Clothing, wearables and Accessories
Girgit
SEASON 2 : Episode 3
BRAND
Girgit
COMPANY NAME
Girgit Studios Private Limited
FOUNDERS
Benoy Shah Pooja Bajaj Shah
ORIGNAL ASK
Rs. 20 lakhs for 10% equity at a valuation of Rs. 2 crores.
DEAL
Rs. 20 lakhs for 20% equity at the valuation of Rs. 1 crore.
Girgit is India’s first color-changing product store, and its products are activated when they come into contact with elements of nature, such as sunlight, air, or water. Their products have temperature-sensitive prints and unique photochromatic colors on clothing, watch bands, shoes.
Girgit offers a range of color-changing clothing options for men, women, and children, including shorts, shoes, and swimwear. The brand’s styles are often playful and colorful and are made from high-quality, cruelty-free materials.
In addition to its color-changing clothing, Girgit also offers a range of accessories, including bags, scarves, and hats.
Girgit is an online-only brand, and its products can be purchased through its website. Prices for Girgit garments range from around $20 for a pair of color-changing shorts to several hundred dollars for a designer dress or suit. Despite its high price point, the brand is famous.
Founders & their story
Benoy Shah
Pooja Bajaj Shah
The concept behind Girgit and its line of color-changing apparel goods, which originated during the pandemic, was to make a small amount of sunshine go a very long way.
Pooja Bajaj Shah, the founder of the company, began looking for a means to bottle her notion in a form that everyone could enjoy anytime they went outdoors in the sun or took a bath in the pool. She eventually discovered a way to do so.
She pursued her concept from morning till night, and within three months, she established GIRGIT in 2018.
About the company:
The Girgit store is a well-known fashion brand in India that is known for selling clothing that can transform their colour. This company is a favourite among consumers of all ages due to the undeniable draw of its color-changing clothes that resembles chameleons.
At first, they only made products for kids, but after hearing from customers, they also started making products for adults. They do their manufacturing by keeping the process cruelty-free.
They’ve sold 3,000 items to 1,800 people. Girgit is the only Indian fashion brand that focuses on this part of the market.
The company’s unique selling proposition is cheap raw materials and a high gross margin.
Revenue:
The company has achieved lifetime sales of 58 lakh INR, earning a gross margin of 79%.
On August 22, the sales were Rs. 8.5 lakhs. On July 22, the sales were Rs. 7.5 lakhs, and in June, it was Rs. 5 lakhs.
Their sales are 65% from WhatsApp and 20% from exhibitions.
They are spending approx. Rs. 30,000 in Marketing.
Founder’s Ask
Rs. 20 lakhs for 10% equity at a valuation of Rs. 2 crores.
Offers:
Namita offered Rs. 20 lakhs for 20% equity at the valuation of Rs. 1 crore.
Founder’s Counter Offer
Rs. 20 lacs for 15% equity at a valuation of 1.33 crores.
Final Deal
Namita didn’t accept the equity of 15%, so the final deal was closed at;
Rs. 20 lakhs for 20% equity at the valuation of Rs. 1 crore.
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