Founders & their story

• Divya Batra
• Pragya Batra

Founded by sisters Divya and Pragya, both hailing from Agra, Quirksmith is a notable silver jewellery brand deeply influenced by poetry. Divya holds a degree from NIFT, while Pragya boasts a BTech and MTech from IIT Delhi, complemented by an MBA from INSEAD. Over the span of 7 years, Quirksmith has garnered the patronage of over 300,000 customers. This women-led enterprise operates as a bootstrapped venture, showcasing its commitment to independence and self-sustainability.

The brand predominantly retails through its own website, which accounts for a significant 95% of its sales. With a robust online presence, the website attracts a monthly traffic of 1.2 lakhs, with branded searches contributing between 10,000 to 12,000 visitors. At Quirksmith, jewellery is more than adornment; it serves as a medium for self-expression, allowing wearers to convey their moods and emotions through their accessories. With a maximum retail price of Rs 3000 and a cost of goods sold at Rs 1200, the brand ensures accessibility without compromising on quality or craftsmanship.

About the company

At the inception of Quirksmith in 2016, silver jewellery remained on the fringes of mainstream fashion, often relegated to a mere accessory. Interestingly, despite women being the primary consumers, the industry was predominantly steered by men, from production to ownership. Recognizing this gap, Divya and Pragya embarked on a mission to revolutionize the sector. Armed with Rs 40,000 in personal savings and boundless ambition, Divya and Pragya debuted their inaugural collection at a vibrant flea market in Bangalore. This marked the genesis of Quirksmith, a venture born from the desire to infuse creativity and conversation into jewellery design, while empowering women to reclaim ownership of an industry meant for them.

Divya, a NIFT ’04 graduate renowned for her innovative designs, leads the design and production arm of Quirksmith. With an illustrious background including stints at Amrapali Jaipur and FabJewels Ltd, her expertise elevates the brand’s aesthetic appeal. Complementing Divya’s artistic prowess, Pragya, an IIT Delhi and INSEAD alumna, spearheads marketing and sales. Drawing from her strategic acumen honed at Bain & Company and InMobi, she propels Quirksmith into the limelight.

Underpinning their design philosophy is the ethos of “Wear your emotions,” encapsulating the brand’s vision to offer jewellery as a conduit for self-expression. Each piece, be it the “Musaafir” anklet for the wanderer or the “Atma Mugdha” ear cuff for the self-affirming, resonates with personal narratives. For Divya, the creative process transcends mere expression; it’s a reflection of her multifaceted identity. As she evolves, so do her designs, inviting wearers to find fragments of themselves in every creation.

Revenue

In the fiscal year 2021-2022, Quirksmith recorded annual sales of 5 crores, which increased to 6 crores in the following fiscal year 2022-2023. Notably, sales for August 2023 stood at 75 lakhs, with July and June 2023 recording 58 lakhs and 65 lakhs respectively. The net profit for the fiscal year 2022-2023 amounted to 24 lakhs, representing a net margin of 4%. Moreover, the brand maintained an average order value of Rs 2500, reflecting its consistent performance and customer engagement.

Founders’ Ask 

80 lakhs for 1% equity at the valuation of Rs. 80 crores.

Offers

Amit’s offer: 30 lakhs for 3% equity at the valuation of 10 crores and 50 lakhs debt at 12% interest for 2 years.

Aman’s offer: 30 lakhs for 3.3% equity at the valuation of 9.09 crores and 50 lakhs debt at 12% interest for 3 years

Amit’s revised offer: 30 lakhs for 3% equity at the valuation of 10 crores and 50 lakhs debt at 2% royalty until 1 crore is recouped.

Founders’ Counteroffer:

80 lakhs for 1.5% equity at the valuation of 53.33 crores.