Deeva Shark Tank India Episode Review
Website Information:
- Website:- Deeva
- Build on E-commerce Shopify
- SEO Improvement Needed
- ORGANIC TRAFFIC:- 1,960 organic visitors per month
Deeva Founder:
- Deeva is an online saree boutique founded by Ankush Barjata.
- Ankush Barjata is a young entrepreneur from Bangana, Himachal Pradesh.
- The Deeva was featured in the third season of Shark Tank India.
About the company:
Deeva, an online saree boutique, was established by Ankush Barjata, a budding entrepreneur hailing from Bangana, Himachal Pradesh. Featured on the third season of Shark Tank India, the company facilitates direct connections between customers and manufacturers, resulting in cost savings of 40-50% compared to prevailing market rates. Offering sarees at half the price of traditional retailers, Deeva adopts an inclusive strategy by fostering collaborations with retailers, wholesalers, and distributors.
Deeva Business Model:
- Deeva facilitates direct connections between customers and manufacturers.
- This approach results in cost savings of 40-50% compared to prevailing market rates.
- The Deeva offers sarees at half the price of traditional retailers.
Inclusive Strategy:
- Deeva adopts an inclusive strategy by collaborating with retailers, wholesalers, and distributors.
- This allows for a broader reach and accessibility to their products.
Deeva Founder’s Pitch:
- Ankush Barjata introduces Deeva as a one-stop shop for various saree varieties, bringing together different manufacturers.
- He emphasizes that while their prices are competitive, their range of saree varieties is extensive.
- Ankush Barjata seeks Rs 2 Crore investment in exchange for 2% equity in the company.
Shark Tank India Episode AIR Date:
- Episode 36, 11 March 2024
Discussion with Sharks:
- Ankush elaborates on his background and the inspiration behind starting Deeva.
- He highlights the disparity in saree prices across different stores and sees an opportunity to offer quality products at lower prices through his website.
- Ankush discusses the quality of the sarees and the benefits of dealing directly with manufacturers.
- He presents sales data, profit margins, and other impressive statistics to the Sharks.
Deal on Shark Tank India:
- Aman, Ritesh, and Radhika agree to invest Rs 75 Lakhs for 6% equity.
- Additionally, they offer 1.25 Crores debt at 10% interest for 3 years, finalizing the deal with the Deeva founder Ankush Barjata.
Deeva Shark Tank India Review Website Data
| Aspect | Description | Data/Stat |
|---|---|---|
| Website | Platform | Shopify |
| SEO Status | Needs Improvement | |
| Organic Traffic | 1,960 visitors per month | |
| Founder | Name | Ankush Barjata |
| Location | Bangana, Himachal Pradesh | |
| About the Company | Description | Online saree boutique connecting customers directly with manufacturers |
| USP | Cost savings (40-50% lower prices) | |
| Recognition | Featured on Shark Tank India Season 3 | |
| Strategy | Collaboration with industry players for wider reach | |
| Business Model | Key Elements | |
| * | Direct connection: Eliminate middlemen for lower prices | |
| * | Cost savings: 40-50% lower than market rates | |
| * | Inclusive strategy: Collaboration for broader reach | |
| Shark Tank India Pitch | Value Proposition | One-stop shop for a vast variety of sarees at competitive prices |
| Investment Ask | Rs 2 Crore for 2% equity | |
| Deal | Investors | Aman Gupta, Ritesh Agarwal, Radhika Gupta |
| Investment | Rs 75 Lakhs for 6% equity | |
| Debt | Rs 1.25 Crore at 10% interest for 3 years | |
| Business Potential | Market Size (India) | ₹1.5 lakh crore (USD 19.5 billion) |
| E-commerce Growth | Rising online shopping preference | |
| TAM (Estimated) | Focus | Value-conscious customers |
| