Flatheads is a casual footwear brand based in Bengaluru, Karnataka, India, founded in 2018. The brand offers stylish, comfortable casual shoes and sneakers for both men and women, including vegan options.
By 2019, the company experienced significant growth, increasing its sales fivefold. Their footwear collection includes Banana Kicks, SoftKnit Loafers, Linen Sneakers, KoolTex Trainers, Bamboo Loafers, and Breathable Sneakers, among others. Additionally, Flatheads has launched a clothing line in collaboration with The Souled Store.
The price range for Flatheads shoes is between ₹1,000 and ₹5,000, and their products are available on multiple e-commerce platforms such as Amazon and Flipkart.
| Company Name | Flatheads | |
| Founder | Utkarsh Biradar and Ganesh Balakrishnan | |
| Founded | 2018 | |
| Product | Indian D2C casual sneakers brand | |
| Asked For | ₹75 Lakhs for 3% equity | |
| Final Deal | No Deals | |
| Shark | No Sharks | |
| Episode (Shark Tank India) | S2 E5 | |
| Air Date | Jan 6, 2023 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Bengaluru, Karnataka, India | |
| Lifetime Worth (Sales) | ₹4.5 Crores *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Another Shark Tank Pitch
How Was The Shark Tank India Pitch Of Flatheads?
Ganesh Balakrishnan, the co-founder of Flatheads, appeared on Shark Tank India seeking ₹75 lakhs for 3% equity in the company, which was valued at ₹25 Crores.
The company produces footwear made from eco-friendly materials like banana fiber, linen fiber, and bamboo, and has over 20,000 customers.
Flatheads sells its products on its own website and through marketplaces like Amazon and Myntra. The price range for their products is between ₹1,000 and ₹5,000.
Ganesh and his co-founder Utkarsh hold 60% of the company (30% each), while an angel investor holds 33% equity. The remaining 7% is allocated for the Employee Stock Option Pool (ESOP).
In the fiscal year 2021-22, the company reported ₹3.4 crores in sales, with a gross margin of 60% and a contribution margin of 48%. They raised ₹5.2 crores in April 2021, with a pre-money valuation of ₹28 crores. Last month’s sales were ₹15 lakhs, with a cash burn of ₹5.5 lakhs.
Anupam Mittal offered a job to Ganesh, with the possibility of investing later if the business grows. Peyush Bansal proposed an offer of ₹75 lakhs for 33.3% equity, which was contingent on certain conditions. Vineeta Singh expressed interest in joining Peyush in this deal.
Finalize: Flatheads did not get funding in Shark Tank India.
What Happened To Flatheads After Shark Tank India?
Despite not securing funding on Shark Tank India, Flatheads received valuable feedback from the Sharks, which helped highlight some key challenges the company faced. The co-founders, especially Ganesh, did not fully identify the core issue contributing to the company’s monthly losses, which hindered profitability.
However, following the Shark Tank episode, Flatheads saw significant online traction. In January 2023, their website, flatheads.in, attracted 2.1 million visitors, with 69% of this traffic coming from organic search—an impressive indicator of growing brand awareness.
On January 16, 2023, Flatheads launched the “Not Out Edition” sneaker, releasing 900 pairs priced at ₹2,999 each. The launch was a success, as the entire stock sold out within a few weeks, reflecting the brand’s increasing popularity and consumer interest. This success suggests that despite the challenges, the company was able to capitalize on its brand recognition and drive sales effectively.
What Is the Net Worth of Flatheads?
During Shark Tank India, co-founder Ganesh Balakrishnan of Flatheads requested ₹75 lakhs for 3% equity, valuing the company at ₹25 crores. However, despite presenting a promising business, none of the sharks agreed to invest.
Yes, Flatheads is still in business as of August 2023.
