Table of Contents
Flatheads Shark Tank India Season 2
|Ask||₹75 lakhs for 3% equity|
About the Founder Flatheads
Ganesh Balakrishnan is the founder and he belongs from Bangalore. Ganesh has done mechanical engineering at IIT Bombay then he works in the US. Previously he had three startups. Initially, they launched momo and its name was mobile money everywhere.
About the company Flatheads
Flatheads are footwear that is manufactured from completely natural and breathable materials such as banana fiber linen bamboo fiber that allow your feet to breathe. The soles are made from world-standard products and are very light. The shoes weigh less than 500 grams, which allows you to wear them for a longer time daily. The products are sustainable and environmentally friendly. The company was started in November 2019 and has gained more than 20000 customers. Their shoes are available on their own website and marketplaces such as Amazon and Myntra. The brand offers three ranges of products. The first one is a basic range that could be offered by everyone at affordable price points, then there is an innovative range that is climate specific, such as water resistant sneakers and lastly, there is a collaboration range where they have limited edition products and there are two three prototypes currently for a limited edition.
Shark Tank India Season 2 Patilkaku
Ask the pitcher of Flatheads
The founders made an ask of ₹75 lakhs for 3% equity.
Past Investment sales of company Flatheads
Ganesh and his co-founder have both 30% each equity the investors have 33% equity and ESOP is 7% of the sales. In FY 21 to 22 sales were 3.4 crores. The cost of goods is 40%. The gross margin is 60%, trade margin is 12% and contribution margin is 48%, logistics is 8% and performance marketing is 60%. Currently, they are at negative 20%. Previously they raised an amount of 5.2 crores at the valuation of 28 crores and the pre-money in April 2021. Last month’s sales were 15 lacs and the burn is 5.5 lakhs. Their price range is 1000 to 5000 all these products are made in India and their vision is to make their brand a truly international brand.
Offers and counter offers
Piyush and Vineeta gave an offer of 750000 for 33% equity at the valuation of 2.25 crores.
Final deal of Flatheads
The founder did not accept the deal and no final deal was done.