Girgit Shark Tank India Update (Season 2)

Girgit is a color-changing apparel brand that manufactures a variety of apparel products for men, women, and kids. The products of this brand change their colors after coming under the attraction of some specific thing.

They have designed a water short which changes color when it comes in contact with water. They have designed products from various apparel categories.

Girgit founder Pooja Bajaj Shah and her husband Binoy Shah started this business in 2021. Pooja came up with this business idea during the COVID-19 pandemic and after 3 months of research, she launched the Girgit Store.

According to Startup Pedia, this company had 800+ customers and sold 1600+ products in the initial time.

This brand is India’s first color-changing product store. Pooja Bajaj Shah and Binoy Shah both appeared in Shark Tank India Season 2 Episode 3 and demanded ₹20 lakhs from the sharks for 10% equity at ₹2 crores valuation.

What Is Girgit Store?

Girgit Store is a Mumbai-based color-changing apparel startup. They have made products like footwear, shorts, masks, watch bands, T-shirts, Magic Bottle, etc. which change color after coming in contact with sunlight, air, and water.

The selling price of a magic water bottle is 750, and the price of a sneaker ranges from 2,000 to 3,000. The price of each of their products has been kept according to its size.

Company NameGirgit Store
FounderPooja Bajaj Shah and Binoy Shah
FoundedAugust 2021
BusinessIndia’s first color changing apparels
Asked For₹20 Lakhs for 10% equity
Final Deal₹20 Lakhs for 20% equity
SharkNamita Thapar
Episode (Shark Tank India)S2 E3
Air DateJan 4, 2023
Business StatusIn Business
WebsiteVisit Now
HeadquartersMumbai, Maharashtra, India
Lifetime Worth (Sales)₹1 Crores *estimated
Go To AmazonBuy Now
Watch OnAmazon Prime

 Another Shark Tank India Pitch

Pooja Bajaj Shah is the founder and CEO of Girgit Store and she started this company during the Pandemic. Her husband got a lot of support in running this business.

How Was The Shark Tank India Pitch Of Girgit?

Pooja Bajaj Shah and Binoy Shah enter Shark Tank with their company and ask the sharks for $20 lakh for 10% equity. They gave a very good presentation to the shark and tried to make the shark understand about their product.

They sell kids’ shoes for ₹2,000 and adult shoes for ₹3,000. This type of product has not come to India yet. In 1 year, their sales have been ₹58 lakhs. Their gross margin in this business is 79%.

Their sales in August 2022 were ₹8.5 lakhs, July 2022 sales were ₹7.5 lakhs, and June 2022 sales were ₹5 lakhs. They do WhatsApp marketing, due to which 65% of their sales come through WhatsApp. They spend ₹30,000 every month on Instagram Ads.

Peyush Bansal said that he is out due to scale challenges. Vineeta Singh said this is a limited-time business so she is out. Aman Gupta said that there is an issue of scale in this, so he is out. Anupam Mittal said that he does not understand how to grow this business, so he is out.

Namita Thapar offered ₹20 lakhs for 20% equity at ₹1 Crore Valuation. The entrepreneur made a counteroffer of ₹20 lakhs to Namita for 15% equity at ₹1.33 Crores.

Namita said that exit is difficult for the investor in this business, so she would like to stay with 20% equity. The entrepreneur agreed to this offer.

Finalize: Namita Thapar invested ₹20 Lakhs in the “Girgit Store” for 20% equity.

Girgit Shark Tank India Update

Girgit got a deal on Shark Tank. Namita invested in this color-changing business for 20% equity. This is India’s first company in color-changing apparel products.

Many popular brands all over the world are working on color-change products. Nike had launched color-changing sneakers in the sneaker category in the world. When the sneaker is exposed to the sun, its color changes to purple and blue.

Namita Thapar invested ₹20 lakhs in Girgit Color Change Product Company. This company’s 1-year total sale is ₹58 lakhs. The total sale for June, July, and August 2022 is ₹21 lakhs. Thousands of visitors visited the company website after this Shark Tank India episode aired.

We’re following Pooja Bajaj Shah and Binoy Shah along with their company for further updates.

What Is Girgit Net Worth?

Girgit Stores Company is worth ₹1 Crores. After appearing in Shark Tank India, this company demanded ₹2 crore valuation. But looking at the annual sales of the company, the deal was signed at a valuation of ₹1 crore.

Color change products are a small category and this type of product is liked the most by Kids. This color change product can sell very well at kids’ stores like Hopscotch and Firstcry.

This business was started in 2021 and within 1 year this business sold very well. According to the founder, most sales come through WhatsApp marketing and they spend only 30k in the market every month.

Many people have come to know about this business and some new startups will be formed in this niche. In the coming time, the competition in this niche will increase in India.

Yes, Girgit is still in business as of April 2024.

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