'Shark Tank India 3': TURMS' intelligent apparel cracks Rs 1.2 cr deal with Inshorts CEO Azhar

January 26 2024

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An intelligent apparel brand ‘TURMS’, which creates clothing that boasts anti-stain, anti-bacterial, anti-fungal, and anti-odour features has sealed a deal of Rs 1.2 crore in the entrepreneurial reality show ‘Shark Tank India’ season three.

The spotlight of TURMS’ pitch was on its one-of-its-kind collection, which includes 30-day no-wash jeans, fearless white cotton shirts, AC cool tech T-shirts, and seven-day no-smell socks, among others.

Adding star power to the pitch, the brand counts Indian cricketer MS Dhoni among its customers.

Surendra Singh Rajpurohit, who was once a TURMS customer, took a bold step in 2022 by acquiring the company from its six co-founders.

Azhar Iqubal, the co-founder, and CEO of Inshorts said to him: "Your products are very interesting."

Surendra further shared that under his leadership, the apparel brand has flourished, selling a remarkable four lakh apparel units to date.

He said that earlier he was in the automotive industry, and had spent 10 years in the Middle East.

Aman Gupta, co-founder and CMO, BOAT then began the testing of Surendra's products.

After Aman's testing, Anupam Mittal, CEO of the Shaadi.com said: "You will close the markets of the soap industries."

Aman tested the 'TURMS' products and said: "Baat to sahi hai, kuch to hai."

Surendra went on to say, "Before Covid this company was doing a very good business. After Covid its founders (Rameshwar, Rohit and other four...) thought they won’t be able to run this company anymore."

Iqubal asked him to tell more about the time and the scene when he acquired the company.

Peyush Bansal, the co-founder and CEO of Lenskart revealed that he had earlier invested in this company. He said: "The company is at loss."

Replying to Peyush, Surendra further shared details about purchasing the brand, and said: "Covid time was very tough, but their intentions were not bad."

He shared that the acquisition deal was Rs 1.5 crores cash, plus 12.5 percent equity in the new company.

Now, Surendra stepped into the tank with a remarkable pitch aimed at transforming the world of fashion. He asked for Rs 1.2 crore for a two percent equity.

Anupam offered him Rs 1.2 crore for four percent equity, plus two percent royalty until Rs 1.8 crore is recouped.

Azhar made a final deal with Surendra at Rs 1.2 crores for four percent equity.

Talking about his experience in 'Shark Tank India 3', Surender said: "The sharks were genuinely impressed by the remarkable turnaround we have achieved since acquiring the company, and its current success speaks volumes. It was incredibly encouraging to receive positive feedback from all the sharks as we concluded the pitch."

"Their kind words are extremely motivating, and I sincerely hope that we can continue moving forward by exploring new and innovative ventures. Shark Tank India, as a platform, not only provided a spotlight for our innovative garments but also established crucial connections with our target audience," he added.

'Shark Tank India 3' streams on Sony LIV.

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  • Source
  • IANS