Introduction
Girgit is India’s first colour changing clothing products brand. It manufactures a wide range of colour changing clothing products for men, women, and children. Girgit Store is fusing technology with fashion to elevate everyday clothing. This brand's items undergo colour change because of being drawn to a particular object. Girgit has always looked for new ways to combine technology and fashion.
Just like the namesake of the brand, its offerings also change colour. The products get activated when they come in contact with the elements of nature like sunlight, air or water. The brand uses the universal charm of colours to amuse wearers of all ages alike. No matter where you come from or how old you are, colours, and especially changing colours, will never fail to pique your fancy. The manufacturing process is cruelty free. So not only will the products help you look good but they will also make you feel good.
About Girgit Store & Founders
It all started from an idea in the pandemic about making a little sunshine go a long way. Company Founder, Pooja Bajaj Shah began searching for a way to bottle her idea in a form that everyone could enjoy whenever they stepped outside in the sun or took a dip in water. She chased her idea sunrise after sunset and, in 3 months, she formed the Company - Girgit Store.
In 2021, Pooja Bajaj Shah and her husband Benoy Shah opened the Girgit store. Pooja previously held positions as a coordinator and teacher at a reputable University prior to founding Girgit. After getting married, she left her teaching position. Pooja was inspired to create Girgit after Benoy showed her a pigment that can change colour under specific situations. Pooja had the confidence to follow this concept because her family owns a textile company. After a few months of research, she finally started Girgit Store for kids. soon after, they started receiving requests from parents of young children to produce adult items. They introduced adult items in response to several requests of this nature. This Company was founded in 2021, and within a year, it saw strong sales.
Girgit Store Products
All your colour-changing clothing products requirements can be met at one place i.e. Girgit Store. Four categories have been established: Kids, Men, Women & Gifting. In Kids category, there are products like Sunny T-Shirts, Sunny Shoes, Water Shorts, Girgit Girl, Mask, Magic Bottle. In Men category, there are products like Sunny Sneakers, Sunny Shoes, Water Shorts. In Women category, there are products like Sunny Shoes, Sunny Watch Strap, Mask. In Gifting category, there are items like Birthday party, return gift and event gifts. Be it a specific theme, age group or a budget, they have choices to suit the needs of your requirement.
Shark Tank India Experience and Funding
Shark Tank India Season 2 featured Girgit Store team. Both Founder’s Pooja Bajaj Shah and Benoy Shah presented a funding pitch and asked for INR 20 lakhs for a 10% equity stake in their business. Their pitch got off to a good start. When Benoy threw lukewarm water on the shorts, they changed colour and on shoes, Pooja used a UV light to draw shapes, and the Sharks looked impressed.
They have two significant benefits First one is there is no rival in India yet and second is low-cost raw materials that provide a large gross margin.
Their yearly sales at the time of their appearance on Shark Tank Season 2 was INR 58 lakhs, with a gross margin of 79%. Their month-over-month increase appeared to be positive as well. In August 2022, their net income was INR 8.5 lakh, followed by INR 7.5 lakh in July 2022, and INR 5 lakh in June 2022. Their shoes range start at INR 2000 for children and INR 3000 for adults. Their other products are also priced between 750 and 2000 rupees.
When they made their Shark Tank India debut, they had already sold over 3000 items to 1800 satisfied consumers. Since WhatsApp accounts for 65% of their entire revenue, it is where they get most of their sales. Additionally, they run INR 30,000 worth of monthly Instagram advertisements to grow their market reach.
Namita Thapar (Executive Director, Emcure Pharmaceuticals Limited) invested Rs. 20 lakh for 20% stake at a Valution of Rs. 1 Crore in Girgit Store at the conclusion of their pitch.
Journey after Shark Tank India funding to Girgit?
After appearing on Shark Tank India, Girgit, a dynamic and innovative Startup, embarked on a transformative journey that led to significant growth and recognition. The platform, which caught the attention of investors on the popular entrepreneurial television show, utilized the exposure and investment to fuel its expansion, make improvements, and solidify its position in the market. Let's delve into the post-Shark Tank trajectory of Girgit and explore the milestones it achieved. Shark Tank led to a transaction for Girgit.
Conclusion
Girgit's journey after Shark Tank India exemplifies the transformative power of exposure, investment, and strategic planning. The platform's appearance on the show catapulted it onto a trajectory of growth, innovation, and success. From securing investment and refining its product to expanding its market reach and cultivating a dedicated community, Girgit's post-Shark Tank evolution is a testament to the potential unlocked through entrepreneurial perseverance and the right support. As Girgit continues to thrive and contribute to its industry, it serves as an inspiring example of how Startups can leverage opportunities to achieve remarkable heights.