On the Tank
Why started Bummer?
Bummer was founded by Sulay Lavsi in February 2020.
When, the majority of the brands focus on only two colors, i.e., black and white. This is where Bummer comes in.
Joint ventured for 12 months with a factory wherein Bummer provided them the machines worth ₹10 Lakhs and fixed a specific line for Bummer in exchange.
Bummer uses micromodal fabric, which is incredibly soft and sustainable. Combined with exclusive designs and bold colors.
In addition, they offer matching underwear for couples.
Shark Tank Recap
- The majority of the brands focus on only two colors, i.e., black and white. This is where Bummer comes in offering exclusive designs and bold colors.
- Ask: ₹75 Lakhs in exchange for 4% equity (valuation ₹18.75 crores)
- closed the first venture round with four Indian angel investors and Bnext (Singapore) in the lead at a valuation of $1.2 million, or roughly 9 crores.
- Feedback: The brand name “Bummer” is on point.
- At last, Together, Aman and Namita would come for ₹75 lakhs for 7.5% equity (Valuation:10crores)
Shark Tank Live
Ask
₹75 Lakhs in exchange for 4% equity (valuation ₹18.75 crores).
Business Model & sales of Bummer
Prior to the broadcast of the pitch, Bummer exclusively sold its products online. No e-commerce and offline sales.
Sulay stated that by selling it to 15000+ customers, they generated a revenue of ₹80 Lakhs in the last six months. Also, last month’s sales were ₹15,00,000 through their website only.
One interesting yet astonishing factor is that the split between boys and girls is 50-50.
Unit Economics
The average order value is ₹1,100. Out of which the cost of making is ₹330, the cost of shipping is ₹70, the cost of marketing is ₹550, and the remaining ₹150 is profit.
25% of individuals are placing their second order.
Feedbacks from the sharks
- Ashneer- You want Aman and Vineeta so just take the offer from them. I am out.
- Vineeta- Focus on improving design for women and I can’t match your Valuation.
- Anupam- This is a very competitive market and already, I have lost my money in a similar business.
Offer for Bummer
Aman and Namita would come together for ₹75 Lakhs for 15% equity (Valuation- 5 Crores).
Counter offer
₹75 lakhs for 7.5% equity ( valuation: 10 crores)
Deal
Together, Aman and Namita would come for ₹75 lakhs for 7.5% equity (valuation-₹10 crores).
Bummer Beyond Tank tank updates
Beyond Tank constantly provide updates and follow-ups about the entrepreneurs from the day they appeared on Shark Tank India.