The Startup find Your Kicks India, has raised INR 50 lakhs for the equity of 25% from Shark Tank India. This is a rare kind of a deal, all sharks invested in this startup combinedly.
The original ask by the pitcher was INR 50lakhs for the equity of 10%. Then Asher Grover and Namita, the sharks, made an offer of 50 lakhs at 30% equity. Later, it was changed, with all sharks offering 50 lakhs at 30% equity. Owners react with a counteroffer of 50 lakhs for 20% equity. All sharks counter at 50 lakhs for a 25% equity stake. Finally, the deal was finalized at INR 50 lakhs for the equity of 25% by all sharks.
About Find Your Kicks India
Simardeep Singh, Harshdeep Singh, Danish Chawla are the owners of this startup. They all are from Punjab and are 24 years old. Their sneakers are only available in a limited number of pairs. According to them, demand for these sneakers is robust, while production is limited. They are offered at a premium in the resale market. When purchasing from the resale market, there are numerous issues, including limited selection, limited size, and phoney footwear. Find Your Kicks is a reseller aggregator portal. You can acquire any sneaker of all dimensions with no danger of getting a fake because all of the sneakers are inspected before being sold. And anyone who wants to sell their sneakers profitably can do it on the Find Your Kicks India portal. They currently have 40k Instagram followers and are getting set to launch their app and website.
The company valuation is INR 5 million. They made a total of 26 lakhs in the last eight months. Last month, sales totaled 3.5 lakhs. The gross merchandise value is 5.5 million rupees. The profit margin is 17 lakhs. The average selling price of their sneaker is INR 20,000.
Problem Solved By Find Your Kicks India
You can easily find limited-edition sneakers on their platform at a lower price than the original price. There is transparency between buyers and sellers without any fraud. Wide range of sneakers you can get on this platform without any problem. It is a user-friendly resale platform.