The startup Yarn Bazaar has raised 1 crore for the equity of 10% from Shark Tank India. Sharks Anupam Mittal, Peyush Bansal, Ashneer Grover and Aman Gupta had invested in this startup combinedly.
The owner initially asked for INR 50 lakhs for 2% equity. Anupam, Peyush, Ashneer, and Aman, the four sharks, made a collective offer of 1 crore for a 10% stake in the company. The startup founder countered a 1.25 crore provision in exchange for 10% equity. After lengthy negotiations, the deal had finally done for INR 1 crore for the equity of 10%.
About The Yarn Bazaar
This is a Mumbai based startup founded by Pratik Gadia. The Yarn Bazaar is a full-service B2B marketplace whose mission is to bring order to the unorganized textile industry. The textile business has progressed thanks to modern technology, but the pillars of any sector are marketing, advertising, purchasing, and sales. This portal serves as a one-stop-shop for yarn buyers and sellers. The irregular supply chain is the most significant source of pain in the textile industry, and it has an impact on both the top and bottom lines. As in the textile sector, you must compare pricing from various suppliers after a price has been set. The app interface is fantastic, and the customer sends a message about their demands, and the staff responds with a quote on the app. The buyer can choose what to buy, how much quantity they want, and where they want it delivered—the white-labelled yarns produced by small businesses and collaborated on product development with their specialized teams. They began operations in 2019, soon before the Covid, and have completed approximately 212 crores in transactions with a 100% advance payment. The company earned Rs.15 lakhs on trade of Rs.10 crore last month, about 1.5% of the whole transaction. They’ve made around 1300 sales, and no customers or sellers haven’t kept their promises.
Problem Solved By The Yarn Bazaar
By providing this reliable and convenient platform, buyers and sellers maintain their business smoothly. The calculations, transactions and trading are error-free, which helps users do their business more effectively. With this textile trading app, the textile business’s efficiency will improve by reducing wastage of time and reducing human effort.