Clothing, wearables and Accessories
Flatheads
SEASON 2 : Episode 5
BRAND
Flatheads
COMPANY NAME
Flathead Designs Private Limited
FOUNDERS
Ganesh Balakrishnan
ORIGNAL ASK
Rs. 75 lakhs for 3% equity at a valuation of Rs. 25 crores
DEAL
No deal
Flatheads Sneakers are a brand of casual footwear designed for the modern urban lifestyle. These attractive shoes are built from innovative materials such as bamboo and recycled plastic, making them fashionable and eco-friendly.
Very lightweight, Flatheads Sneakers are ideal for all-day use and are made with a one-of-a-kind bamboo insole that conforms to the shape of your foot, providing a customized fit and all-day comfort.
Moreover, the insole is antimicrobial and wicks away moisture to keep your feet fresh and odour-free. In addition, the shoe’s upper part is flexible and breathable, allowing your feet to move properly, while the outsole offers superior grip and durability. It also offers India’s first linen sneakers and the world’s first banana fibre sneakers.
All of their shoes are made in India, ranging from Rs. 1000 to Rs. 5000. Their products are available on their own website & other marketplaces like Amazon & Myntra.
Founders & their story
Ganesh Balakrishnan
Before embarking on his career as an entrepreneur in 2013, Ganesh worked with Bain & Company and Honeywell. His first two businesses were a retail technology product firm called Windsleeve and a mobile payments product company called Momoe. Momoe continued operations for three years until being acquired by Shopclues & Windsleeve only lasted one year.
In 2019, Balakrishnan joined the startup arena again with Flathead Shoes, inspired by his personal experience of dealing with shoes that did not fit well & smelled bad after wearing them for a long.
About the company:
Flatheads Sneakers is an India-based online casual shoe business that sells directly to consumers. In 2019, only a few short months before the pandemic began, Balakrishnan established Flatheads Shoes. By a year, the firm had no customers; since people in India rarely left their homes, they did not need shoes, much less clothing designed for urban labour.
In October 2021, the company released its products in the United States and aimed to increase its foreign market in the United States and the UAE.
Flatheads claim it was India’s first footwear company to manufacture high-performance footwear out of bamboo. Flatheads Shoes is proud to provide very lightweight and comfortable shoes for all-day use. They have served more than 20,000 customers since 2019.
Amounts Raised:
Rs. 5.2 crores at a valuation of Rs. 28 crores pre-money in April 2021.
Revenue:
In FY 21-22, the sales were Rs. 3.4 crores, their gross margin is 60%. Currently, they are at negative 20%.
Last month’s sales were Rs. 15 lakhs with a burn of Rs. 5.5 lakhs.
Founder’s Ask
Rs. 75 lakhs for 3% equity at a valuation of Rs. 25 crores.
Offers:
Peyush & Vineeta jointly offered Rs. 75 lakhs for 33.3% equity at a valuation of Rs. 2.25 crores.
Final Deal
No deal was made as the founder didn’t accept the deal.
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