Season 2's 1st All 5 Shark Deal Goes To Snitch, Brand's Founder Is Happy For Earning Credibility
Snitch Founder Siddharth Dungarwal, the Shark Tank Season 2's first all-five shark deal seizer dwelled in an exclusive conversation with us. Read Inside.
Shark Tank India 2 is unfolding ¡®what inspirational ideas¡¯ with every passing episode. Recently, the show¡¯s one of the episodes saw this season¡¯s ¡®First All-Five Shark Deal¡¯ with a fashion brand. Dwelling in a conversation with us exclusively, Snitch Founder Siddharth Dungarwal shared the bits and bytes of his experience on the buzzing show.
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Interestingly, this men's apparel brand was Bootstrapped before the show and went on to seize a deal worth INR 15 Million for 1.5% Equity.
Talking about his experience Sidharth tells us, ¡®I am really fortunate to have been on the show and the overall experience was incredible. The response which I am getting over my social media handles is just overwhelming.¡¯
¡®We are one of the only D to C startups that have achieved 100 crores within two years of being bootstrapped and that itself is like a huge validation for us. And now grabbing an all-five shark deal helped our brand earn a lot of credibilities. I look forward to strengthening Snitch with this fruitful association.¡¯
We asked Sidharth how post-Shark Tank his brand is planning to transform, to which he said, ¡®Till now we have been a website-focused brand. Our 90% of sales were happening through the website and app. So now we are planning to go aggressive around marketplaces.¡¯
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¡®It has been incredible in terms of the plans we have. We are coming with 10-15 offline stores across India. Plus adding on a lot of categories, especially in the plus size section. We would further like to enter the international market very soon.¡¯
He also shared what changes since the onboarding of all sharks have affected his brand. Dungarwal said, ¡®From the time the shark tank episode was shot back in September, we have grown at least 30% from there till last month. We were at 9 crores when the episode was shot now we are doing 11 crores in and around.¡¯
Sidharth addressed the responsibility of taking the brand on national television. He said, ¡®I am a person who takes one day at a time. When we started our goal was 10 models a day and now we stand at 100 crores gross. It¡¯s consistency that automatically serves as our responsibility.¡¯
In the Shark Tank India 2 episode, Siddharth revealed that he didn¡¯t have any degrees from big universities yet he managed to do what he always wanted to.
He told us, ¡®Degrees really don¡¯t matter but a basic education does. Parallelly one should create smaller targets for themselves and try to achieve them in the ways one wants to. I believe that what matters the most is that you have the skill to grasp and learn from others. I have not formally done a lot of formal education or read a lot of books but what I have done is follow a lot of people who mean a lot to me.¡¯
Siddharth also talked about the entire process of reaching the tank from the point of application on the show.
¡®I think our brand being on shark tank was a fantastic and seamless journey. From the application process to being in the tank, the experience was incredible. We didn¡¯t have to waste our time anywhere as everything was smoothly organized. It was all fabulous and I¡¯m sure for a lot of people who applied on the show.¡¯
We enquired Siddharth about the post-show conversation he had with the sharks, he shared anecdotes of interactions with Anupam and Aman.
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The brand founder started by saying, ¡®I have conversations with at least one of them every day. They are always there even over a call or WhatsApp. That itself shows the kind of value they bring in. I would mention that we received a lot of credibilities after sharks onboarded us.¡¯
¡®For example, we were looking for offline store spaces and a lot of malls were rejecting us. But one call from Anupam eased the whole procedure. Then the mall started calling us. With Aman, I have always had casual conversations. He keeps checking on numbers and margins. He has been there and done that so his advice really matters.¡¯
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Sidharth cleared the air that more than the amount he earned on the show, there are by-products that matter more than everything else.
¡®See, to be honest, 1.5 crores is not such a huge amount that we make things go upside down. It is more towards the value that they brought not the money and valuation. For us, we¡¯ll stick to the plans that we made. Plans to be available everywhere as per consumer graph and continuing to launch a lot of new products every day.¡¯
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Aditya Sagar is a journalist at Indiatimes, blending his love for entertainment with sprinkles of lifestyle and whatever's catching fire at the moment. With a pulse on Bollywood and an ear to the ground for the latest trends, he steers the world of cinema, style, and viral stories with finesse. Your go-to guide for the glitz, gossip, and everything in between, find him @theadityasagar across all social platforms.
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