- Founder: Ashutosh Roy
- Business: Fashion
- Ask: ₹10 for 1% Equity
- Valuation/ Networth: ₹1,000
- Funding: ₹10 Lakhs for 4% Equity
- Sharks: All Sharks
- Episode: Season 4 Episode 28
Offmint Shark Tank India Pitch:
Offmint is a unisex, multi-category fashion brand which appeared on Shark Tank India Season 4. They sell stylish high-street fashion clothing at affordable prices. Their product range includes dresses, jackets, T-shirts & Accessories. The founder sought an investment of ₹10 in exchange for 1% equity in the company, valuing the brand at
Offmint also has a London-based co-founder, Rani Ahluwalia. This was Ashutosh’s second time at Shark Tank India, as he first appeared in Season 2 for their Gavin Paris Pitch. The business was started with ₹5 Crores of initial funding by Rani Ahluwalia.
Offmint’s Financials & Revenue during Shark Tank India:
Offmint was launched in January 2024. The brand already had over 700 SKUs in just 9 months since their inception. The founder added that their unique selling proposition is their quality and their focus on tier 2 & tier 3 cities. Offmint has a significant price advantage over the other brands in the market.
Offmint has a factory setup with 18 machines. They do in-house manufacturing of small batches to control deadstock. The brand has made a lifetime revenue of ₹2.5 Crores in 9 months. All these sales came from their website directly.
The founder shared that they started their sales on marketplaces in September 2024. They also opened their first offline store in Delhi in October 2024. The company is projecting to close their current month with ₹48 Lakhs in revenue.
As for unit economics, 30% of their revenue goes to COGS, 20% is their marketing cost, payment gateway & delivery takes another 10%, 15% goes to rent & salaries and after deducting 12% GST, they are left with 13% EBITDA. Their average RTO is 18-20%.
The brand is projecting a revenue of ₹60 Lakhs in November 2024 & ₹80 Lakhs in December 2024. They are hoping to close a year with ₹1 Crore per month revenue. The company still had ₹2.4 Crores in their bank at the time of their pitch, and the founder added that he is only at the tank to get the expertise.
Offmint Shark Tank India Negotiations & Funding:
Namita suggested that they should do a 5 Shark deal at ₹10 Lakhs for 2%, but the founder suggested that he is happy to give out 2.5% for ₹10 Lakhs. Anupam was also not impressed with the company’s unique selling proposition.
Anupam suggested that they should do 5% for ₹10 Lakhs, but Namita refused to take 1% equity as she thought 0.5% would be sufficient. In the end, they closed the deal at 4% for ₹10 lakhs, with Vineeta & Namita taking 0.5% each and the rest of the sharks taking 1% equity each. They valued the company at ₹2.5 Crores.
Who is the founder of Offmint?
Ashutosh Roy founded Offmint. He is from Bihar.
How is Offmint doing after Shark Tank India?
Our research in the Offmint revealed that the deal they got on Shark Tank India was successfully finalized and closed. The founder shared on LinkedIn that they are excited to have sharks onboard. Their appearance on the show also gave them wide media coverage and was portrayed as a shark tank success story. You can check out their products by clicking the Amazon button below!
Thank you for supporting the blog, as we make small commissions on purchases through the above link.
Do you know which Shark Tank India companies are already out of business after their appearance on the Show? Click the button below to find out!