Girgit is India’s first color-changing product store. They manufacture footwear, t-shirts, shorts, watch bands, masks, and other similar products.
Their products change color under certain circumstances, like going into a swimming pool or under direct sunlight. Their products are targeted at both kids and adults.
More About Girgit
Pooja Bajaj Shah with her husband, Benoy Shah, started the Girgit store in 2021. Before starting Girgit, Pooja used to work as a teacher and a coordinator at a reputed university. She took a break from her teaching job after marriage.
The idea to start Girgit originated in Pooja’s mind when Benoy showed Pooja a pigment that changes color under special circumstances. Pooja’s family has their own textile business, which gave Pooja the courage to pursue this idea. She researched for a few months and finally launched Girgit for kids.
Soon they received requests from children’s parents to manufacture adult products. After getting multiple such requests, they launched adult products too.
When they appeared on Shark Tank Season 2, their annual revenue was INR 58 lakhs, with a gross margin of 79%. Their month-on-month growth also looked promising. Their net revenue was INR 8.5 lakh in August 2022, INR 7.5 lakh in July 2022, and INR 5 lakh in June 2022.
The price of their footwear starts from INR 2000 for kids and INR 3000 for adults. Their other products also range between INR 750 to INR 2000.
Girgit Shark Tank Pitch and Updates
Pooja Bajaj Shah and Benoy Shah appeared on Shark Tank India Season 2 Episode 3 seeking INR 20 lakhs for a 10% equity in their company.
Their pitch started off well. Judges looked impressed when Benoy threw lukewarm water on the shorts, and they changed color. Pooja drew shapes with a UV light on shoes. They have two big advantages →
- No competitor in India
- Cheap raw material with high gross margin
By the time they appeared on Shark Tank India, they sold over 3000 products to 1800 happy customers. Most of their sales come from WhatsApp, as it contributes to 65% of their total revenue. They’re also running ads on Instagram worth INR 30000 monthly.
All sharks stepped out of the deal except Namita, and she offered INR 20 lakh for 20% equity. Benoy and Pooja countered with INR 20 lakh for a 15% stake in the company.
| Company Name | Girgit |
| Founders | Pooja Bajaj Shah & Benoy Shah |
| Headquarters | Mumbai |
| Founded Year | 2021 |
| Business | Color-changing apparels |
| Profitability | – |
| Shark Tank Episode | Season 2 – Episode 3 |
| Asked For | INR 20 Lakh for 10% equity |
| Deal | INR 20 Lakh for 20% equity |
| Sharks Invested | Namita Thapar |
| Valuation Given | INR 1 crores |
| Website | Click Here |
Girgit Store closed the deal with Namita Thapar for INR 20 lakh for 20% equity at a valuation of INR 1 crore.
Frequently Asked Questions About Girgit
After their appearance on Shark Tank India Season 2, people were trying to find more information about Girgit. Here are some of the frequently asked questions about them.
1. Who Is The Founder of Girgit?
Pooja Bajaj Shah is the founder of Girgit. Benoy Shah (her husband) worked as her mentor and helped her with the raw material at cheap prices.
2. Is the Girgit Store profitable?
Girgit made 58 lakhs with a gross margin of 79% by the time the founders came to Shark Tank India.
3. Why did other sharks not invest in Girgit?
Peyush believed the business would not scale due to its entire focus on a single feature, i.e., color-changing apparel. Vineeta was the next in line to get out of the deal. She said she never saw something like this scale as a category.
She believed that kids can get excited about things like this, but it won’t take long before that excitement fades away. Aman believed it was hard to go beyond a certain level with a single USP, so he did not choose to invest. Anupam felt the product is really great for certain categories but is a bit gimmicky. He couldn’t understand how the founders could grow it and decided to get out.
4. What happened to Girgit after Shark Tank?
As per the updates, Girgit is still very much in business in February 2023. However, any other stat is not publicly available yet. However, we can expect that Girgit Store may soon face some competition as the idea is now out in the market.
