BollyX is a dance class inspired by Bollywood music and helps with the fitness of individuals. Many different products come out of Shark Tank, and this one is perhaps the one that is the most fun.
What sets the product apart is that it’s an homage to Shahil Patel’s Indian roots. Patel recognized that there are many different ways of getting fit, and most people want something that’s fun and gets them their desired results. Bollywood dancing has been something that many Americans are involved in. However, Patel is the person who wants to monetize it.
He also has an exciting story. Patel was a finalist in America’s Got Talent using a Bollywood-dedicated dancing group. If you don’t know what Bollywood is, it’s the film industry in India similar to Hollywood. Bollywood is known for its dance numbers, and there is more than one in every movie it releases.
Even after facing a loss in America’s Got Talent, Patel would travel the country putting on shows and scenic performances for large crowds and greatly appreciated it. Thus, it only makes sense that he’s looking for a way to monetize his talents.
Now that we know a little more about the service let’s look into how the pitch went and how the Sharks responded.
Shahil enters the tank with a group of dancers, and they perform a short routine. The performance is commendable and engages the Sharks as they pace scarves around the Sharks’ necks. Once the performance is complete, the Sharks leave. Shahil is seeking $375,000 for 8% of the company. He relates his background to the Sharks. Shahil has quite an academic experience. He graduated from US Berkeley, and then he went on to earn his MBA from MIT’s Sloan Business School. He talks about the fact that he was in Boston In 2013, where he met Minal Mehta, and they co-founded BollyX.
They started giving classes where they would teach different dancers and everyday folk dance routines from the Indian Film Industry. They met Fen Tung in one of the classes they hosted, and he became super important to the company’s growth. They got expertise from Fent Tung, who had been in the fitness industry for a long time. Patel also informed the Sharks that since 2014, the company had grown to 30 states. They currently employ 3000 instructors who give 500 classes per week.
Patel is the person who teaches the instructors all the dances and is the lead choreographer. He wants to expand the business beyond America, which is why he wants the Sharks to look into it.
In his pitch, he even invited the Sharks onto the stage so that they could squeeze a workout in. He also talks about his dance history and his being on America’s Got Talent.
He mentions to the Sharks that the company currently has 350 locations. He works out the business model, saying that the company gives training and licenses to instructors who provide the company $20 per month. They currently have 1100 subscribers, which equates to $22000 per month. He mentions his lifetime sales that easily reach $1 million. The company also has gross margins of 80%. He notes that he wants to get more subscribers to expand their margins and profits. Kevin is the first to speak and say that he enjoys the model.
However, the company is struggling and facing a substantial financial loss. Mark thinks that the platform is shaky and only involves Youtube videos. He responds by saying that he has raised $1.7 million and has a further 75,000 in savings. He also mentions that he only owns 25% of his own company.
Rohan is unsure about the valuation. Mark thinks that Patel doesn’t want his shares diluted, and he’s doing everything he can to ensure they don’t; he’s out. Bethenny believes Patel and the company are all over the place, so she’s out. Kevin sees some potential in the company, but he doesn’t think any of it is worth it, so he’s out. The rest, Lori and Rohan, are also out.
The company is still active now. They managed to survive the pandemic through virtual classes and the company has a revenue of $5 million.
Our Review of BollyX
BollyX was quite the fun service. However, the pitch for that idea didn’t go quite as well as it could have. However, all products and services have some pros and cons to them. We have mentioned these below:
Pros of BollyX
- It’s a Fun Road to Fitness. BollyX gives users a fun way to remain fit and exercise regularly. They don’t have to worry about being miserable during their workouts because the music and the energy are fun.
- It has on-demand subscription services, which means that you can quickly gain access to any videos that you may need. It could also mean you can stop using the videos if you want to sign out of class or end your subscription.
- It is Global. There are virtual classes and youtube videos, which means it can be available to anyone worldwide. It has quite the reach.
Cons of BollyX
- It has very few Bollywood songs. So there isn’t choreography available on all kinds of music.
Who is BollyX For?
BollyX is for those who want to get better at dancing to Bollywood music. It’s also aimed at people who find working out extremely taxing and want something fun to do and pursue. If you want something that helps you get rid of all kinds of weight, then BollyX is the perfect thing for you to do.
Are There Any Alternatives?
The concept of involving dance with exercise is not new. Zumba is likely a term you’ve heard often, and it is one of the easiest ways for people to get fit. There are also other alternatives on Youtube that teach you Bollywood-style videos. However, BollyX is the only company that has made a subscription design out of it.
Our Final Thoughts
We think that BollyX is a great company, but they don’t have the correct numbers. Their model is something that they need to work on even though the classes and the work put in by the choreographers are excellent.
