Biography of Hitarth Parikh: Founder and CEO of Hyperlab- Entrepreneur
Biography of Hitarth Parikh:
Vision Behind Hyperlab
Hitarth Parikh, the founder of Hyperlab, combined his
passion for technology and sports to create something that could revolutionize
athletic training. Along with his co-founders, Chahil Patel and Harsheet
Maliwal, he sought to address a critical gap in the sports industry: the lack
of tools for measuring reflexes and agility. While fitness and stamina products
dominated the market, aspects like footwork, reflexes, and agility were being
overlooked. This realization inspired the creation of Hyperlab, with a product
designed to bridge that gap and empower athletes to improve crucial skills.
The Birth of ‘Helios’
Hyperlab’s flagship product, Helios, was born out of
extensive research and development. It’s a laser-equipped robot designed to
help athletes enhance their agility, reflexes, and footwork. The team spent
over two years and built more than 600 prototypes to perfect the technology.
They also tested it with more than 100 users to ensure that it would be
effective for all levels of athletes, from amateurs to professionals. The goal
was to provide a tool that could transform any space into a personal performance
lab, enabling athletes to train smarter and more efficiently.
Hyperlab’s Growth and Journey to Shark Tank
As the company worked to refine Helios and prepare it for
the market, Hitarth and his team were also focused on building their brand and
expanding their reach. In 2022, after years of development, Hyperlab appeared
on Season 3 of Shark Tank India. It was a pivotal moment for the company, as
they were hoping to secure funding and gain the expertise needed to scale their
business. During their pitch, they asked for INR 10 lakhs in exchange for 1%
equity in the company, valuing Hyperlab at INR 10 crores.
Shark Tank Pitch
The pitch began with a focus on the key elements of athletic
performance: stamina, reflexes, and agility. While many fitness products
targeted stamina, Helios was designed to address agility and reflexes, which
were often neglected. The founders demonstrated the product, showing how Helios
could help athletes improve essential skills like ball control and footwork.
The Sharks were intrigued, but they had many questions about the product’s
market potential, patents, and validation from coaches. The founders assured
them that they had thoroughly tested the product with real athletes and were
ready to take it to the next level.
Questions and Offers from the Sharks
The Sharks asked a variety of questions about Hyperlab’s
background and business model. Anupam Mittal, founder of Shaadi.com, asked the
founders why they didn’t appear fit themselves, to which they explained that
they had been focused on product development. Namita Thapar, of Emcure
Pharmaceuticals, asked if they had validated the product with sports coaches,
and Aman Gupta wanted to know about their pricing strategy and market scope.
Despite the tough questions, the Sharks were impressed with the product’s
potential, leading to a flurry of offers from multiple investors.
A Thrilling Showdown
As the Sharks began to offer their deals, the competition
among them heated up. Aman Gupta, co-founder of BOAT, was particularly
interested, offering the founders INR 10 lakh for 1% equity, the same deal they
had initially asked for. Other Sharks, including Vineeta Singh and Namita
Thapar, also made offers, with Vineeta proposing INR 50 lakh for 5% equity,
which was quickly revised to INR 20 lakh for 1% equity. Namita also made a
similar offer, but the founders were unsure about the terms. Eventually, the bidding
war ended with the founders accepting an offer of INR 25 lakh for 1% equity
from Aman Gupta, raising Hyperlab’s valuation to INR 25 crores.
The Deal and Its Significance
The deal secured by Hyperlab on Shark Tank India was a
game-changer for the startup. The INR 25 lakh investment, along with the
mentorship from Aman Gupta, would provide the resources and guidance needed to
take the business to the next level. The founders were thrilled with the
opportunity to work with one of India’s top entrepreneurs and gain insights
into the business world. The deal also validated their belief in their product
and its potential to disrupt the sports technology market.
The Impact of Shark Tank India
Hitarth Parikh reflected on the experience, describing it as
a “masterclass in entrepreneurship.” He said that Shark Tank India helped them
build connections, gain industry insights, and better understand the challenges
of scaling a startup. The exposure on the show also generated significant buzz
around Hyperlab, and their appearance on the show helped create awareness about
their innovative product, Helios. The platform served as a powerful tool for
raising the company’s profile and attracting attention from investors and
customers alike.
Technological Innovation and Product Features
At the core of Hyperlab’s success is its commitment to
innovation. Helios integrates advanced technology, including AI and machine
learning algorithms, to provide real-time analytics and personalized training
experiences. The system uses laser projection technology to create dynamic
drills, allowing athletes to customize their workouts and track their progress.
