Biography of Hardik Rathore: Founder & CEO of Coezy Sleep- Entrepreneur
Biography of Hardik Rathore:
The Birth of Coezy Sleep
Hardik Rathore, a mechanical engineer from Bhilwara, India,
founded Coezy Sleep, a startup that aims to revolutionize the way people sleep.
Rathore had struggled with stress, anxiety, and insomnia, and was constantly
searching for solutions. His inspiration struck during a trip to Istanbul,
where he encountered weighted blankets and compression sheets designed to help
people sleep better. These products sparked his idea to create something
similar for the Indian market, leading to the founding of Coezy Sleep in 2021.
The Concept Behind Coezy Sleep
Coezy Sleep offers a unique type of sleepwear that mimics
the comforting effects of swaddling a baby. The brand’s flagship product,
called the "relaxer," is a stretchable, cocoon-like garment designed
to apply gentle, even pressure on the body, helping users sleep better. The
concept draws on the natural comfort provided by the act of swaddling newborns,
which helps them feel secure and relaxed. Rathore’s goal was to bring this
calming experience to adults, offering a solution to those who struggle with
anxiety and sleep disorders.
An Innovative Yet Controversial Product
The relaxer, which is marketed as a sleep quality enhancer,
uses a 360-degree compression technique. It’s designed to wrap around the body
and provide a feeling of being hugged, or as Rathore calls it, a "magical
embrace" or "jadoo ki jhappi." While the product received some
attention for its innovative approach, it was also met with skepticism. Despite
selling ₹1.05 lakh worth of products in just 20 days after launching in August
2022, the startup faced a tough challenge when it appeared on Shark Tank India
in early 2023.
The Pitch on Shark Tank India
On the second season of Shark Tank India, Hardik Rathore
asked for ₹35 lakh in exchange for 20% equity in his company, valuing it at
₹1.75 crore. The pitch started with Rathore presenting his product and its
potential to solve India’s sleep problems, highlighting the increasing sleep
deprivation and anxiety faced by millions in the country. Rathore emphasized
the popularity of similar products abroad, stating that the global industry for
such items is worth $400 million.
The Demo That Led to Rejection
Rathore’s demonstration of the relaxer on the show, however,
did not go as planned. Anupam Mittal, the founder of Shaadi.com, tried out the
product and expressed his discomfort, stating that the compression felt
suffocating. He also raised practical concerns, asking what users would do if
they needed to use the bathroom while wearing it. Rathore explained that the
relaxer could be lifted for bathroom visits, but Mittal was unimpressed and
likened it to a potentially inconvenient product for daily use.
The Judges’ Skepticism and Criticism
The reactions from the other judges were equally harsh.
Peyush Bansal, co-founder of Lenskart, criticized the product, calling it
impractical and suggesting that it would be laughed at if worn in public, such
as on a flight. Namita Thapar, executive director of Emcure Pharmaceuticals,
also doubted the product’s potential in the Indian market, claiming that the
country was not ready for such a product yet. Vineeta Singh, co-founder of
Sugar Cosmetics, shared concerns about safety, suggesting that the relaxer
could cause someone to trip or fall due to its restrictive design.
Anupam Mittal’s Strong Rejection
Anupam Mittal, in particular, was vocal about his
disapproval of the concept. He found the product’s underlying logic to be
flawed, questioning why adults would need to be swaddled like babies. He argued
that swaddling is a technique used to transition infants from the womb to the
real world, and that adults should not need such products. He also made fun of
the company’s logo, which he felt looked more like a maternity product than
something designed to aid sleep.
Biography of Hardik Rathore: Founder & CEO of Coezy Sleep- Entrepreneur/ weighted blankets/age/net worth/investor/startup/Coezy Sleep story/Hardik R
The Judges’ Concerns About India’s Readiness
Despite Rathore’s insistence that the product was a
much-needed solution for sleep-deprived adults in India, the judges remained
unconvinced. They pointed out that while similar products may have worked in
Western markets, India’s market conditions and cultural context were different.
They also questioned whether the product’s fit and form factor would resonate
with Indian consumers. The judges believed that it was too early for such a
product to gain traction in the Indian market.
The Reaction of Aman Gupta
Aman Gupta, co-founder of boAt, was also skeptical about
investing in Coezy Sleep. He advised Rathore to better understand the consumer
market before continuing with this venture. Gupta suggested that Rathore should
consider shutting down the business and starting something else. The lack of
market readiness and consumer interest were seen as major hurdles in growing
Coezy Sleep.
Vineeta Singh’s Safety Concerns
Vineeta Singh’s decision to reject the deal was based on
safety concerns. She feared that the relaxer could lead to accidents,
particularly if someone were to trip or fall while wearing it, as the product
restricted movement in certain ways. Her reservations about the product’s
practicality and safety were shared by the other judges, who felt that the
design needed significant refinement before it could be considered a viable
product for the Indian market.
The End of the Shark Tank Pitch
At the end of the pitch, Coezy Sleep did not secure any
investment from the Sharks. Despite the initial excitement, the product faced
harsh criticism from the judges who found it too early-stage, impractical, and
not suitable for the Indian market. The startup was left without any financial
backing from the show’s investors, although Rathore remained optimistic about
his venture’s potential.
The Challenges of Introducing a New Product
Coezy Sleep’s experience on Shark Tank India highlighted the
challenges of introducing a novel product to a market that may not be ready for
it. Despite the global success of similar products, Rathore found that the
Indian market’s needs and preferences were quite different. The lack of
awareness and skepticism surrounding compression therapy and sleep-related
products were major barriers to acceptance in India.
The Road Ahead for Coezy Sleep
While Coezy Sleep did not secure funding on Shark Tank
India, the startup’s journey is far from over. Rathore and his team are
determined to continue refining the product and educating the Indian market
about the benefits of compression therapy for sleep. The startup has already
made progress, selling a significant number of products in its early days, and
it will likely continue to explore new ways to market and improve its
offerings.
Conclusion: A Long Road to Success
In conclusion, Coezy Sleep’s appearance on Shark Tank India
showcased both the potential and the challenges of introducing an innovative
product in a new market. While the product did not resonate with the Sharks, it
highlighted the importance of market readiness and consumer understanding. The
journey for Coezy Sleep may be difficult, but with continued innovation and a
focus on educating consumers, Hardik Rathore and his team may still find
success in the long run.
A timeline highlighting the key milestones in the journey of
Coezy Sleep and Hardik Rathore:
2021 – Hardik Rathore, a mechanical engineer from Bhilwara,
India, founds Coezy Sleep after being inspired by weighted blankets and
compression sheets during a trip to Istanbul.
2021 – The brand introduces the "relaxer," a
stretchable sleepwear garment designed to provide gentle, even compression to
help users sleep better.
August 2022 – Coezy Sleep launches its flagship product and
sells ₹1.05 lakh worth of products within 20 days.
Early 2023 – Hardik pitches Coezy Sleep on Shark Tank India,
asking for ₹35 lakh in exchange for 20% equity, valuing the company at ₹1.75
crore.
2023 – Despite the product’s innovative concept, the judges
express skepticism regarding its practicality, safety, and market readiness,
ultimately rejecting the pitch.
2023 – Post-Shark Tank, Coezy Sleep faces challenges in the
Indian market due to cultural differences and consumer skepticism regarding
compression therapy for sleep.
2024 – Despite the setbacks, Rathore remains optimistic
about the brand’s future, continuing to refine the product and educate the
market on the benefits of compression therapy.
