How is Flyrobe Doing After Shark Tank India?

Founder/Owner: Aanchal Saini
Business: Fashion Rental Platform for Men & Women
Ask: ₹50 Lakhs for 1% Equity
Valuation/ Networth: ₹50 Crores
Funding: ₹50 Lakhs for 4% Equity
Sharks: Aman Gupta
Episode: Season 3 Episode 28

Flyrobe Shark Tank India Pitch:

Flyrobe, an Indian startup featured on Shark Tank India Season 3 Episode 28. It is india’s first online fashion rental company. It provides a wide range of designer wear for various occasions at affordable prices. Flyrobe’s offerings include Lehengas, Gowns, and Anarkalis for women, as well as Sherwanis, Indo-western outfits, Suits, and Tuxedos for men. These rental products are available both on their website and in physical stores. Flyrobe boasts exclusive designer labels such as Gaurav Gupta, Amit Agarwal, Sabyasachi, Shantanu and Nikhil. With a vision to expand its presence, Flyrobe aims to open over 100 stores within the next 3 years.

Flyrobe Revenue & Financials during Shark Tank India:

In 2018, Rent it Bae secured a funding of ₹1.5 Crores at valuations ranging from ₹6 to ₹6.5 crores. Subsequently, in 2020, they raised a substantial amount of ₹6 crores at a valuation of ₹30 Crores. It’s worth mentioning that Flyrobe, prior to its acquisition by Rent It Bae, had amassed around ₹70 crores in funding. The acquisition of Flyrobe occurred through a slump sale for ₹6 Crores in 2020.

During FY18-19, Flyrobe recorded sales of ₹13 Crores with a burn rate of ₹25 Crores. However, the following year saw a decline in sales to ₹8 crores with a reduced burn rate of ₹4 crores. Currently, Flyrobe operates one flagship store alongside six franchise stores. They employ two inventory models: in-house inventory and customer-owned inventory. On average offline rental is ₹5,500, whereas online rentals go for approximately ₹3,500.

In FY22-23, Flyrobe achieved sales of ₹2.9 Crores, and as of October FY23-24, they have already generated sales worth ₹2.8 crores. They are on track to reach ₹7 crores in sales by the end of the fiscal year, with a projected profit of ₹1 crores.

Who are founders of Flyrobe?

Aanchal Saini, along with other founders, established Rent it Bae and later acquired Flyrobe. Rent it Bae was founded in 2016. Prior to her entrepreneurial journey, Aanchal Saini worked as a lawyer for seven years in Delhi. Currently, 40% of the equity in the company is held by the founders, while the remaining 60% is owned by investors.

Flyrobe Shark Tank India Negotiations & Funding:

Namita was the first to exit negotiations, citing concerns about the operational challenges of the business model. Vineeta also opted out, expressing doubts about Flyrobe’s operational metrics compared to industry standards. Similarly, Amit chose to sideline himself from the negotiations, questioning the accuracy of the founders’ plan of action and suggesting a need for more focus.

However, Aman, impressed by the founders’ energy, extended an offer of ₹50 lakhs for a 5% equity stake. In contrast, Anupam, uncertain about the structure of the investment, decided to step aside from the negotiations.

In response, the founders countered with an offer of ₹50 lakhs for a 3% equity stake. Aman then countered with ₹50 lakhs for a 4% stake, and the deal was finalized.