Girgit Shoes Shark Tank India Season 2
Girgit brand featured in Shark Tank India Season 2.
|Founders||Benoy Shah and Pooja Bajaj Shah|
|Ask||₹20 lahks for 20% equity|
Benoy Shah and Pooja Bajaj Shah. Before Girgit Pooja used to work as a teacher and coordinator in a school in Mumbai.
About the Company Girgit
They are India’s first color-changing products store. They manufactured products for both kids and adults. In just 1 year they had sold 3000 products and had 1800 happy customers. Due to the temperature change the print of the clothes also changes. Initially, they started with kid’s products letter due to feedback they manufacture adult products also. They sell kid’s footwear at ₹2000 and adult footwear at ₹3000.
Ask Of the Pitchers of Girgit
They made and ask for 20 lacs for 10% equity and the company for a valuation of 2 crores.
Other Information about the Company
Their lifetime sales are 58 lakhs. Their gross margin is 79%. On August 22 the sales were 8.5 lakhs. On July 22 the sales were 7.5 lakhs and in June it was 5 lakhs. Their sales are 65% on WhatsApp and 20% from exhibitions and spend ₹30000 on marketing through Instagram. Their unique selling proposition is cheap raw materials and a high gross margin. Their potential cross-selling opportunities can be backpacks, stickers, slogans, and T-shirts.
Offers and counter offers
Namitha gave an offer of 20 lakhs for 20% equity at the valuation of 1 crore
They gave a counteroffer of 20 lacs for 15% equity at the valuation of 1.3 crores.
Final deal of Girgit
The final deal was closed with Namitha at 20 lahks for 20% equity at the valuation of 1 crore.