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Freakins has raised INR 50 lakhs rupees in exchange for 2.5% equity in the company from shark tank season 2. Vineeta invested in this startup. The pitcher made an ask for 70 lakhs rupees for 1% equity in the company.
Vineeta offered 50 lakhs rupees for 2.5% equity and 20 lakhs rupees debt at a 12% interest rate with the condition that this investment would be a part of a bigger investment round. Pitchers gave a counter offer of 50 lakhs for 2% equity and 20 lakhs rupees debt at 12% interest.
Also Read Perfora has raised 80 lakhs for 2.5% equity of the company. Peyush, Vineeta, and Namita invested in this startup.
About Freakins
The CEO, Puneet Sehgal, is from Mumbai, and Shaan Shah, the CMO and head of marketing, is from Ahmedabad. Shaan had family support, and He comes from a heritage in the textile industry. He and his uncle Sachin started to collect the same fabric and raw materials to make products for themselves. Together with his uncle Sachin, he began to collect the same fabric and raw materials to make products for themselves. At Nykaa, Puneet was the senior operations manager. He later encountered Shaan. They then resolve to create a significant project together.
In the world of fashion, denim is very fashionable. However, the denim industry has not been able to produce clothing that fits individual requirements, weather, and body types. It is also true that the denim industry primarily offers to males rather than women. Thus, they founded their business, Freakins, to address this issue. Every week, the denim company Freakins introduces new product styles for ladies of all body types and sizes. They have 35+ categories and are GenZ-focused companies. There are 1500 different designs available. 2.5 lakh orders have been completed over the past three years. They sell their goods on their website and online stores like Amazon, Myntra, Nykaa, and Meesho. Puneet owns 54% of the equity, Shaan has 36%, Shaan’s uncle has 5%, and the final 5% is ESOPs.
Freakins Business Statistics:
In the year 2019-20, the sales were 90 lakhs rupees. In 2020-21 the sales were 6.7 crores. And 2021-22, the sales were 10.4 crore rupees. Their average monthly net sales are 90 lakhs. In the year 2019-20, it was breakeven. In the years 2020-21, the loss was 2.1 crore rupees. In the year 2021-22, the loss was 3.8 crore rupees. In 2022-23 for the last 6 months, the loss was 60 lakhs. In September ’22, the net sales were 1.05 crore, and the marketing spend was 12 lakhs rupees. The gross margin is 63%.
What Problem Do They Solve?
Freakins Jeans Business is the Internet’s first brand offering fashion apparel for women, celebrating women’s wear every day. Whose sole aim is to enable women to incorporate fashion with their comfort. With the changing world, people change, and fashion is a changing business. Freakins Jeans Brands make designs for their authenticity, independence, and their free spirit.
Freakins Jeans understands the foundation of fashion because you feel comfortable and confident in what you wear. And hence, crafting tailor-made pieces to fit perfectly and strike the right balance between comfort and style epitomizes the brand’s ‘Stitch to Connect’ philosophy. Freakins Denim Jeans, which started as an experiment, soon became a full-fledged brand focused on creating clothes that make you happy and complete.
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