Surat-based startup BL FABRIC, known for its stylish lehenga cholis, made waves on Shark Tank India Season 4, Episode 2.
Founded by Mayur Bharatbhai Gediya, the brand specializes in embroidery styles like sequins, thread work, and zari detailing.
Mayur entered the tank seeking ₹1 crore for 2% equity, valuing the company at ₹50 crore.
When Ritesh Agarwal and Kunal Bahl inquired about the startup’s social media presence, Mayur wowed them with BL FABRIC’s digital reach.
The company boasts over 2.4 million YouTube subscribers and 800,000 Instagram followers. Mayur single-handedly manages these accounts, posting 20-25 times a month.
Some Instagram reels have gone viral, amassing up to 47 million views, with others averaging 2-3 million views.
The sharks were impressed by his creativity, dedication, and strategic use of social media to drive engagement.
The Pitch
Founded in 2021, BL FABRIC operates exclusively through its website, offering semi-stitched lehengas, unstitched cholis, and ready-to-wear dupattas. During his pitch, Mayur emphasized the importance of staying ahead of design trends.
“My team of 25 manages over 200 designs in-house, launching 25 new designs every month,” he explained. “We maintain a stock of 200-250 SKUs and sell products at 65-70% lower prices than the market average.”
When Aman Gupta reviewed BL FABRIC’s YouTube comments, one comment stood out: “Sir, you’ve got mad skills.” The overwhelming positivity highlighted the brand’s expanding fanbase.
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In discussing the company’s unit economics, Mayur revealed that sales had doubled thanks to a robust social media presence.
By September 2023, BL FABRIC had already achieved ₹5 crore in revenue with a 10% net profit and projected closing the year at ₹18 crore.
While impressed by the brand, Namita Thapar and Vineeta Singh opted out, citing concerns about the company’s scalability and margins. However, Ritesh Agarwal and Kunal Bahl saw the potential and made an initial offer of ₹1 crore for 5% equity, valuing the company at ₹20 crore.
After negotiations, the final deal was struck: the sharks agreed to invest ₹1 crore for 4% equity, with a contingency clause—if BL FABRIC fails to achieve ₹15 crore in revenue for FY24-25, their equity will increase to 5%.
