Shark Tank India Season 4: From luxury services & affordable lehengas to Rs 10 lakh shoes – Startups that left the judges stunned!

Introduction to Culture Circle and Its Founders

• Culture Circle is a premium marketplace for reselling luxury shoes, bags, jackets, and accessories, offering globally verified and authentic products.
• Founded by Gurugram residents Devansh Jain (26), Akshay Jain (27), and Naval, the platform boasts 2.5 lakh active users.
• Devansh and Akshay, best friends for 14 years, showcased their luxury-focused business on Shark Tank India Season 4, sparking a heated debate among the sharks.

Unique Business Model and Rapid Growth

• Initially started as a college project in 2023, it evolved into SourceX, a supply chain platform, securing Rs 16.2 crore funding from InfoEdge at an Rs 80 crore valuation.
• Culture Circle guarantees authenticity through a two-level verification process with sellers and brands, sourcing products from 234 global websites.
• Sneakers dominate sales (60%), followed by apparel (30%) and accessories (10%). Sales hit Rs 5.5 crore in November 2024, with Rs 22.2 crore sales from April to November.

Sharks' Reactions and Offers

• The founders asked for Rs 1.2 crore for 0.5% equity at a Rs 240 crore valuation, prompting Aman Gupta to exclaim, "Are we crazy?"
• Offers included Rs 8 crore for 10% from Kunal Bahl and Rs 1.2 crore for 1.33% from Ritesh Agarwal. Namita Thapar offered Rs 1.2 crore for 1.2% equity with 0.5% royalty.
• Tensions rose during negotiations, with Aman Gupta and Kunal Bahl exchanging heated remarks about their deal-making experience.

Final Deal and Future Plans

• The final deal was closed with Kunal Bahl investing Rs 2 crore for 2% equity and Ritesh Agarwal investing Rs 1 crore for 1% equity.
• Akshay Jain expressed confidence in taking the company public within three years, highlighting Culture Circle's strong financial foundation and ambitious vision.

 

BL Fabric: Transforming Affordable Lehengas

• Founded by Mayur Bharatbhai from Surat, Gujarat, BL Fabric specializes in sequin and zari work on lehengas, offering customization and up to 70% discounts.
• The startup handles production in-house with a team of 25 managing over 200 designs, serving 65,000+ customers.
• Mayur’s tagline, "Lehenga is not expensive now," resonated strongly with the judges and audience.

Social Media Mastery and Viral Success

• BL Fabric boasts 8 lakh Instagram followers and 22 lakh YouTube subscribers, with Mayur managing social media independently.
• Mayur's content strategy involves posting 20-25 videos monthly, with one viral video amassing 47 million views and earning a YouTube Gold Button.
• Judges were impressed by his marketing prowess, with Aman Gupta calling him "amazing" and Kunal Bahl asking, "What magic do you do?"

Growth Story and Financial Success

• After starting BL Fabric in 2021, Mayur rapidly scaled sales by leveraging discounts and a direct-to-consumer model via his website.
• Sales grew from Rs 1.42 crore in 2022 to an estimated Rs 15-17 crore in 2024-25, with profits steadily improving to 10% in 2024.
• The business focuses on semi-stitched lehengas, ensuring affordability and accessibility for customers.

Sharks’ Funding Offers and Final Deal

• Mayur requested Rs 1 crore for 2% equity at a valuation of Rs 50 crore. Namita Thapar declined, suggesting he wait for funding.
• Vinita Singh saw it as a value-driven, not brand-driven, business and opted out, while Aman Gupta cited royalty concerns.
• Ultimately, Ritesh Agarwal and Kunal Bahl invested Rs 1 crore for 5% equity, marking a milestone for BL Fabric's growth trajectory.

Indulge: A Luxury Concierge Service for the Rich

• Indulge, founded by Karan and Advita from Goa, caters to high net worth individuals (HNIs) by fulfilling their unique requests, from luxury travel to personalized gifts.
• The startup operates on WhatsApp, offering over 25,000 fulfilled requests, offering convenience and exclusivity to its elite clientele.

Subscription-Based Model and Premium Services

• Indulge runs on a subscription model, offering plans like Rs 4 lakh annually or Rs 40,000 monthly. A lower-tier Rs 1 lakh annual plan is also available with a 5% commission.
• Services span five categories: travel (hotel bookings, wheelchair facilities), retail (product sourcing), dining (exclusive reservations), experiences (event assistance), and special requests (customized services like airlifting or unique gifts).

Founders' Journey and Revenue Growth

• Karan, a college dropout, transitioned from running a luxury magazine and brand exhibitions to launching Indulge after observing the growing needs of affluent individuals.
• Advita, who joined in 2022, brought operational expertise. The startup has generated Rs 2.1 crore in revenue this year, with Rs 35 lakh earned in October 2024 alone, despite significant investment in tech and expansion.

Funding and Shark Tank Experience

• The founders sought Rs 50 lakh for 1% equity, valuing the startup at Rs 50 crore, but none of the judges invested, citing challenges in understanding the niche business model.
• Previously, angel investor Nikhil Kamath invested Rs 75 lakh but has since exited the business after the startup bought back his shares. Karan retains a 65% stake, while Advita owns 5%.