What Happened to BollyX after the Shark Tank pitch?
What is BollyX?
BollyX is a Bollywood-inspired dance workout program. The 50-minute exercise comprises of high and low-intensity dance manoeuvres that are both safe and effective at calorie burning.
The program’s main goal is to bring the pleasure, enthusiasm, and excitement of Bollywood music into a workout.
Furthermore, dancing connects the mind and body, resulting in positive thinking, self-love, and staying healthy.
Classes are provided in over 100 locations worldwide. You can also do The Bollywood Workout at home by subscribing to BollyX on Demand (subscriptions start at $9/month), which contains a variety of exercises for varying levels of difficulty.
Who is the founder of BollyX?
Shahil Patel and Minal Mehta established BollyX. Shahil Patel and Minal Mehta continue to lead the company as CEO and president.
The couple is also an AFAA-certified fitness instructor and master trainer with BollyX, where they conduct group training programs and train teachers at various locations around the country.
The two co-founders met at UC Berkeley while both were members of a Bollywood dance team. Shahil guided the team (Ishaara) to the semi-finals of America’s Got Talent.
Following his performance on America’s Got Talent, Patel toured the country, organizing and performing Bollywood-style dances to large crowds and positive acclaim.
After graduating from UC Berkley, he earned his MBA from MIT’s Sloan Business School.
He met Minal Mehta in Boston in 2013 and launched BollyX. At one of their courses, they met Fen Tung, a 15-year fitness industry veteran, and the business took off.
Soon after, Brent Lagerman of Tough Mudder got involved, and things really took off.
Since early 2014, BollyX has spread to over 30 states, with 3000 teachers giving over 500 classes every week!
BollyX was designated the “Most Innovative” new start-up by Harvard Business School in 2015.
If you want to join this new exercise craze but don’t have access to classes in your area, there are now on-demand sessions accessible online.
Patel is currently training teachers and aims to hire many more so that he may extend his business internationally.
What Happened to BollyX During the Shark Tank pitch?
Shahil appears with a company of dancers in Shark Tank season 10 episode 8. They put on a display by wrapping skarves around the Sharks’ necks.
The dancers leave. Shahil Patel was asking $375,000 for an 8% stake in his firm. This translates to a $4,687,500 valuation.
He tells his experience, makes his argument, and then asks the Sharks to work out onstage. He tells the tale of how he began dancing and how he got up on America’s Got Talent.
He has 350 distinct spots.
They are taught for $20 by independent teachers who are qualified and licensed to use the BollyX program.
According to the entrepreneur, BollyX has 1,100 licensed teachers and generates $20,000 each month from these fees, with an 86 percent profit margin.
Lifetime sales amount to $1 million, with gross margins of 80%. He’s worked with the firm for five years, and he’s made the most of his money in the last three. The company’s cash flow turned positive this year (2018).
The plan was to build a community of members who would pay $9 a month to be a part of it – they now have 375 subscribers. Kevin adores the model.
They made $315,000 but lost $600,000 last year.
Mark believes that his “platform” is only comprised of YouTube videos.
He has $75,000 in the bank and $1.7 million from friends and family.
He just has a fourth stake in the corporation. Rohan casts doubt on the value.
Mark believes Shahil established a high valuation in order to avoid being diluted to nothing, and he claims to be hunting for answers; he’s out.
Bethenny thinks he’s not paying attention, so she’s going.
Kevin thinks there’s something here, but it’s not worth $.6 million, so he’s going.
Lori enjoys the workouts, but she doesn’t understand his method, so she drops out.
Rohan says it took him five years to work it out, and he is leaving because he does not agree with the valuation.
Regrettably, the entrepreneur did not invest in the tank.
What Became of BollyX Following the Shark Tank Pitch?
Despite the absence of a deal, the business grew. During the 2020 global Covid-19 outbreak, things grew problematic, and they had to perform all virtual classes, demonstrating Shahil’s methods.
The company is still in business in 2021, with $5 million yearly sales.
What is the Net Worth of BollyX?
Shahil Patel was asking $375,000 for an 8% stake in his firm. This translates to a $4,687,500 valuation.
Who are Competitors of BollyX?
BollyX competes with other training programs such as Doonya, Waves Gym, Positive Motion, and Dance Austin Studio.
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BollyX FAQS
1. What is BollyX?
BollyX is a Bollywood-inspired dance workout program. The 50-minute exercise comprises of high and low-intensity dance manoeuvres that are both safe and effective at calorie burning.
2. How much does a BollyX class cost?
Classes are provided in over 100 locations worldwide. Subscriptions start at $9/month.
3. Where is BollyX based?
BOLLYX, a dancing training program founded in Boston, is expanding throughout the country.
4. How long does a BollyX class last?
BollyX classes run for 50 minutes.
5. Who conducts BollyX classes in their local area?
BollyX has spread to over 30 states, with 3000 teachers giving over 500 classes every week!
6. Who funds BollyX?
Shahil Patel is the co-founder and CEO of BollyX, a Boston-based fitness company that offers online training programs online.
7. How much was Shahil Patel seeking in the Tank?
Shahil was asking $375,000 for an 8% stake in his firm. This translates to a $4,687,500 valuation.
8. Who invested in BollyX?
Shahil Patel left the Tank without any deal?
9. What are the annual sales for BollyX?
BollyX is still in business in 2021, with $5 million yearly sales.
10. Does BollyX really reduce weight?
BollyX is a Bollywood-inspired high-intensity workout class. Participants may expect to burn up to 800 calories in a single session if they attend the 45- to 50-minute lessons.
11. Is BollyX a HIIT?
BollyX is a dancing fitness program that uses high-intensity interval training (HIIT) concepts to give participants with health advantages.
