- Founder: Pooja Bajaj Shah
- Business: Color-changing Apparel
- Ask: ₹ 20 Lakhs for 10% Equity
- Valuation/Net worth: ₹2 Crores
- Result: ₹ 20 Lakhs for 20% Equity
- Sharks: Namita Thapar
- Episode: Season 2 Episode 3
Girgit Shark Tank India Pitch:
Girgit is India’s first apparel brand that changes color when exposed to sunshine or water. They use special color pigments that react to sunlight and water, resulting in different colors. Over the course of one year, they have sold 3,000 products to 1,800 customers. They make products for Kids and Adults. Girgit sells its products through its own website, retail stores, and e-commerce platforms. They asked for ₹20 Lakh for 10% of the company. Their materials are temperature-sensitive and change their color accordingly.
They had INR 58 lakhs in revenue over the course of one year, with a gross margin of 79%. In August 2022, their sales amounted to INR 8.5 lakhs, compared to July when they achieved INR 7.5 lakhs, and in June, they recorded INR 5 lakhs in sales.
Who are the Founders of Girgit and Whats their backgrounds?
Pooja Bajaj Shah founded Girgit. She is 30 Year old entrepreneur from Mumbai where she lives with her husband Benoy Shah. Pooja worked as a Teacher and Co-ordinator in a leading international school. She took a career break after marriage and got fascinated by color pragmatic things. Her family business is in textile, and her love of Kids helped create the brand Girgit. She gave birth to a girl named Veda after the shark Tank India as it was seen on air that she was pregnant.
Shark Tank India Negotiations:
Peyush was the first shark to opt-out, citing concerns about the scalability of the business, given that it relies heavily on a single feature. Aman, Vineeta, and Anupum also chose to opt out for similar reasons. Anupam also adds that this is all a gimmick.
Namita was the only shark interested in the business due to the advantage of low-cost raw materials and a high gross margin. She made an initial offer of INR 20 lakhs for 20% equity. She also suggests that the company needs to change its direction to focus on Kids until 15 years of age and expand its lineup to bags, Hats, Slogan T-shirts, etc. Benoy countered with an offer of INR 20 lakhs for 15%, but Namita insisted on having 20% equity. The deal was finalized with Namita receiving a 20% equity stake.
What Happen to Girgit Apparels after Shark Tank India:
Our Research in the company revealed that the deal with Namita never went through but despite that, the company is still in business. As of October 2023, They have over 14 thousand followers on their Instagram and growing. We also found that the company decided not to move forward with the shark’s feedback and still selling their products for all ages.
Pooja Shared in a podcast that Shark Tank had a very positive impact on their business. She added that they got countless connections through the show and those 10 minutes on TV were marketing worth probably 5 Years. She also shared that even before the pitch show helped them think about the future of the brand and connect with their brand on a deeper level. She said that the show helped build trust in the brand as well. Girgit sold 3 months’ worth of stuff in just two weeks after the episode aired and the effects of the show were long-lasting.
Source: Girgit Instagram
Here are how other companies from Season 2 and Episode 3!
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