Success Story & Business Model of Health Diagnosis Startup Trunome
Shark Tank India is surely a great platform to inherit new business ideas and innovations. People come on this platform to show their innovation in business to solve the simplest of problems. Similarly, Trunome is a Chennai-based diagnosis and monitoring startup company. This superior company is founded by Agragesh Ramani and Avinash Ravani.
Both founders explained the major problem faced by Indians in today’s generation. The major problem was organ transplanting in short chronic diseases. India has more than two lakh patients who are a victim of chronic diseases and that number is increasing by 40,000 every year. An organ transplant may save the life of the victim but, from the start to even after having a successful surgery it is a painful process. The whole process is risky, painful, and highly expensive.
So, to solve this huge problem for the people of India both the founders came up with Trunome. It is a patented technology that just with a simple blood test people can diagnose early chronic disease. The platform can easily monitor those patients who are the victim of chronic disease. Interestingly, this platform does not diagnose only organ transplant-related issues but, many other chronic diseases that are faced by humans. So, using this platform you can get early medications for the chronic disease you have inherited. So, this is all about the diagnosis and monitoring startup company, Trunome.
Trunome Founders and Initial Days
The founders of this awesome diagnosis and monitoring company are Agragesh Ramani and Avinash Ravani. We do have to agree these founders from Chennai are taking the healthcare industry to the next level in our country. Many people have used their platform and found instant and accurate results. So, the platform is surely a live and money saver for many people who cannot afford to treat any chronic disease.
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The initial days of this company were surely not as smooth as the founders thought it to be. Both of them did thorough research on the market and everything about its competitors and then found this superior startup company today.
Avinash looks after the scientific background and Agragesh looks after the business of the company. Due to their unique method of early and present treatment of chronic diseases they received patents from the US. Other than that, the main problem found by these founders was the price tag of the diagnosis process. The company does have competitors in the market but, the service offered by them is 2-3 times more expensive as compared to the price taken by Trunome.
So, making a perfect pricing strategy along with the advanced diagnosis technology was something in the heads of the founders. Yes, they surely came up with the idea and you get 100% accurate results using their platform for any chronic disease diagnosis. All of it is within a budgeted price tag as compared to any other competitors of Trunome in the world market today. So, we can definitely say the initial days of research and development of this platform were not an easy process for the founders and their team.
Business Model of Trunome
Trunome is the platform designed and created by Acronolife Genomics. Both Agragesh Ramani and Avinash Ravani are the founders of Acronlife Genomics. The business model of Trunome is quite straightforward and simple.
Trunome platform was launched back in 2018 by Acronolife Genomics. The company’s primary product was Trunome-TX but, due to the COVID-19 pandemic, they also launched COVIQWIK. COVIQWIK was made in collaboration with ICMR. It is a highly innovative RTLAMP technology that provided COVID-19 results within an hour and not more than that. It is the best solution to make mass testing scalable and make almost every public place safer.
Both Trunome-TX and COVIQWIK helped the company earn around Rs 5 crore of revenue during and after the lockdown.
Trunome has three world-renowned shareholders. They have contracts signed with six hospitals with firm orders. So, that is one of the revenue generations of Trunome.
Trunome Startup Story
Avinash is from the scientific background of the company. He is also the elder brother of Agragesh. On the other hand, Agragesh looks after the business including the marketing Trunome. Avinash has completed his Ph.D. in Molecular Biology and Agragesh on the other hand has completed his MBA from IMT Ghaziabad.
The parent company is Acronolife Genomics. This company is a diagnostic company that quantifies biology to create powerful molecular diagnostics. A dedicated research and development team of scientists from across the world came together at Acronolife Genomics and started offering the best diagnostic process to people.
After the company was established in 2018, the products and services had already been famous in the market. The company already started generating revenues and they built major relations with reputable doctors and hospitals. Currently, the founders are planning to increase their contracts and market penetration.
Trunome Funding
Being a unique diagnosis and monitoring company no investors would go without investing. The process and method of working using Trunome are just amazing. They could hit the unicorn list within a few years in business. Additionally, the funds they will receive will help them get into the unicorn list in India.
At the last round Trunome raised Rs 75 crore. Other than that, this company raised a total of $422k in four different rounds. The company’s recent funding received was $181k which further helped the company is generating good revenue.
Some of the investors of Trunome are AIC-CCMB, Velandai Chandrashekharan Karthic, Mahesh Kanumury, and SV Ramani.
Trunome in Shark Tank India
Trunome made their entry in Shark Tank India in the second season and episode number 41. Both the founders of the company was available before the sharks to present their idea and the business operation to them. Interestingly, both founders did not expect what they were going to face at this famous reality business show.
Agragesh introduced everything about their company, product details, pricing, and competitors to all the sharks. It seemed like the sharks were quite impressed by the business Trunome was conducting in the world market.
The judges are highly shocked when Agragesh reveals that their test results are 100% accurate when compared to biopsy results. He also reveals that they have been granted with ECB Patent from the US. Unfortunately, they have been granted this patent but, nothing has been made official. Later, Agragesh tells about their price strategy of them and the competitors.
The price for one blood test using Trunome is Rs 40k on the other hand, the average price for one blood test of its competitors is Rs 2.87 lakhs. He explained that the overall molecular composition used by Trunome is lesser as compared to any other such companies around the world. Both then reveal the revenue generation from their products which were just amazing. The vision of this company is to build a well-built Trunome platform to target more people around the world. The ask from the founders to sharks was Rs 1 crore for 1% equity. Later in the show, both of them close the deal with four sharks for an offer of Rs 1.5 crore for 2% equity.
Future Plans of Trunome
The mission of Trunome is to create a positive impact on billions of lives all over the world. Other than that, they are also willing to offer better clinical outcomes with accurate and faster results using the most advanced technology. In simple, the company is just willing to make life easier for people who have become the victim of chronic diseases.
By global standards, Trunome is willing to generate $500-600 billion dollars within the next five years. They can easily increase the price or EBITDA but, they are not doing so because they are thinking from the customer's point of view. This is something that was highly appraised by all the sharks present on the show.
Trunome Competitors
No business can stand in the market without any competitors. Similarly, Trunome do have a long list of competitors in the market. Without a competitor's business, especially the price strategy cannot be done. You can only attract customers when you deliver better products and services along with the best price strategy. With perfect products and services along with the price customers will automatically come to your business.
Trunome is offering quite the same thing to customers in India and around the world. Some of the top competitors of this diagnosis and monitoring startup company are the following:-
- 30m Genomics
- B-aegis
- Bencos Healthcare and seven many more.
Trunome Valuation and Net Worth
The valuation of this company is accurate at Rs 150 crores. The company is willing to gain more customers and investors within the next five-six years timeline. Other than that, the company overall is doing quite well in the current market. Additionally, during the COVID-19 pandemic, this company made sales of Rs 5 crore so we can expect a great valuation in the next five-six years timeline.
The EBITDA of Trunome is Rs 1 lakh per month. So, the net worth of Trunome will range within that said price tag only.