- Founder: Pratik Gadia
- Business: Yarn-Trading App
- Ask: ₹50 lakhs for 2% equity
- Valuation/Net worth: ₹25 Crores
- Funding: ₹1 crore for 10% equity
- Sharks: Ashneer Grover, Anupam Mittal, Aman Gupta and Peyush Bansal
- Episode: Season 1 Episode 13
The Yarn Bazaar Shark Tank India Pitch:
The Yarn Bazaar, a startup providing a comprehensive platform for buying and selling yarn, was featured on Shark Tank India Season 1 Episode 13. Founder Pratik Gadia sought a 50 lakh investment for 2% equity, valuing their company at 25 crores. The company claimed that it has over 1,000 registered users, 500 active buyers, and 300 active sellers. Their basic function is to connect buyers and sellers in the textile industry and give each other the best price based on the quality of the product.
The Yarn Bazaar started in July 2019 and has done over ₹212 Crore worth of transactions with 100% advance payments to the sellers. Their last month’s order size was ₹10 Crore where the company made ₹15 Lakh in revenue. Their commission varies from 0.5-1.5% per transaction. They have processed over 1300 orders since their inception and have not done a single default.
The Yarn Bazaar Shark Tank India Negotiations:
Namita goes out of the company, citing that she doesn’t have expertise in this area. Aman goes out, citing that traders would connect with the buyers directly after their first transaction through the platform, and it would not be sustainable in the long run. Peyush gives the first offer along with Anupam, but then Aman comes back into the deal with Ashneer. Sharks decide to join hands to get the deal because some of them fear that they wouldn’t get the best deal due to shark fight, so it may be a more profitable deal after.
Ashneer asks to lead the negotiations from the Shark’s side and offers ₹1 Crore for 10% of the company, with Peyush, Aman, and Anupam being part of the deal as well. Pratik had concerns about how this may affect the Series A round, which the sharks assure they would help him with. After a little thought, Pratik accepts the sharks’ offer, and they confirm the deal.
Who is the founder of The Yarn Bazaar?
Pratik Gadia founded The Yarn Bazaar. He had exposure to the textile industry since his early childhood. He has completed his undergraduate and spent a year working for their textile business. Pratik also worked in Reliance retail as a Trainee and Executive Director in S.S.B.F. in the past.
How is The Yarn Bazaar doing after Shark Tank India?
Our research into the company revealed that their deal with Sharks did close after the show aired. Their pitch aired on January 5th, 2022. Their website suggests that they have done 400 Crore worth of yarn business, and their order value has grown to 19+ Lakh. They have over 30 members on their team as of November 2023. The founder shared on the podcast “Secrets of Storytellers” that they were not that interested in going on the show because they were not a B2C business. He added that his Shark Tank experience was good and he didn’t have much expectation at the time when he went on the show.
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Source: The Yarn Bazaar Instagram