2.5 Crores for 1% equity + 1.5% advisory equity at the value of 250 Crores. The founder signed the deal with Piyush.
About WeHear
WeHear was founded in 2019, with a mission to make hearing solutions accessible and comfortable for the ear-impaired community. They delved into research and development, exploring innovative approaches to address hearing impairments without the need for invasive surgeries.
WeHear's breakthrough innovation lies in using bone conduction technology to deliver sound directly to the cochlea, bypassing the need for traditional ear structures. This technology not only eliminates the need for surgeries but also provides a cost-effective and comfortable alternative for individuals with external ear defects like microtia.
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Currently, their two products are in the market. One is HearNU Pro, which is patented and uses conduction technology in just 80,000. The second product is Wehear OX, which is an ear health-friendly smart headphone device made to safeguard our ears from upcoming ear health issues.
They have 3 granted and 3 published patents. They also have a Technical Development Team of 38 people.
The sales figures indicate a growing market presence, with July, August, and September 2023 revenues at 14.25 lakhs, 89 lakhs, and 93 lakhs respectively. The sales are primarily driven by international markets. Anupam advised the founders to seek venture capital within India. Looking ahead,
Their vision for FY24-25 includes expanding to 30 cities domestically and 25 countries globally. They are targeting sales of 2.25 lakh devices and aiming for an annual revenue of 160 crores.
In conclusion, their story is a testament to the power of perseverance, passion, and innovation. Through WeHear, They have revolutionised hearing care and inspired a generation of changemakers to dream big and make a difference in society.
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Written By Manvi