Interview: Our revenue has almost doubled—MetaShot CEO on Shark Tank boost and future plans

Metashot, a Bangalore-based cricket gaming company, recently made waves on Shark Tank India when its founders—Prince Thomas, Ranjit Behera, and Ajith Sunny—sought ₹80 lakh for a 1.5% stake, valuing the company at ₹53 crore.

Their pitch drew interest from multiple investors.

In the end, Vineeta Singh and Anupam Mittal joined forces to make a counteroffer of ₹1.6 crore for a 5% stake, bringing Metashot’s valuation to ₹32 crore.

In this conversation, we speak with Metashot’s CEO Prince Thomas to discuss the company’s journey, its Shark Tank experience, and what lies ahead for the cricket gaming startup.

Here are the edited excerpts from the interview:

The start of MetaShot

Invezz: What inspired you to start MetaShot? Was there a particular gap in the market that you wanted to address?

So, we started the company in October 21, and, you know, from October 21 to August 2023, you know, almost 1.5 years to close to two years actually, we spent time in R&D and the reason being that the product was very unique, there is nothing that we could have, you know, taken inspiration from.

So, it took us actually 2 years to crack the way the bat would interact with the game and the whole technology itself because, ultimately, the idea was that we could create a product that does not require a lot of hardware and bring the price down to ₹5,000 price point, which we felt was a sweet spot.

All of this was driven by the fact that we wanted to democratize a console-like gaming experience for the masses.

The Shark Tank experience

Invezz: How was your experience on Shark Tank India? Can you take us through the process of getting on the show and what it was like pitching in the tank?

The Shark Tank process starts well in advance, at least two to three months before the actual shoot.

The first step is filling out an online application form. If they like what you’re building, they ask for a video pitch, which you then submit.

Once the video pitch is approved, there’s an audition held in select cities. In our case, it was in Bangalore.

The Sony team was there, and it felt like a mini Shark Tank—you’re in front of the camera, pitching your idea, and answering a lot of questions.

If you clear that stage, you get called to Mumbai for the final shoot. For us, that happened in October.

The production team helps refine the pitch over two days of rehearsals before you go into the tank on the third day.

Once you’re in the tank, it’s a single take—there are no retakes. You present your pitch, answer questions, and keep going until it’s over.

Our pitch lasted around 1.5 hours, which is the upper limit.

In the end, we secured investment from Anupam and Vinita. The overall experience was great, and the support from Sony and the production team was incredible.

For us as a startup, it gave us a platform to showcase what we’re building to the entire nation. The only downside this year was that it aired exclusively on OTT and not on TV, but otherwise, it was a great experience.

Invezz: It’s been over a month since your Shark Tank episode aired. How has it impacted the business?

We’ve seen a positive impact and significant growth, our revenue has almost doubled.

We were already doing a decent level of business before appearing on Shark Tank, so achieving a 2X result from this exposure is something we’re happy with.

Of course, previous seasons had a bigger impact due to wider distribution, but at the end of the day, this was free marketing, and we didn’t have to pay for it.

Being on a platform like Shark Tank builds intrinsic trust with customers, which really helps.

Conversions have improved, ad performance has been better, and overall user perception has been positive.

While we expect this growth trend to continue for some time before it starts to taper off, we have other marketing plans in place to sustain and build on this momentum.

Invezz: What led to the decision to accept Anupam and Vinita’s offer? Given that you have a strong tech background, one might have expected you to go with a more tech-focused investor.

Our vision from the beginning was to make this accessible to every Indian, just like every household has a cricket bat, we wanted MetaShot to be just as common.

Cricket is deeply ingrained in India’s culture.

We didn’t want to deviate from that path by going towards a more expensive device or platform.

Piyush saw a bigger opportunity in the VR space, but for us, VR is something we will consider only when the technology becomes more accessible and comfortable for millions of people.

Right now, we don’t want to build for VR too early in our journey because we see it as a longer-term play.

Anupam and Vinita understood and supported the direction we are taking right now, which is why we decided to go with their offer.

Raising funds for the startup

Invezz: You recently announced a fundraise—how will the funds be utilized? And given the ongoing discussions around a funding winter, how was your experience raising funds?

There’s been a lot of talk about a funding winter, but startups that are performing well are still able to secure capital.

In our case, what I’ve noticed is that the overall environment is more cautious, due diligence takes longer, and the time to get funds in the bank has increased.

However, there’s still plenty of capital available for strong startups, and VCs continue to invest in high-potential businesses.

We raised funding from Sauce VC and Sharp Ventures, with the official announcement coming in February, though we had been working closely with them even before that.

The primary focus for utilizing these funds is to strengthen our gaming team.

Until now, we’ve operated with a lean team, and these funds will help us accelerate development—introducing new game modes, enhancing the VIP pass, and improving live operations.

Our priority is to make the game stronger and scale at a faster pace.

MetaShot’s game plan

Invezz: How do you plan your content strategy to promote the app or game?

During our initial customer interactions, we identified key user personas, people who once loved cricket but can’t play due to infrastructure, time constraints, or other reasons.

With that in mind, we structure our content around relatable themes rather than overt promotions.

For example, one theme we explored was gifting, such as a cricket-crazy spouse receiving our bat as a gift.

Our approach with influencers and content creators is to allow them creative freedom.

We don’t push for excessive branding or force a product shot every few seconds.

Instead, we provide broad themes and let creators weave our product into their storytelling organically.

This strategy ensures that the content remains engaging and resonates with the audience rather than feeling like an advertisement.

Invezz: Can you share any numbers on daily or monthly active users, and how has user engagement changed post-show appearance?

In hardware-based gaming, a key metric is the Monthly Active Users (MAU) to total units sold ratio.

For established platforms like PS5 or Oculus Quest, this figure typically hovers around 30-35%.

We’ve consistently maintained similar levels, and as we scale, we aim to sustain this engagement ratio.

Our six-month retention numbers are strong, and our focus now is to drive a double-digit retention rate at the 12-month mark.

Invezz: Are there any upgrades or new versions of the bat in development?

Yes, we’re launching a new version of the bat during the IPL season, specifically targeting kids.

This edition will feature vibrant color options like red, blue, and black while also being more affordable to improve accessibility.

Beyond this, we have other cricket-related products in development for the next year.

In the long run, we’re working toward a universal gaming device that supports multiple sports, including table tennis, pickleball, badminton, and more.

The goal is to create a versatile motion-based gaming experience beyond just cricket.

Invezz: Where do you see the company in the next 2-3 years?

Our vision is to evolve from a cricket-based gaming console to a multi-game platform.

The goal is to enable users to play not just cricket but also other sports like badminton, tennis, and even casual games like Fruit Ninja or sword fighting games—all using our hardware.

That’s the journey we want to take.

Seamlessness is key for us, from onboarding and setup to gameplay.

As we move forward, we want to transition from a hardware-driven gaming company to a platform that allows even other studios to develop games on top of our technology.

That’s the direction we are headed in. Maybe not in the next two years roadmap, but in the next three years.