Image Credits: Shark Tank India
Last updated on 18 February 2023. Find everything about Freakins’ pitch on Shark Tank India, its founders, and the latest updates about the company!
Freakins on Shark Tank India
Founded in 2018, Freakins wants to become the biggest fast fashion startup in India.
Here are the key details about their pitch on Shark Tank:
| Name | Freakins |
| Founders | Puneet Sehgal, Shaan Shah |
| Episode | Season 02 Episode 33 |
| Ask | ₹70 Lakhs for 1% Equity |
| Deal | ₹50 Lakhs for 2.5% Equity + Debt |
| Sharks | Vineeta Singh |
| Status | In-business |
Freakins is a denim-based female fashion brand for young India. They make denim jeans and jackets for the desi women according to the climate of the country. They launch new items every week.
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The pitch started off amazing with a dance performance, showing off all their clothing items and varieties. The entrepreneurs wanted ₹70 lakhs for just 1% shares, to cover all the vendor debt they have.
The revenue in FY 2021-22 was ₹10.4 crores, but they were having massive losses as well, of about ₹3.8 crores. This was to create a proper inventory.
All this and the burn situation made Anupam go out instantly, calling it a ‘mess’. There was also a history filled with some confusion, so other sharks followed him. But Vineeta saw some hope and made an offer.
Watch the teaser of this episode:
Freakins successfully closed the deal with Vineeta Singh for ₹50 Lakhs for 2.5% equity and the rest in debt. But with a condition that it will be part of a larger investment round.
About The Founders
Puneet Sehgal and Shaan Shah are the two co-founders of Freakins. It is a part of the Adavat Group. The startup is headquartered in Ahmedabad, Gujarat.
Shaan’s family was already in the textile business with his uncle manufacturing denim apparel for exports. He met Puneet at Nykaa and him on the business operations side of the business.
Puneet is the CEO of Freakins and owns more than half of the equity. He was the one who made it the company which it is now. Shaan is the CMO and looks after performance marketing.
After Shark Tank Updates
As they mentioned in the pitch, Freakins were in talks with Myntra to become exclusive on their platform and might see a huge boost in sales.
Social Media star Parul Gulati is one of their brand ambassadors of Freakins and has her exclusive collection on the website as well. Famous celebrities like Sunny Leone and Aditi Rao Hydari have also worn denim skirts.
By the way, other businesses featured in this episode were iMumz and The Healthy Binge.
In the end, here is the official company pitch: “Freakins’ sole objective of enabling women in dressing fashionably while maintaining a level of comfort. What started as an experiment in repurposing and reimagining a staple material: Denim; soon turned into a full-fledged brand that focuses on making garments that don’t just make you happy but make you whole. Our approach to fashion will always be to ensure our pieces become an extension of your personality.”
Takeaways
So now you know everything about the pitch of Freakins denim jackets and jeans on Shark Tank.
I am Ranish Chauhan a.k.a. Fulmino Fan, and I am also a fan of Shark Tank India.