Turms, an innovative apparel fashion brand established in 2016, boasts a distinctive product range with unique features. Originally founded by someone else, the brand underwent a revival in 2022 under the current owner, Surender Singh Rajpurohit. Offering apparel for both men and women, Turms' notable products include Anti-stain Shirts, Anti-stain/odor Polo T-shirts, 30 Days No Wash Jeans, and 7 Days No Smell Socks. You can also enroll in the stitching and tailoring course at Alippo.
|Surender Singh Rajpurohit
|₹ 1.2 Crores for 2% equity
|1.2 Crores for 4% equity
All About the Pitch
Surender Singh Rajpurohit, the founder of Turms, sought funding on Shark Tank India. He clarified that he acquired only the brand, not the business, and urged investor Peyush Bansal to contact the old founders for funding updates. During the pitch, Surender showcased his products, impressing the sharks with their quality and technology.
Post-pitch, Turms' founder requested INR 1.2 Crores for 2% equity at a valuation of INR 60 crores. Notable interactions with the sharks included Azhar Iqubal inquiring about the acquisition process, Peyush Bansal questioning the old founders' lack of response, Vineeta Singh wanting to understand the technology, and Anupam Mittal expressing reservations about the designs.
Despite multiple offers from Aman Gupta, Anupam Mittal, Azhar Iqubal, and Vineeta Singh, Surender Singh opted for Azhar Iqubal's deal of INR 1.2 Crores for 4% equity at a valuation of 30 Crores. This deal was sealed with Azhar Iqubal, the founder and CEO of Inshorts.
Takeaways from the Pitch
From this pitch, we can discern five key skills demonstrated by Surender Singh Rajpurohit, the founder of Turms:
1. Effective Communication
Surender showcased adept communication skills by clearly addressing the change in ownership and emphasizing the importance for potential investors to connect with the old founders for funding updates.
2. Strategic Negotiation:
Surender demonstrated negotiation prowess during the funding discussions, securing a deal that aligned with Turms' valuation and equity requirements.
3. Product Demonstration:
The founder effectively showcased Turms' products, highlighting their unique features and quality, which played a crucial role in impressing the sharks.
4. Adaptability and Resilience
Surender's ability to revive Turms after acquiring only the brand, not the business, reflects adaptability and resilience in navigating challenges associated with the brand's history.
5. Business Acumen:
Surender exhibited a keen understanding of business dynamics by explaining the distinction between acquiring the brand and the entire business, showcasing a strategic approach to brand revival and growth.