Founders & their story

• Bonny Dave
• Akshita Sachdeva

Kibo, a groundbreaking initiative founded in July 2019, embodies a visionary approach to addressing the needs of visually impaired individuals across India. With a staggering statistic of over 2 crore Indians under the age of 50 experiencing blindness or visual impairment, Kibo leverages AI-powered patented technology to bridge the gap between printed, handwritten, and digital content and those who cannot access it conventionally. At its core, Kibo’s mission is to democratize knowledge access by transforming text into speech across 60 languages, catering to the diverse linguistic landscape of India and beyond. This innovative platform boasts the ability to convert any document into audio format, enabling seamless comprehension for individuals with visual impairments. Whether it’s a 300-page book or a simple handwritten note, Kibo’s capabilities extend to delivering content with high contextual accuracy and real-time conversion.

A key facet of Kibo’s success lies in its versatility and accessibility. The product suite encompasses a range of solutions tailored to both individual and institutional needs. From the portable Kibo XS kit, equipped with USB connectivity for on-the-go usage, to the comprehensive Kibo 360 system tailored for larger institutions, Kibo caters to diverse user scenarios with ease. One of the standout features of Kibo is its deep integration within academic and governmental institutions. With over 600 partnerships established, including prestigious entities such as IITs, IIMs, and government colleges, Kibo has made significant strides in empowering visually impaired students and professionals. Moreover, the deployment of Kibo within the Indian Parliament Library underscores its importance as a national asset for knowledge dissemination.

The impact of Kibo extends beyond its technological prowess to the human stories it enables. The inspiring testimonial of Dipali Pawar, a 100% blind individual and customer success executive at Trestle Labs, exemplifies the transformative potential of Kibo in empowering individuals to thrive in their personal and professional endeavours. In essence, Kibo embodies the shared passion of its founders to leverage engineering for societal good. Through its relentless pursuit of accessibility, language recognition, and translation accuracy, Kibo stands as a beacon of innovation, driving tangible change in the lives of millions of visually impaired individuals across India and beyond.

About the company

Kibo embarked on their journey in 2017 with a clear vision to confront language, literacy, and disability barriers hindering education and employment opportunities. Their foundational year was marked by extensive user research, culminating in the establishment of Trestle Labs in November. In 2018, they validated market demand through a successful pilot program, fulfilling initial orders from prominent institutions. The year 2019 saw Kibo’s commitment to innovation with the implementation of Design-for-Manufacturing processes, leading to the launch of their flagship product, Kibo, in July. Despite the challenges posed by the Covid-19 pandemic in 2020, Kibo persevered, achieving successful sales and introducing the Kibo Desk SaaS platform to further their accessibility initiatives.

Recognition for their impactful work came swiftly in 2021, with Kibo receiving prestigious accolades such as the National Award for Best Technological Innovation for Persons with Disabilities. Their dedication to social impact was further affirmed through grants and awards recognizing their efforts in promoting inclusivity. By 2022, Kibo had cemented their position on the world stage, participating in renowned programs and receiving esteemed awards in the United States, including the Patrick J. McGovern Foundation AI for Humanity Prize and the General Motors Prize. The following year, Kibo expanded their global footprint, forging partnerships to scale operations across key regions in Asia, Africa, the Middle East, Europe, and North America.

Through their unwavering commitment, Kibo envisions a world where no individual is denied education or employment opportunities due to language, literacy, or disability barriers. Their mission centres on leveraging AI-powered technology solutions to make education and employment accessible and inclusive for all, with a particular focus on underserved languages in India, Africa, and Asia.

Revenue

In the fiscal year 2021-2022, Kibo reported sales of 36 lakhs with a net margin of 7%. The subsequent fiscal year, 2022-2023, saw a significant uptick in sales, reaching 1.35 crores with a net margin of 26%. Looking ahead to the fiscal year 2023-2024, projections indicate a substantial growth trajectory, with anticipated sales of 5 crores and a net margin of 30%. Breaking down the sales composition, B2C transactions constitute 10% of total sales, while B2B transactions make up the remaining 90%. This distribution underscores the significant role institutional partnerships play in driving Kibo’s revenue stream. In terms of product pricing, the Kibo XS Kit is available for a one-time payment of Rs 99,000, catering to individual users seeking portable accessibility solutions. For larger institutions, the Kibo 360 system is priced at 2.5 lakhs for the first year, with a subsequent annual renewal cost of 2 lakhs. This tiered pricing structure reflects Kibo’s commitment to providing scalable solutions tailored to the needs of diverse user segments.

Founders’ Ask 

60 lakhs for 1% equity at the valuation of Rs. 60 crores.

Offers:

Peyush and Ronnie’s: 60 lakhs for 10% equity at the valuation of Rs. 6 crores.

Aman’s offer: 60 lakhs for 4% equity at the valuation of Rs. 15 crores.

Aman’s revised offer: 60 lakhs for 3% equity at the valuation of Rs. 20 crores.

Peyush and Ronnie’s: 60 lakhs for 6% equity at the valuation of Rs. 10 crores.

Founder’s Counteroffer:

60 lakhs for 1.5% equity at the valuation of Rs. 40 crores.

Final Deal

Peyush and Ronnie’s: 60 lakhs for 6% equity at the valuation of Rs. 10 crores.