Oftentimes times you see rappers wearing chains, rings, and bracelets in their everyday lives. It’s part of their lifestyle. This jewelry is called iced-out jewelry. 2 passionate kids wanted to buy this iced-out jewelry, but couldn’t find it anywhere.
They knew there was a need for this kind of jewelry. That’s when they found Zillionaire. A lifestyle brand targeting all new age people.
Aaditya Fatehpuriya & Raghav Goyal are the founders of Zillionaire. They are from Jaipur & 19 years old. They make pendants, chains, rings, earrings, teeth grills, and custom pieces under the hood of the Zillionaire brand. They are the perfect founders because they are young, and their target audience is young. So, it’s very easy for them to psychologically hit their customers and make them buy their products.
They came to Shark Tank seeking ₹50 Lakhs in exchange for 3.3% equity in the company.
They first thought of this business idea when they were 16 years old. It was the time of the pandemic and everyone was inside their house. They used to research rappers and find out that the jewelry these rappers wear is not easily available in the country.
They found a gap in the market. They wanted to fill that gap for themselves and for other people. They didn’t think of any consequences. They just wanted to make stuff.
Aaditya’s father is already in the jewelry business and he’s been making fine jewelry for women for the last 30 years. So, we can say, that to bootstrap Zillionaire, the founders had some decent help from Aaditya’s father. They handle the entire production part.
When they came to the shark tank, they came prepared. They brought customized chains for each of the sharks. Like Aman Gupta got a headset chain, Vineeta got a chain that has SINGH word written on it. Every time the sharks experience a new product, they become joyful and when it becomes super customized like this, they become even more joyful.
They have a verified Instagram page, where they have 99k followers. They collaborated with many celebrities like Ranveer Singh, Raftaar, etc.
|2020 – 2021||₹11 Lakhs|
|2021 – 2022||₹72 Lakhs|
|2022 – 2023||₹2 Crores (Projected)|
Average ticket size ₹14,000
Let me break down the entire expenditure of the business. In ₹1 Crore Sales, cost of production is ₹40 Lakhs, customer acquisition cost is ₹25 Lakhs, Salary is ₹14 Lakhs, Ad spend is ₹4 Lakhs, overheads ₹2 Lakhs and Profit is ₹15 Lakhs.
Namita Thapar was out. She stated 3 reasons.
- The average order value of the business is too high.
- The size of people paying for the product is too low.
- Any big brand can easily start this segment whenever they want.
Because of these 3 reasons, Namita Thapar was out from offering any deal.
When Anupam asked them about their vision for the next couple of years, they replied they wanted to close 2 Cr per month. They want to take their business to the next level. They want to go global and expand outside India.
They are facing problems on the tech side. Their website crashes and they can’t operate with something like that in the long run. So they need help in the technical part of the business.
They went from zero to one. But getting from one to 100, they are facing difficulties.
Anupam Mittal gave the first offer. He offered ₹1 Crore for 10% of the company. Which gives the company a valuation of ₹10 Crores.
Aman Gupta, Vineeta Singh & Peyush Bansal gave a combined offer of ₹50 Lakhs for 10% of the company. Which gives the company a valuation of ₹5 Crores.
|Offer 1||Offer 2|
|Anupam Mittal – ₹1 Crore for 10%||Aman Gupta, Vineeta Singh & Peyush Bansal – ₹50 Lakhs for 10%|
They didn’t give any counteroffer. They accepted Anupam’s offer.
Vineeta Singh was sad because she really wanted to be a part of Zillionaire.
|Founders||Aaditya Fatehpuriya & Raghav Goyal|
|Asked Amount||₹50 Lakhs in exchange for 3.3%|
|Final Deal||₹1 Crore for 10%|
|Current Net Worth||₹10 Crores|
|Company Status||In Business|