They make bags that you don’t normally see in the market. For example, there’s a gun-shaped bag. People will think you’re carrying a gun, but in reality, you’re just carrying your daily accessories.
All the bags from Modern Myth are made of vegan leather. Vegan leather is not made from animal skin.
They started the business in 2019. With only 4 employees. At that time they had only 30 categories, but now they have 140 designs. People can access these bags on their brand website.
Also, they can use the marketplaces. To date, they’ve sold ₹2.5 Crores worth of products.
Their average selling price is ₹600.
They came to Shark Tank seeking ₹75 Lakhs for 5% equity in the business. Which gives the company a valuation of ₹15 Crores.
Oshina wanted to create her own brand. She pitched the idea to Saurabh and began working on the brand. Oshina is the CEO of the company and they both own 50% share of the business.
Ashneer Grover didn’t like the designs of the bags. He said there’s no originality in the products. Each bag looks different from one another.
When the sharks asked what is the USP of their business, Oshina said that the designs are their USP. She is the only designer of this company. All the bags under this brand are designed by Oshina.
Aman Gupta was out because he thought the founders needed to spend more time on building the brand itself, rather than producing new designs every single day.
Anupam Mittal was pissed because they didn’t say anything about the vegan leather they talked about earlier. He advised them to talk about this more often because this was an actual USP they could sell in front of the investors.
Peyush Bansal was out.
Ashneer Grover was out because he didn’t like the designs in the first place. On top of that, he was worried about their relationship status. He was worried about the company’s future in case they broke up. This is called relationship risk and no investors want to take this risk while investing in the business.
Vineeta Singh thought they should focus more on quality, durability, and consistent design language in their products. She thought they were focusing more time on building new designs which is not needed at the moment. She was out as well.
|Company Name||Modern Myth|
|Founders||Saurabh Tokas & Oshina Hans|
|Asked Amount||₹75 Lakhs for 5%|
|Final Deal||No Deal|
|Company Net Worth||₹15 Crores|
|Company Status||In Business|