This story focuses on Ethik- Vegan Fashion startup which recently got featured in Shark Tank India. ethik shoes, ethik shark tank India, ethik startup funding, ethik valuation, and ethik founders.
Introduction to the pitch | Shark tank India
This is a fashion brand startup and they started their pitch by complementing the shoes and belt of the second founder. Through this, they wanted to convey the message that everything that looks like leather is not leather. The shoes he was wearing were non-leather.
He also told sharks that he was taught about non-violence as a child. When He finished college then he realized that the nation preaches non-violence and whose history and scriptures respect animals. The Leather industry of the same nation took no concrete step against animal cruelty.
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Who are the founders of ethik?
Pankaj Khabiya (34 Years Old) and Bharat Ranka (31 Years Old) belong to the city where startup happens- Banglore. They are the co-founders of the brand – Ethik.
What is Ethik? | Shark Tank India
Ethik is India’s premium non-leather brand that is revolutionizing India with high-quality non-leather products. Using science, technology, and innovation certain fabrics have been created in the lab that looks like leather. With such fabrics, Peta Approved vegan products are made by ‘Ethik’
This was started in 2012 with the aim to acquire the leadership in men’s fashion industry. They have already set out on this path.
What is their ask for Investment from Sharks? | Ethik in Shark Tank India
They have demanded 15 Lakhs in exchange for 5% Equity. Their company is valued at Rs 3 Crores.
QnA | Sharks asks Ethik | Shark Tank India
What is the motivation behind starting Ethik?
Pankaj is brought up in a Jain family and he was inculcated with values like non-leather. As he grew up and when he felt the need for formal shoes and belts then he realized that what he was wearing,
This was the thought behind starting a brand that creates a product that looks and feels like leather and has similar attributes but it should be without animal skin.
What is the background of Bharat Ranka (Co-Founder)?
Bharat is from Mumbai and he was into advertising since 2010. A few months back he also moved to Banglore with Pankaj to work more closely on this project. Bharat’s intention was to do something such in life to go from business to brand. In 2017-18 He joined Ethik.
What is the equity in Company?
Bharat joined ethik in 2018 and then he invested 95 Lakhs in the company. With this investment, he acquired the 60% Equity of the company. Anupam Mittal
What are the sales made by Ethik?
From 2012-18 they have made a sale of 80 Lakhs. After 2018 they started working on their online website. They have made a sale of 25 Lakhs in 24 Months.
Anupam Mittal said ” You have made a sale of 1 Lakhs a month in a total span of 10 years”
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Sharks Investing in Ethik | Shark Tank India
Ashneer Grover
I have made my decision as you have done no business. In the sale of 2 Lakhs a month why you came here on National Television. You should leave this business and return to the family business.
Peyush Bansal
I am also out from this. I feel that you have a good brand, the product is also good. The confusion comes from the chemistry of both co-founders. Your product is overpriced too. So I am out from this.
Namita Thapar
I have also made my decision. In India market of purpose-driven mindset is small and with your overpriced products, the market becomes smaller. I don’t believe that you will be able to scale this business so for this reason, I am out.
Aman Gupta
Your brand is purpose-driven and today millennials look for purpose-driven brands. You have added the purpose in the brand but you don’t have space in it. You should have added a discount in the brain. I was very interested but I am having a problem with your rigidity.
Anupam Mittal
Entrepreneurs have a spark and passion in their mindsets. You have passion for your product but I am unable to see that spark. You are unable to understand how you can expand. This is why I am out.
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