- Founders: Divya Batra and Pragya Batra
- Business: Jewelry
- Ask: ₹80 lakhs for 1% equity
- Valuation/ Networth: ₹80 Crores
- Funding: No Deal
- Sharks: No Deal
- Episode: Season 3 Episode 17
Quirksmith Shark Tank India Pitch:
Quirksmith is an Indian jewelry brand that makes silver jewelry inspired by poetry. In the past 7 years, they have served over 3 lakh customers. They are also proudly operating a women-led business. The founders sought an investment of ₹80 lakhs for 1% of the company, valuing the business at ₹80 crores.
Quirksmith was completely bootstrapped at the time of their pitch. The founders shared that they were experiencing 100% growth year over year until the COVID-19 pandemic hit. Quirksmith closed their last financial year of FY22-23 with ₹6 crores of revenue, which was a 20% growth over the previous year when they made ₹5 crores. They made ₹2.5 crores in FY20-21; however, they made ₹3.7 crores in FY19-20.
Quirksmith makes the majority of its revenue through its Shopify website. They closed last month with ₹70 lakhs of revenue. However, they made ₹58 lakhs the month prior and ₹65 lakhs in June 2023. Their pitch was shot in September 2023. They get 1.2k visitors on their website per month. Quirksmith has an average order value of ₹2,500. Their net margin comes to 4% after all expenses.
Quirksmith Shark Tank India Negotiations & Funding:
Vineeta was the first shark to go out due to the brand not having a strong identity. Namita went out because she felt like the brand still needed to crack their pricing, as she commented that it was the reason why her other Shark Tank Investment Rubans was so successful. Anupam liked the products but felt like they were occasional wear and not suitable for everyday wear, and it would be a challenge for the brand to make them suitable for everyday wear. Therefore, he also goes out of the negotiations.
Amit didn’t understand how this could be scaled, but he wanted to take a bet on the founders; therefore, he offered ₹30 lakhs for 3%, and the rest as debt at 12% for a 2-year term. Aman also puts his offer on the table, which was ₹30 lakhs for 3.3%, valuing the company at ₹9 crores, and the rest as debt at 12% interest for 3 years.
The founders take a moment to think and come back to reject both offers. Aman gets offended at that as he felt like the entrepreneurs wasted the sharks’ time. Anupam revises his offer to ₹30 lakhs for 3% and ₹50 lakhs in royalty format, and he would take 3% of net sales until he makes his money back. The founders countered that with ₹80 lakhs for 1.5% of equity, which Amit refused, and they walked out of the tank without a deal.
Who are the founders of Quirksmith?
Divya Batra and Pragya Batra founded Quirksmith. They are based in Agra, India. Divya graduated from the National Institute of Fashion and Technology. She is also a trained silversmith. Pragya has a business background, and she graduated from IIT Delhi in 2007.
How is Quirksmith Doing After Shark Tank India?
Our research on the company revealed that despite not taking a deal on the show, Shark Tank was a great choice for them as it gave them nationwide exposure and validation. In the time between their episode shot and aired, the company has taken a step to go international, and their products are now available in international markets, including Europe and North America. As of February 2024, they have over 1.98 lakh Instagram followers and growing. While their financials are not yet public, we will update this article as soon as more information comes to light. You can check out their products by clicking the Amazon button below!
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Source: Instagram @quirksmithjewelry
Here are other companies from Season 3 Episode 17.