Eventbeep Net Worth 2024 – Interesting Facts, Social Media, & What’s Next
Eventbeep, a community app that has taken the student world by storm, has garnered significant attention since its appearance on Shark Tank India Season 1. With a unique business model and a valuation of ₹15 Crores, the company has piqued the interest of investors and the general public alike. In this blog post, we will delve into the details of Eventbeep’s net worth, its founders, the Shark Tank pitch, and the company’s growth and prospects.
Who is Eventbeep?
Eventbeep is a student community mobile application that addresses the community needs of students. Available on both Android and iOS platforms, the app enables students to connect, create memories, and communicate with college friends, offering a unique experience of college life.
The app rewards students for their performance in college, such as attending lectures on time and submitting assignments. It also helps students connect with mentors and facilitates connections with companies for future career opportunities.
Who Is The Founder Of Eventbeep?
Eventbeep was founded by Rakhi Pal, Saurabh Mangrulkar & Venkatesh Prasad. Saurabh has been an entrepreneur since he was 15 years old and has earned enough money to pay for his tuition fees. Venkatesh is a computer engineer, and Rakhi has been in the community aspect with expertise in that area.
They were all 24 years old at the time of the pitch. The founders also shared that Rakhi was not supported by her family to pursue entrepreneurship and was kicked out of the house once they found out about their venture.
How Was The Shark Tank Pitch Of Eventbeep?
Eventbeep featured on Shark Tank India Season 1 Episode 10, where the founders sought ₹30 lakh for 2% equity, valuing the company at ₹15 Crores. They presented their four revenue models, which include charging colleges for digitizing their campuses, running brand campaigns for students, integrating Ed-Tech courses, and charging a commission on tickets for any events they promote on their app.
The app had impressive statistics at the time of the pitch, with 60,000 students on their platform, ₹65 lakh in revenue generated in the last 6 months, and an average daily engagement time of 20 minutes per day. The company’s ownership was split with Saurabh owning 40% and the rest divided equally between Rakhi and Venkatesh.
| Attribute | Details |
|---|---|
| Show | Shark Tank India |
| Season | 1 |
| Episode | 10 |
| Entrepreneurs | Rakhi Pal, Saurabh Mangrulkar, Venkatesh Prasad |
| Business | Community mobile application |
| Ask | ₹30 lakhs for 2% equity |
| Valuation | ₹15 Crores |
| Funding | ₹30 lakhs for 3% equity |
| Sharks | Ashneer Grover, Aman Gupta, Peyush Bansal |
| Event Date | Not specified |
Eventbeep Shark Tank Update:
During the pitch, Ashneer Grover, Aman Gupta, and Peyush Bansal showed interest in investing in Eventbeep. After negotiations, the founders accepted an offer of ₹30 lakh for 3% equity from all three sharks combined.
| Attribute | Details |
|---|---|
| Founders | Rakhi Pal, Saurabh Mangrulkar, Venkatesh Prasad |
| Founded | Not specified |
| Headquarters | Not specified |
| Industry | Technology, Education |
| Product | Community mobile app |
| Platforms | Android, iOS |
| Revenue Models | 1. Charge colleges for campus digitization |
| 2. Brand campaigns for students | |
| 3. Integrating Ed-Tech courses | |
| 4. Commission on event ticket sales | |
| Daily Engagement | 20 minutes per day |
| Daily Active Users (DAU) | 1800 |
| Monthly Active Users (MAU) | 9000 |
| Downloads (Google Play) | Over 100,000 |
| Founder Ownership | Saurabh 40%, Rakhi & Venkatesh 30% each |
What Happened To Eventbeep After Shark Tank?
After their appearance on Shark Tank India, Eventbeep’s deal with the sharks closed successfully. The company received funding from the sharks, with Ashneer Grover’s post indicating a transfer of ₹14.98 lakh to the company’s account, suggesting that other sharks also contributed to buying secondary shares from Rakhi to support her.
As of November 2023, Eventbeep’s app has over 100k downloads on Google Play and continues to thrive. The company has shifted its focus towards connecting students with internship opportunities and fostering a strong community feeling among its users.
Eventbeep Net Worth:
At the time of the Shark Tank India pitch, Eventbeep’s valuation stood at ₹15 Crores. With the investment from the sharks and the company’s continued growth, Eventbeep’s net worth has likely increased since then. However, without further financial disclosures from the company, it is difficult to provide an exact figure for its current net worth.
Eventbeep Growth and Operations:
Since its launch, Eventbeep has experienced significant growth. The app had 10,000 students at launch and grew to 60,000 students within 6 months. The company generated ₹65 lakh in revenue during that period and boasted 1,800 daily active users and 9,000 monthly active users.
Post-Shark Tank, Eventbeep has continued to expand its user base, with over 100k downloads on Google Play as of November 2023. The company has also refined its focus, prioritizing connecting students with internship opportunities and fostering a strong community among its users.
| Attribute | Details |
|---|---|
| Financial Transaction | ₹14.98 lakh transferred post-show |
| Family Support | Rakhi’s family reconciled post-show |
| Business Pivot | Focus shifted toward student internships |
| Growth Factors | Accelerated growth post-show due to mentorship and exposure |
| Mentorship Sessions | Conducted with sharks post-deal |
Eventbeep Marketing and Sales:
Eventbeep’s marketing strategy revolves around leveraging its unique position as a student-centric community app. The company’s four revenue models, which include charging colleges for digitizing their campuses, running brand campaigns for students, integrating Ed-Tech courses, and charging a commission on event tickets, demonstrate its diverse approach to generating income.
The app’s impressive user engagement metrics, with an average daily engagement time of 20 minutes per day, serve as a testament to its value proposition and effective marketing to its target audience.
Eventbeep Social Media Presence:
Eventbeep maintains an active presence on various social media platforms, engaging with its user base and promoting its services. The company’s social media strategy plays a crucial role in attracting new users, fostering a sense of community, and showcasing the app’s features and benefits.
Eventbeep Interesting Facts:
- Saurabh Mangrulkar, one of the founders, has been an entrepreneur since the age of 15 and has earned enough money to pay for his own tuition fees.
- Rakhi Pal, another founder, faced opposition from her family when pursuing entrepreneurship and was kicked out of the house once they discovered the venture.
- Saurabh has been watching Shark Tank since he was 14 and attributes 70% of his business knowledge to the show.
- The Shark Tank India appearance has accelerated Eventbeep’s growth, achieving in 1 month what may have taken 2 years otherwise.
What’s next for Eventbeep?
Eventbeep’s future looks promising, given its successful Shark Tank India pitch, the backing of prominent investors, and its continued growth. The company’s focus on connecting students with internship opportunities and fostering a strong community positions it well for further expansion.
As Eventbeep continues to refine its business model, enhance its app features, and expand its user base, it is likely to solidify its position as a leading student community app in India. The company’s ability to adapt to the evolving needs of its target audience and capitalize on new opportunities will be key to its long-term success.
Final Words:
Eventbeep’s journey from a startup to a well-established student community app with a valuation of ₹15 Crores (at the time of the Shark Tank India pitch) is a testament to the founders’ vision, hard work, and entrepreneurial spirit.
With the support of prominent investors and a clear growth strategy, Eventbeep is well-positioned to continue its upward trajectory and make a lasting impact on the student community in India.
As the company continues to innovate and adapt to the changing landscape of the education and community-building sectors, it will be exciting to see how Eventbeep’s net worth and market presence evolve in the coming years.
For now, Eventbeep serves as an inspiring example of a startup that has successfully navigated the challenges of building a thriving business while making a positive difference in the lives of its users.
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