Pabiben is an online platform that helps artisans sell their Rabari embroidery products, like bags, accessories, and gift boxes. They are a D2C brand that believes in the welfare of not one but everyone. Their vision is to scout talented artisans, help them set up a business, and get them recognition across the globe.
More About Pabiben
Pabiben sees herself as an artisan and a businesswoman. Women in her community learn Rabari embroidery from a very young age.
Bigger companies purchase their products at low costs and sell them at high margins. This leads to the Rabari women getting less AOV and no recognition for their work. Rabiben didn’t like this arrangement and resolved to help these women get the right value and credit for their work.
Therefore, she established her own brand, pabiben.com, with the support of Nilesh Priyadarshi and Nupur Kumari. Nilesh and Nupur are from Ahmedabad.
Nilesh worked in the handicraft industry in Kutch for 10 years, and that’s how he met Pabiben. He learned the hurdles faced by small artisans related to marketing.
Pabiben talked with Nitesh about setting up a business in her village where women can get employment. Nilesh helped with the marketing, and Nupur helped with the design.
Pabiben Shark Tank Pitch and Updates
Pabiben Rabari, Nilesh Priyadarshi, and Nupur Kumari appeared on Shark Tank India Season 2 Episode 32 seeking INR 50 lakhs for 5% equity at a valuation of INR 10 crore.
Pabiben, Nilesh, and Nupur run a company called Eye-Catching Young Entrepreneurs, where they have distributed the equity equally among them. They do three different works with this company.
- Embroidery products are sold with pabiben.com.
- They have Kaarigar Clinic, where they help artisans become entrepreneurs by developing their brands.
- Their third initiative is Kaarigar ki Dukan. It will be a platform where artisan-turned-entrepreneurs can market themselves.
They have 500 SKUs, and their lifetime sales were INR 2 crore by the time they appeared in Shark Tank India. Their sales were INR 36 lakhs in FY 21-22, INR 28 lakhs in FY 20-21, and INR 33 lakhs in 2019-2020.
Their gross margin is 50%, and their net profit is 35%. Their machine-embroidered bag costs 1790, while a handmade one costs around 6900.
Peyush believed they should not raise any investment at that point because they were already running a profitable business. Investment might create unnecessary pressure on growth. And that’s why he got out of the deal. Aman was the second in line to leave the deal.
Vineeta felt they should list their products on marketplaces to create awareness and get more traffic on their website. She also believed it was too early and the scale was too small. And that’s why she, too, got out of the deal.
Anupam suggested they focus on PR and their brand’s story to make it big and seek funding afterward. He left the deal too.
Namita felt it is the responsibility of investors to support such ventures. Hence, she offered a token amount. Her offer was INR 5 lakhs for 2% equity at a valuation of INR 5 crores and INR 45 lakhs as debt for 0% interest.
Pabiben countered the offer with INR 10 lakh for 5% stakes in the company at a valuation of INR 2 crore and INR 40 lakhs as interest-free debt.
|Founders||Pabiben Rabari, Nilesh Priyadarshi, and Nupur Kumari|
|Business||Rabari Embroidered handicrafts|
|Profitability||Business is profitable|
|Shark Tank Episode||Season 2 – Episode 32|
|Asked For||INR 50 lakh for a 5% equity|
|Deal||INR 10 lakhs for 5% equity & INR 40 lakhs as debt @ 0% interest|
|Sharks Invested||Namita Thapar|
|Valuation Given||INR 2 crore|
Pabiben got a deal on Shark Tank India of INR 10 lakhs for 5% equity at a valuation of INR 2 crore & INR 40 lakhs as debt @ 0% interest.
Frequently Asked Questions About Pabiben
After their appearance on Shark Tank India Season 2, people were trying to find more information about Pabiben. Here are some of the frequently asked questions about them.
1. Who Are The Founders of Pabiben?
Pabiben Rabari, Nilesh Priyadarshi, and Nupur Kumari are the founders of Pabiben.
2. Is Pabiben profitable?
Pabiben is profitable, with a net profit of 35%.
3. Why other Sharks did not invest in Pabiben?
All sharks believed it was too early for Pabiben to raise the funding. They suggested they work on marketing and PR to create brand awareness and scale the business first.
4. What happened to Pabiben after Shark Tank?
Pabiben secured INR 50 lakhs in the Shark Tank India episode, where INR 10 lakh was given for 5% equity and the rest INR 40 lakhs as debt at an interest rate of 0%.
After the episode was aired, Pabiben ran a sale of 15% on their official website. With their appearance on Shark Tank India, Pabiben has created awareness for our country’s artisans. And we hope to hear more good news from them in the near future.