Monday to Friday at 9 pm on Sony, we see some of the best minds throughout India in Shark Tank India. Get an insight into the thinking of India’s most prominent entrepreneurs and investors. With these 5 Sharks leading the show, Peyush Bansal, Aman Gupta, Namita Thappar, Anupam Mittal, and Ashneer Grover. ‘Find Your Kicks India’ is now attempting to get their dream deal for the future of their company.
Read about the second company that got the ‘All Sharks Deal!’
Find Your Kicks India
‘Find Your Kicks India’ entrepreneurs started their pitch by telling the sharks about the craziness there is out there for sneakers. According to them, these sneakers have their values increased with time, unlike many other products that lose their value right after purchase. However, they also raised the issue of these ‘Sneakerheads’ not finding/ being able to purchase sneakers immediately as they are released as they get sold out pretty quick. Also, if someone’s lucky enough to find them in a resell store, there are problems such as – not finding the appropriate size, and chances of them being fake are too high.
This is where Find Your Kicks India comes into action. They list the sneakers online and do about 20 quality checks to ensure they are not fake. They also give customers the option to resell on their platform. They have to upload their sneaker pictures online and after several quality checks, they can be resold. As of now, they are just doing this business through Instagram, but soon it’ll be on their application and website, which they claim have ready to launch. Right now, they have about 4000 sneakers in their store.
Sales and Marketing
Find Your Kicks India claim to have sold their products to many customers to date through Instagram and social media marketing. They have about 40k followers on Instagram.
According to them, the sneaker business has a worth of 9000 crore rupees in India. But the reselling business is only about 10-20% of it.
They have made a sale of about 26 lakhs within the span of 8 months and about 3.5 lakhs in the last month. Their approximate selling price is about 20k per sneaker. They claim their net profit is 17 lakhs to date.
Offers Offered and the Negotiation
Find Your Kicks India had asked for 50 lakhs in return for 10% equity in their company.
Shark Namita and Ashneer presented the offer for 50 lakhs at 30% equity. After some discussion, shark Aman came up with the same offer, but he had all sharks come in on it, giving them 6% equity each. The team went out for some discussion and then made a counteroffer of 50 lakhs at 20% equity. After some negotiation, the deal got revised to 50 lakhs at 25% equity.
Closing the Deal
Find Your Kicks India team, after negotiating with all the sharks, finally closed the deal and accepted 50 lakhs investment for 25% of their company’s equity. This was the second deal that had all the sharks invest in it.