What Happened to Zillionaire After Shark Tank India?

Zillionaire is a new-age lifestyle jewelry brand from Jaipur founded by Aaditya Fatehpuriya and Raghav Goyal. The brand is targeted at Gen Z and millennials.

They make iced-out and bling jewelry, such as chains, pendants, earrings, rings, teeth grills, and custom pieces. They use silver and Cubic Zirconia (CZ) in their products.

More About Zillionaire

Aaditya and Raghav are just 19 years old.  The vision of Zillionaire founders is not to be known as a jewelry brand. Instead, they want to become a lifestyle brand.

Zillionaire products are used by rappers, Bollywood celebrities, musicians, and even sports personalities today. Some famous names include Raftaar, Manj Musik, Varun Dhawan, Karan Johar, Ananya Pandey, Janhvi Kapoor, and even Ranveer Singh.

Due to its unique and bold marketing style, Zillionaire has had strong organic growth and popularity.

They have a tagline –

“Welcome to the Ice Age,”- meaning that every millimeter of jewelry is studded with tiny stones.

During the first lockdown in 2020, Aaditya and Raghav started discussing hip-hop and music. They noticed that rappers wore a lot of jewelry (also called iced out). Those rappers and singers wore custom pendants of their names. Aaditya and Raghav searched for such jewelry but could not find it. So, they made it for themselves.

They also created an Instagram account and uploaded the designs there. That’s how the Zillionaire started. Currently, they have 56000 Instagram followers.

Aaditya’s father has been in the gem and jewelry business for over 30 years. He is a manufacturer and exporter for major jewelry design houses globally. He also looks after the production of Zillionaire.

Raghav attends the Parsons School of Design in New York.  He got a 40% scholarship because of Zillionaire there.

Zillionaire Shark Tank Pitch and Updates

Aaditya Fatehpuriya and Raghav Goyal appeared on Shark Tank India Season 2 Episode 10 and demanded INR 50 lakhs for 3.3% equity at a valuation of 15.2 crores.

They made a dramatic entry, doing hip-hop moves on a rap. Just like their style, their pitch was also bold. However, they got a little confused when Aman asked about the daily capacity.

First, Aaditya said they could handle 40,000 pieces a day, and they have around 400 in stock. Anupam reframed the question asking how many pieces they were making in a month. Then, Raghav said they make about 100-150 pieces minimum.

Aman again asked what’s their daily production capacity. Aaditya said – about 1200 pieces a day. However, it was the total capacity of Aaditya’s father’s factory. He later said they could produce 300 pieces a day for Zillionaire.

When Anupam asked about their current production, Aaditya said it’s around 50 a day. But then, Raghav said it’s around 30-40 per day.

They have a staggering growth rate of 554.5%. Their sales in FY 2020-21 were INR 11 lakhs. In FY 2021-22, they made INR 72 lakhs. In just 7 months of FY 2022-23, they made sales of INR 1 crore. Their sales were INR 13 lakhs the month before they appeared on Shark Tank India. Their projected sales for FY 2022-23 were over 2 crores.

Their marketing spend was 25 lakhs out of the 1 crore they made in the 7 months of FY 2022-23, making their ROAS 4. Out of their 1 crore revenue, 85 lakhs were invested into COGS, marketing, content, salaries, and overheads. It leaves 15 lakhs as net profit.

Namita was the first to get out of the deal. She liked the designs. However, she gave 3 major reasons why as an investor, she doesn’t see returns.

1. The AOV was quite high at INR 14000.
2. The target market is very limited in India.
3. Existing brands can easily enter this market and capture market share.

Anupam asked them where they would see their business in the next 3 years. Raghav answered they see themselves making 2 crores a month and selling in countries like US, Dubai, UK, etc.

Peyush asked why people should buy from them when others could also enter the market. Raghav replied they live what they sell, and that’s how they can psychologically impact their buyers that others may not.

They also get deals from Disney, Fifa, etc. Zillionaire also tied up with a US-based store, and Raghav is willing to lower prices in the future if required.

Peyush wanted to discuss with Aman and Vineeta to make a joint offer. In the meantime, Anupam offered them INR 1 core for 10% equity at a valuation of INR 110 crores. Aman, Peyush, and Vineeta made a combined offer of INR 50 lakhs for 10% equity at a valuation of INR 5 crores.

Zillionaire accepted the deal of INR 1 crore for 10% equity at a valuation of 10 crores from Anupam Mittal. Vineeta wanted to match Anupam’s offer, but Aman was confident about their deal. However, he was also shocked when the founders decided to go with Anupam.

Frequently Asked Questions About Zillionaire

After their appearance on Shark Tank India Season 2, people were trying to find more information about Zillionaire. Here are some of the frequently asked questions about them.

1. Who Are The Founders of Zillionaire?

Aaditya Fatehpuriya and Raghav Goyal are the founders of Zillionaire.

2. Is Zillionaire profitable?

Zillionaire is profitable. Their average growth rate is 554.5%.  Their average order value is INR 14000, with a gross margin of 60%. After calculating CAC, overheads, shoots, and salaries, they made a profit of 15 lakhs in 7 months when they appeared in Shark Tank India.

3. What happened to Zillionaire after Shark Tank?

Aaditya and Raghav closed the deal with Shark Anupam Mittal. Both founders look after the design, promotion, and sales and pay a per-piece price to Aaditya Fatehpuriya’s father.

Their target is to reach an annual revenue of 24 crores by 2026. With Anupam as a mentor and celebrities wearing their jewelry, it doesn’t seem like a distant dream.