Helios is designed to be adaptable, offering training programs for a wide range
of sports, including football, badminton, and basketball. This versatility sets
it apart from other sports training tools on the market.
The Market for Sports Technology
The sports technology market is rapidly growing, and
Hyperlab is positioned to tap into this expanding field. As more athletes seek
data-driven insights to improve their performance, products like Helios offer a
unique value proposition. The founders recognized the potential for sports
technology to transform the way athletes train, and they are determined to make
it accessible to everyone, from beginners to seasoned professionals. By
democratizing access to cutting-edge training tools, Hyperlab aims to level the
playing field and give all athletes a chance to unlock their full potential.
Biography of Hitarth Parikh: Founder and CEO of Hyperlab- Entrepreneur/age/net worth/investor/startup/footwork in athletes/shark tank story/
Government Support and Funding
In addition to securing investment from Aman Gupta, Hyperlab
also received support from the government. The company was awarded a grant of
INR 45 lakh for product development, which further validated the potential of
their technology. This support has helped the company continue refining Helios
and expand its reach to a broader audience. With this backing, Hyperlab is
well-positioned to continue its mission of revolutionizing sports training and
helping athletes of all levels improve their skills.
The Journey Ahead
With the deal from Shark Tank India and the financial
backing they received, Hyperlab is now focused on scaling its operations. The
company plans to start mass-manufacturing Helios and take it to a global
audience. The founders are excited about the future and the potential for their
product to make a significant impact in the sports world. They believe that
Helios has the power to transform the way athletes train, offering a new way to
measure performance and track progress with precision.
Looking to the Future
Hitarth and his team are focused on building a tech-driven
future for sports training. They are working to enhance the capabilities of
Helios and continue to innovate with new features and applications. They also
plan to expand the product’s reach beyond India, tapping into international
markets where the demand for sports technology is growing. With their passion
for sports and technology, Hyperlab is poised to become a leader in the sports
tech industry.
A Young Entrepreneur’s Dream Realized
For Hitarth Parikh, the journey from a young designer to the
CEO of a successful sports tech company has been an exciting and challenging
one. He credits Shark Tank India with helping him gain the confidence and
insights needed to take his vision forward. The support from Aman Gupta and the
exposure on the show have propelled Hyperlab into the spotlight, and the team
is eager to see where this new chapter will take them. The journey is just
beginning, but with the right resources and expertise, Hyperlab has the
potential to change the future of sports training.
A timeline for Hyperlab:
2020: Vision Behind Hyperlab – Hitarth Parikh and
co-founders aim to create tools for improving agility, reflexes, and footwork
in athletes.
2020-2022: The Birth of ‘Helios’ – Development of Helios, a
laser-equipped robot designed for enhancing athletes' agility and reflexes.
2022: Hyperlab’s Growth and Journey to Shark Tank – Hyperlab
appears on Shark Tank India, seeking INR 10 lakhs for 1% equity.
2022: Shark Tank Pitch – Founders pitch Helios,
demonstrating its ability to improve agility and reflexes.
2022: Questions and Offers from the Sharks – Sharks probe
product potential and business model; multiple offers are made.
2022: A Thrilling Showdown – The founders accept an offer of
INR 25 lakh for 1% equity from Aman Gupta.
2022: The Deal and Its Significance – Hyperlab secures INR
25 lakh investment and mentorship from Aman Gupta, raising the valuation to INR
25 crores.
2022: The Impact of Shark Tank India – Exposure from Shark
Tank generates buzz, increasing brand recognition.
2022-2023: Technological Innovation and Product Features –
Helios integrates AI and machine learning to provide real-time analytics for
athletes.
2023: The Market for Sports Technology – Hyperlab taps into
the growing sports tech market, democratizing access to advanced training
tools.
2023: Government Support and Funding – Hyperlab receives a
grant of INR 45 lakh for product development.
2023-2024: The Journey Ahead – Hyperlab scales operations,
focusing on mass-manufacturing Helios and expanding globally.
2024 and beyond: Looking to the Future – Hyperlab plans to
continue innovating and expanding its reach in the international sports tech
market.
2024: A Young Entrepreneur’s Dream Realized – Hitarth
Parikh’s journey from designer to CEO propels Hyperlab into a promising future
in sports training.
