Sarees
Various Categories
Season 3 Episode 36
| Brand | Deeva |
| Company Name | DEEVA LOGISTICS PRIVATE LIMITED |
| Founders | Ankush R Barjata |
| Original Ask | 2 crores for 4% equity at the valuation of Rs. 50 crores |
| Deal | 75 lakhs for 6% equity at the valuation of Rs. 12.5 croresand 1.25 crores debt at 10% interest for 3 years |
About the Product
Deeva offers an exquisite array of sarees from every category, sourced from diverse regions of India. From the timeless elegance of Benarasi and the intricate craftsmanship of Kanjeevaram to the vibrant patterns of Patola and the delicate allure of Chanderi, they curate a collection that celebrates the rich tapestry of Indian textiles. Each saree, whether it’s the luxurious Dola, the ethereal Organza, or the graceful Chiffon, embodies unparalleled beauty and top-notch quality. At Deeva, they pride themselves on presenting a meticulously curated selection that exemplifies the finest craftsmanship and artistry India has to offer.
Founders & their story
- Ankush R Barjata
Deeva is a platform that specializes in the direct delivery of various varieties of sarees from manufacturers to customers. They primarily source their sarees from power looms and maintain an average selling price of Rs 2500 per saree. Being a 100% online brand, they offer their products at prices that are 50% lower than those of other online brands.
Their business model revolves around exclusive agreements with saree manufacturers, allowing them to offer a wide range of sarees at competitive prices. This direct partnership enables them to maintain control over the quality and pricing of their products. One of the key aspects of their customer service is their “no questions asked” return policy, which ensures customer satisfaction and builds trust in their brand. Despite this lenient return policy, they maintain a low return rate of only 3%, indicating the quality and appropriateness of their products to their customer base.
They operate exclusively through their own website, leveraging digital platforms to reach their target audience effectively. In a vast Indian saree market estimated at 80000 crores, they have strategically positioned themselves to cater to the online segment of customers, tapping into the growing trend of e-commerce in India. With a network of 550 associated saree manufacturers, Deeva has access to a diverse range of products, allowing them to offer a wide variety to their customers. This extensive network also ensures a steady supply of sarees to meet the demands of their growing customer base.
About the company
At DEEVA, customers are connected to India’s rich legacy and culture, as they revive age-old handloom fashion from various corners of the country. DEEVA builds an exclusive saree platform, offering a diverse array of categories sourced from across India. Directly delivering from manufacturers/weavers to customers’ doorsteps, they ensure accessibility regardless of location. Customers, representing diverse cultures and ethnicities, often find it challenging to trace the origins of traditional attire. In response, DEEVA offers over 50 distinct categories of handloom sarees and 400 machinery categories, providing a comprehensive selection for enthusiasts. From Kora silk sarees to Vichitra silk sarees, Mina cotton sarees to ghicha sarees, their collection encompasses a wide range of options.
Their commitment to customer satisfaction and cultural preservation has earned DEEVA recognition as the “#1 online saree store.” They take pride in this achievement, showcasing their dedication to reviving traditional craftsmanship. DEEVA understands the importance of maintaining customer engagement and loyalty, ensuring that customers are enticed to return time and again. They prioritize prompt service and emotional connection, recognizing the value of customers’ time and sentiments.
Revenue
With a gross margin of 60%, Deeva achieved sales of 58 lakhs in October 2023, resulting in a profit range of 18-19 lakhs for that month. Their projected sales for the fiscal year 2023-24 are anticipated to reach 7 crores. As of October in that fiscal year, their sales have already amounted to 2.67 crores, showcasing their strong performance and potential for meeting or exceeding their sales targets for the year.
Founders’ Ask
2 crores for 4% equity at the valuation of Rs. 50 crores.
Offers
Aman’s offer: 20 lakhs for 5% equity at the valuation of Rs. 4 croresand 1.8 crores debt at 10% interest for 2 years.
Aman and Ritesh’s offer: 50 lakhs for 5% equity at the valuation of Rs. 10 croresand 1.5 crores debt at 10% interest for 3 years.
Radhika, Aman and Ritesh’s offer: 75 lakhs for 7.5% equity at the valuation of Rs. 10 croresand 1.25 crores debt at 10% interest for 3 years.
Founders’ Counteroffer
Offer 1: 1.2 crores for 6% equity at the valuation of Rs. 20 croresand 80 lakhs debt at 10% interest for 3 years.
Offer 2: 75 lakhs for 6% equity at the valuation of Rs. 12.5 croresand 1.25 crores debt at 10% interest for 3 years.
Final Deal
Aman, Ritesh and Radhika: 75 lakhs for 6% equity at the valuation of Rs. 12.5 croresand 1.25 crores debt at 10% interest for 3 years.