Maisha Shark Tank Pitch:
Maisha is a brand specializing in handmade cotton and jacquard bags, gaining recognition after its appearance on Shark Tank India. Maisha’s bags are crafted from eco-friendly materials like cotton slug, jacquard, burlap, and jute. Their products are available not only on their website but also on various marketplaces. Maisha’s dedication to eco-friendly materials and craftsmanship underscores its success in offering a range of appealing handmade bags. Their focus is to provide high quality bags at affordable price. They had over 25000 customers at the time of pitch with over 50,000 bags sold. They sought investment of ₹75 Lakh in exchange of 3% equity.
Company is bootstrapped with equity split of 50/25/25 between Nayan, Esha and Ilesh respectively. They had a strong instagram presence with 2.4 Lakh followers. Their average engagement of instagram reels is between 50 thousand to 26 Lakh views.
Maisha Financials during Shark Tank:
They made ₹47 Lakh in October 2022 and They spend 24% of their revenue on marketing which would come to ₹11 Lakh for last month. They have 20% repeat rate. Their pricing is around ₹1500 per bag. They started in 2018 and made ₹5 lakh in first 4 months. Their FY19-20 sales stood at ₹23 Lakh followed by ₹73 lakh in following year. They saw growth of 300% and their revenue jumped to ₹2.92 Crore in FY21-22. Their Net Revenue for FY22-23 are projected at ₹6.5 crore with ₹3.5 Crore already done in first 8 Months. Their Net profit is around 10%.
Maisha Shark Tank Negotiations and Funding:
Sharks first concerns was that their was no design language in the designs which would instantly tell customers that this is product from Maisha. Namita was first to go out citing that its a cluttered market and there is no design Language which could be used as USP. Aman had concerns with scalability of the brand therefore goes out of the deal. Vineeta went out due to conflict of interest with her other investment in Zouk. Peyush goes out citing challenges with family dynamics. Anupam goes out citing same reasons as Peyush.
Amit liked the business and their work on Instagram. His main concerns were with scalability but wanted to join the founders to give them mentorship therefore he offers ₹10 Lakhs for 1% Equity and ₹65 Lakhs Debt @18% Interest. Company accepts that offer without any hesitation.
Who is the founder of Maisha?
Nayan Hasmukhlal Shah, Esha Nayan Shah & Neel Ilesh Vora founded Maisha. They are based in Ahmedabad, Gujrat. Esha takes care of all product designing/launching and socials. Nayan is CEO and Neel takes a lead in marketing.
How is Maisha doing After Shark Tank India?
Our research in the company revealed that their Shark Tank India deal with Amit Jain closed after the show. The company shared through their socials after the show aired:
Thank you so much @amitjain_cardekho for making our dream come true. Not just by giving us a deal, but the best mentorship we could have asked for.
@maishabyesha
You opened your doors of resources and knowledge for us with your team, that has offered us the best guidance henceforth.
In a post titles Shark Tank effect, company shared a background of work they were putting to fullfill the Influx of order which came through after their episode aired. They also shared that in first 30 minutes of show airing the number of users for their website jumped to 3082 and they had over 25,000 visitors in next 24 hours. As of December 2023, They have over 3 lakh followers on Instagram and are growing rapidly. While the financials of this company are not available to public, we will update this artical as soon as more information comes to light.
Source: Instagram @maishabyesha
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