Shark Tank India pitcher Komal – founder of Kanvas panics as Aman Gupta asks a trick question, and tells her, ‘I’m not here only to give money’.

Kanvas panics

Three points you will get to know in this article:

  • Kanvas is brand that offers Various Indian Art Forms, Prints, & Paintings Onto Shoes
  • Komal- the founder of Kanvas asked ₹60 Lakh for 6% equity, valuing the company at ₹10 Crores on shark tank india episode
  • The sharks were impressed by Kanvas innovative concept of fusing Indian art with footwear, they felt it was too niche and lacked scalability, & therefore the brand couldn’t get any investment from the Sharks.

Kanvas On Shark Tank India: Offering Various Indian Art Forms, Prints, & Paintings Onto Shoes

Kanvas

However, a lot of these shoe-related firms have appeared on Shark Tank India. However, in Shark Tank India’s fourth season, a startup with really stylish shoes appeared. This startup is called Kanvas. It was founded in 2019 by Mumbai resident Komal Panchal. Her goal is to raise the revenue of the artists creating these designs while also promoting their art to a global audience.

Click here to visit their official website : Kanvas

About the founder

Since she was a little child, Komal had a deep affection for shoes. She had made the decision to start a brand in the tenth grade. Although the spelling of her brand begins with the letter K, she has chosen to call it Kanvas.

Given that her name also begins with the letter K, Komal has retained it.

Special Features:

  1. UV coating to protect the prints.
  2. Men’s footwear has a useful life of up to 4 years, as claimed by the founder.

Financial Highlights of the Company

Ask – ₹60 Lakh for 6% equity, valuing the company at ₹10 Crores.

Unit Economics

  • Making Cost: 26%
  • Commissions: 22%
  • GST: 15%
  • Net Margin: 15%
  • Marketing: 13%
  • Packaging: 3%
  • Shipping: 2%
  • Others: 4%

Sales Performance

  • FY 19-20: ₹46 Lakhs
  • FY 20-21: ₹28 Lakhs
  • FY 21-22: ₹67 Lakhs
  • FY 22-23: ₹69 Lakhs
  • FY 23-24: ₹77 Lakhs (projected)
  • FY 24-25 (till September): ₹21 Lakhs
  • FY 24-25 (projected): ₹77 Lakhs
  • Customer Retention- 23% year-on-year retention.
  • Average Selling Price- Men’s footwear: ~₹4,000.

Canvas shoes feature a variety of regional designs, including Madhubani, Kalamkari, and Pattachitra artwork. Her goal is to support local musicians. She is currently growing her business offline as well as online. She already distributes these shoes around the nation, but she hopes to expand the company internationally in the near future.

Komal studied fashion designing

As part of her graduation, Komal studied fashion design in the textile category. She learned about India’s diverse artistic traditions while working on a project for her college. She made the decision to pursue this business after this. According to Komal, she currently owns 46 pairs of shoes, although at one point she had 97 pairs. With prices ranging from Rs 1600 to Rs 4600, the company currently offers over 300 SKUs.

Manufacturing is done internally.

Currently, shoes are manufactured in-house under canvas. Following this, local artists create the shoes. Shoes are made from materials like canvas, cotton, and PU leather, and they are also UV coated. Water cannot be used to wash these shoes. They retain their print while submerged in water, but the sole’s durability is reduced. Let us tell you that according to Komal, these shoes should last four to five years.

Kanvas has a store in Mumbai

The business has a store in Mumbai as well. Papa’s garage has been transformed into this store. This explains why items like tires, toolboxes, and pipes have also been creatively used as decorations. All the sharks liked this store of the company very much. In the coming time, Komal is also planning to enter categories like bags, scarves, wallets and belts with the designs of regional artists.

Shark Tank India pitcher Komal panics as Aman Gupta asks a trick question, and tells her, ‘I’m not here only to give money’

Namita questioned whether people would purchase a second pair because the designs were so identical, even though the “sharks” were impressed by her creations. She was reassured by Komal that her retention rate is 23% and that there are enough aspects that set the products apart to avoid confusing the buyer. However, she found herself in a predicament after Anupam and Aman asked her a few trick questions. “Komal, purpose, passion, or profit, pick one,” Anupam questioned her. After giving it some thought, Komal chose “purpose.” Profits will follow if one’s aim is genuine, she remarked. Both Anupam and Ritesh were grateful for her response. However, he stated that he desired for her to respond, “All three.”

The fact that Komal’s business hasn’t grown much over the past five years, despite income rising from Rs 67 lakh to Rs 77 lakh, also upset the “sharks.” For these reasons, Kunal and Namita canceled the contract, and Kunal informed her that the hardest market to break into is the footwear industry. Ritesh suggested that she either extend her product line beyond shoes or raise the prices of her items and manage supply and demand. He left too.

The only “shark” that appeared interested was Aman, but even he wasn’t certain. He asked her, “What do you want from us?” as a test. Then Komal said right away, “Rs 60 lakh for 6%!” “That killed it for me,” Aman murmured as the “sharks” chuckled. “I’m not here just to give money,” he added. Investing in the stock market will yield higher returns if you want to see a return on your investment. My purpose is to provide value. However, it was ruined for me when you stated that you only wanted the money. In support of her, Anupam asserted, “She didn’t mean it that way.”

However, Aman had already decided. He stated that although he has a strong interest in the shoe market, he want to withdraw due to Komal’s ambiguity. “They are looking to invest in brands where they can get a good exit, but I’m an artisanal person,” Komal stated in her post-pitch interview after leaving without a deal. It takes time to develop a brand, but it will eventually happen.

Kanvas did not secure any deals from the sharks.

As Komal Panchal continues to work on her roadmap for product expansion and scaling operations, the brand’s commitment to fusing tradition and modernity continues to be its most notable feature. Although the sharks were impressed by Kanvas innovative concept of fusing Indian art with footwear, they felt it was too niche and lacked scalability, & therefore the brand couldn’t get any investment from the Sharks.

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