Shark Tank India Season 3: Aastey Pitch Update And Deal
5 Dariya News
29-Feb-2024
Aastey, an Indian-born brand specializing in sustainable and size-inclusive athleisure, made a splash in Season 3 of Shark Tank India. Founders Jeevika Tyagi and Kanupriya Mundhra stepped into the tank with a bold vision - to build a 100 crore approx. $12 million USD athleisure brand centered on inclusivity and environmental awareness.
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Aastey Pitch: Filling the Gap
Aastey's pitch highlighted the lack of options in the Indian athleisure market for those outside the standard size range. Their mission was to create comfortable, stylish, and high-performance activewear using sustainable materials, appealing to a wider and more conscious consumer base.
The founders sought an investment of ₹80 lakhs in exchange for 2% equity in their company, valuing Aastey at a substantial ₹40 crores. They outlined their impressive sales figures and ambitious growth plans, hoping to secure the Sharks' backing.
The Sharks React: Potential vs. Profitability
While the Sharks acknowledged the potential in the athleisure market and Aastey's dedication to sustainability, concerns were raised. The brand's current profitability became a central point of discussion. The Sharks questioned Aastey's high marketing expenses and their existing liabilities of about ₹1 crore.
The brand's high valuation also proved to be a sticking point, as the Sharks felt it didn't align with their current level of business.
Intense Negotiations and a Disappointing Outcome
Despite a heated negotiation and a revised offer from the founders, Aastey ultimately left Shark Tank India without securing a deal. The Sharks expressed concerns about the brand's financial discipline and their path to sustained profitability.
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Aastey's Shark Tank Journey
Despite the setback, Aastey has continued to make strides in the Indian athleisure market. Their appearance on the show garnered significant attention and sparked a discussion about size, inclusivity and the rise of conscious consumerism. The brand has been actively leveraging the exposure generated by Shark Tank India to boost awareness and drive sales.
Conclusion
Aastey's journey is a testament to the power of a strong mission and the resilience of determined entrepreneurs. While the outcome of Shark Tank India might not have been ideal, the brand's commitment to its purpose and the increased visibility it gained will undoubtedly propel it forward in the years to come.