How is Deeva Saree Doing After Shark Tank India?

Founder/Owner: Ankush R Barjata
Business: Online Saree Platform
Ask: ₹2 crore for 4% Equity
Valuation/ Networth: ₹50 Crores
Funding: ₹75 Lakhs for 6% Equity & ₹1.25 Crores debt @10% for 3 Years
Sharks: Aman Gupta, Ritesh Agarwal and Radhika Gupta
Episode: Season 3 Episode 36

Deeva Saree Shark Tank India Pitch:

Deeva Saree is a platform that directly delivers various varieties of sarees from manufacturers to customers. Their offering prices are 50% lower than other online brands. Moreover, they have exclusive agreements with five manufacturers and offer a no-questions-asked return policy, resulting in only a 3% return rate.

Deeva Saree Financials & Revenue during Shark Tank India:

In FY22-23, they achieved ₹1.93 Crores in sales. By October ’23 of the following fiscal year, they had already reached ₹2.67 Crores in sales with a 60% gross margin. They expect to close the year with more than ₹7 Crores in sales. In October ’23, they had ₹58 lakhs in sales, with 40% of their expenditure going towards procurement, 10.8% towards marketing, 4.3% towards salaries, and 9% towards shipping and packaging, resulting in a 35.9% EBITDA. Their average selling price is ₹2,500.

Who is founder of Deeva Saree?

Deeva Saree was founded by Ankush R Barjata. He hails from Bangana, Himachal Pradesh, and completed his Computer Engineering degree from SRM University, Chennai.

Deeva Saree Shark Tank India Negotiations & Funding:

Vineeta was the first shark to opt out of negotiations as she couldn’t find any differentiator from other brands. Peyush, though interested, expressed skepticism, feeling that everything seemed too good to be true, and thus sidelined from negotiations. On the other hand, Aman made an offer of ₹20 lakhs for 5% equity plus ₹1.8 Crores debt at 10% interest for 2 years. Ritesh suggested Aman make a combined offer, and Radhika also proposed to join forces. Ritesh then made a combined offer of ₹75 lakhs for 7.5% equity plus ₹1.25 Crores debt at 10% interest for 3 years.

The founder countered with ₹1.2 Crores for 6% equity plus ₹80 lakhs debt at 10% interest for 3 years. Aman rejected this offer. The founder then revised the counteroffer to ₹75 lakhs for 6% equity plus ₹1.25 Crores debt at 10% interest for 3 years. The deal was finalized.