How is Bombay Closet Cleanse Doing After Shark Tank India?

Founder/Owner: Alfiya Khan & Sana Khan
Business: Thrift Store
Ask: ₹1 Crores for 2.5% Equity
Valuation/ Networth: ₹40 Crores
Funding: No Deal
Sharks: No Deal
Episode: Season 3 Episode 49

Bombay Closet Cleanse Shark Tank India Pitch:

Bombay Closet Cleanse is India’s first pre-owned thrift platform where people can sell their old clothing. Thrifting is a process of buying affordable and exclusive pre-owned or second hand clothes. Using Bombay Closet Cleanse platform, consumers can sell, swap and shop pre owned clothing. They also pay upfront to sellers for any sales made through their platform. They have over 5000 customers so far and founders vision is to increase lifecycle of a clothing and stop them from going to landfill and to fullfill this, they sought an investment of ₹1 Crores for 2.5% of the company valuing the business at ₹40 Crores.

Bombay Closet Cleanse also has two offline stores in Mumbai along with their website. Their business started growing in 2020 through Instagram. They have over 72,000 followers on Instagram at the time of their pitch.

Bombay Closet Cleanse’s Financials & Revenue during Shark Tank India:

Bombay Closet Cleanse closed FY22-23 with a revenue of ₹1.9 Crores. As for FY23-24, they have already made ₹1.5 Crores till October 2023. 60% of their sales comes from Bandra store location and around 37% comes from Versova store. The founders added that their website only brings in very marginal revenue. The company is projecting to close the FY23-25 at ₹2.5 Crores with 15% net profit.

Bombay Closet Cleanse has an Average selling price of ₹500. ₹25 goes to the GST, ₹120 goes to the COGS, ₹248 is their fixed expanses, ₹30 goes to marketing leaving them with ₹77 in EBITDA. They sell 3,500 units every month.

Bombay Closet Cleanse Shark Tank India Negotiations & Funding:

Aman was the first shark to go out of Bombay Closet Cleanse pitch because he felt like there will be issues in scaling this business to next level. Azhar also had the same reason to go out. Peyush adds that inventory will become their problem in long term and its too small for investment right now. Anupam goes out because he didn’t see a clear path to growth. Vineeta goes out citing its not investable at this stage.

Who is the founder of Bombay Closet Cleanse?

Alfiya Khan & Sana Khan founded Bombay Closet Cleanse. Alfiya is 26 at the time of their pitch and studied mass media in college. Sana is a dentist by profession.