What Happened to Freakins After Shark Tank India?
What is Freakins?
Freakins is a denim fast fashion apparel brand. Freakins launches new designs every single week for its customers. Right now Freakins has 35+ categories and 1500+ styles.
Who is the Founder of Freakins?
Puneet Sehgal & Shaan Shah are the founders of Freakins. Puneet is from Mumbai and Shaan is from Ahmedabad.
Puneet was the chief strategy officer in Nykaa. He later joined Freakins. Now he’s the CEO of Freakins.
Shaan has a manufacturing and textile background. Shaan is the CMO of Freakins.
Equity Structure
| Puneet Sehgal | 54% |
| Shaan Shah | 36% |
| Shaan Uncle | 5% |
| ESOP | 5% |
Freakins Before Shark Tank India?
They have fulfilled 2.5 Lakhs orders in the last 3 years.
How much did they ask for on the pitch?
They came to Shark Tank India seeking ₹70 Lakhs for 1% equity in the company. Which gives the company a valuation of ₹70 Crores. That’s one rich valuation for a 3-year-old apparel company.
How much money did they raise for Freakins?
Freakins got a commitment of ₹4.5 Crores on a 20% convertible note.
How to get Freakins?
Freakins is available is their own brand website. You can also get Freakins from different marketplaces like Amazon, Nykaa, Myntra, etc.
What are the Annual Sales of Freakins?
Net Sales
| Fiscal Year | Net Sales | Loss |
| 2019 – 2020 | ₹90 Lakhs | Breakeven |
| 2020 – 2021 | ₹6.7 Crores | ₹2.1 Crores Loss |
| 2021 – 2022 | ₹10.4 Crores | ₹3.8 Crores Loss |
They spent ₹12 Lakhs on marketing in September. Their net sales were ₹1.05 Crores in September.
Which shark gave Freakins an offer?
Anupam Mittal was out. The company had enough debt on its head. When they’d get money they’d clear the debt of the company. Anupam was not okay with clearing the debt with his invested money. He wants to invest in a company for future growth. Also, he didn’t find any unique design language.
Peyush Bansal was out. He didn’t want to invest because there were already many complications in the company.
Namita Thapar was out. She wasn’t confident in investing in a loss-making company.
Aman Gupta was out.
Vineeta Singh was interested in the business. She offered them ₹50 Lakhs for 2.5% & ₹20 Lakhs debt at 12% interest. Which gives the company a valuation of ₹20 Crores.
| Offer 1 |
| Vineeta Singh – ₹50 Lakhs for 2.5% & ₹20 Lakhs debt at 12% interest |
But there’s a condition. The condition is this investment will be a part of a bigger investment round.
What deal did Freakins get in Shark Tank India?
Freakins got a deal from Vineeta Singh. The deal was ₹50 Lakhs for 2.5% & ₹20 Lakhs debt at 12% interest.
| Company Name | Freakins |
| Founder | Puneet Sehgal & Shaan Shah |
| Asked Amount | ₹70 Lakhs for 1% |
| Final Deal | ₹50 Lakhs for 2.5% & ₹20 Lakhs debt at 12% interest |
| Shark | Vineeta Singh |
| Company Net Worth | ₹20 Crores |
| Company Website | freakins.com |
| Company Status | In Business |
What is the net worth of Freakins?
After the Shark Tank India deal, the net worth of Freakins is ₹20 Crores.
Is Freakins still in Business?
Yes, Freakins is still in business.
