Biography of Prateek Kedia: Founder & CEO of WiseLife- Entrepreneur
Biography of Prateek Kedia:
Beginnings of WiseLife
Prateek Kedia who is Chartered Accountants, had a moment of
realization during their hectic articleship at PwC. The long work hours—over 50
hours a week—led to severe stress, and it began to take a toll on their health
and well-being. In a bid to improve their lives, Prateek turned to yoga as a
solution. Initially, yoga seemed like a peaceful escape, but soon he found that
the mats available online caused more harm than good. The mats would slip
during exercises, lacked proper cushioning, and were difficult to roll up, leading
to discomfort and injuries.
The Spark for Innovation
This frustration sparked an idea in Prateek’s mind: Why not
create a better yoga mat that would address these problems? Along with Shreya,
he realized that this was a gap in the market, and together they decided to
create their own brand, WiseLife. They envisioned a product that not only
solved practical issues but also aligned with their belief in a healthy
lifestyle. Their yoga mats would be of better quality, offer superior grip, and
provide the necessary cushioning for a safe and comfortable practice.
Launch of WiseLife
In November 2020, Prateek and Shreya officially launched
WiseLife. Their mission was simple yet ambitious: to provide innovative,
sustainable, and premium products that would elevate the yoga practice of their
customers. WiseLife’s yoga mats were designed using natural rubber, suede,
cork, and TPE, ensuring they were both eco-friendly and high quality. Their
commitment to sustainability made the brand stand out, as more people began to
embrace wellness and eco-conscious living.
Challenges Along the Way
Starting WiseLife wasn’t easy. The duo had to manage
everything themselves, from product design to sourcing materials and marketing.
They did not have mentors or external guidance, which made their journey even
more challenging. Despite the difficulties, their passion for yoga and wellness
kept them moving forward. As they worked through the hurdles, they made sure to
focus on their product’s quality, affordability, and unique features that would
attract customers.
Building Customer Trust
Prateek and Shreya’s commitment to providing the best
possible yoga experience quickly paid off. WiseLife began to build a loyal
customer base, and within a short time, they had over 1 lakh customers. The
brand’s focus on high-quality, sustainable products at affordable prices
resonated with their target audience. Customers appreciated the thoughtful
design of the mats, which were not only functional but also aesthetically
pleasing, making them stand out from the competition.
WiseLife's Entry into Shark Tank India
The turning point for WiseLife came when Prateek and Shreya
decided to take a bold step and present their brand on the popular
entrepreneurial reality show, Shark Tank India. In one of the episodes of
Season 3, they pitched their idea to the sharks, asking for an investment of
₹60 lakh in exchange for a 2% equity stake in their company, which was valued
at ₹30 crore. They explained how their yoga mats solved the common issues faced
by yoga enthusiasts and how the business was growing rapidly.
Biography of Prateek Kedia: Founder & CEO of WiseLife- Entrepreneur/age/net worth/investor/startup/eco-friendly yoga mats/age/net worth/investor
The Sharks' Impressions
The sharks were immediately impressed by the design and
quality of the yoga mats. Ritesh Agarwal, the Founder and CEO of OYO Rooms,
praised the product’s experience and noted that the design was unique and
world-class. Anupam Mittal, Founder and CEO of Shaadi.com, compared the brand
to the well-known Canadian brand Lululemon, asking if WiseLife had a similar
positioning in the market. Prateek confirmed that while they were inspired by
Lululemon, WiseLife was proudly Indian and focused on catering to the needs of
the Indian market.
The Sharks’ Questions
Namita Thapar, Executive Director of Emcure Pharmaceuticals
Ltd, shared her own experience with yoga and inquired about how Prateek and
Shreya had gotten into yoga at such a young age. Prateek explained that their
stressful experience during their articleship led them both to discover yoga as
a means to improve their mental and physical health. As they spoke about their
journey, it became clear that they were driven by a genuine passion for health
and wellness.
The Deal with the Sharks
The sharks were impressed not only by the product but also
by the founders’ resilience and dedication. After some deliberation, they made
an offer to invest ₹1.2 crore for a 4% equity stake in WiseLife, valuing the
company at ₹30 crore. This deal was a significant milestone for Prateek and
Shreya, as it provided them with the funds and expertise they needed to scale
their business and take it to the next level.
WiseLife's Unique Value Proposition
What set WiseLife apart from other yoga brands was its focus
on providing a complete yoga experience. The brand didn’t just offer yoga mats
but also accessories such as yoga belts, blocks, and wheels, all designed with
the same level of care and attention to detail. WiseLife’s products were made
from sustainable materials, making them both eco-friendly and durable. Their
focus on quality and customer satisfaction became the foundation of their
growing brand.
Future Plans for Expansion
Looking ahead, Prateek and Shreya have big plans for the
future of WiseLife. The duo is planning to expand their product range further,
including venturing into yoga apparel. They are also working on expanding their
presence in both online and offline markets, aiming to make their products
available to more customers across India. With the support of their new
investors, they are ready to take on new challenges and grow the brand even
further.
WiseLife's Business Model and Growth
WiseLife’s business model focuses primarily on online sales,
with 80% of their revenue coming from e-commerce. The company’s yoga mats are
priced starting at ₹1000, making them affordable for a wide range of customers.
The duo's focus on quality and sustainability, combined with their strong
online presence, has helped them reach a large audience, with more than 1 lakh
customers already on board.
The Importance of Mental and Physical Well-being
At the core of WiseLife’s success is the founders’ belief in
the importance of mental and physical well-being. They understand that stress
and work-life imbalances are common problems faced by many, and they are
committed to helping people prioritize their health. Through their products,
they hope to inspire others to take time for themselves and integrate wellness
practices like yoga into their daily lives. The success of WiseLife is a
testament to the power of pursuing one’s passion and staying committed to a
vision of better health for all.
A timeline for the story of WiseLife:
2017-2019: Prateek Kedia experiences stress during his
articleship at PwC and turns to yoga for relief.
2020 (November): Prateek and Shreya launch WiseLife,
creating high-quality, eco-friendly yoga mats to address market gaps.
2020-2021: WiseLife focuses on quality, affordability, and
sustainability, building a loyal customer base with over 1 lakh customers.
2022: WiseLife appears on Shark Tank India, pitching for ₹60
lakh investment for a 2% stake.
2022 (Season 3): WiseLife secures a deal with the sharks for
₹1.2 crore investment in exchange for a 4% equity stake.
2024: The brand plans to expand its product range, including
yoga apparel, and strengthen its online and offline presence.
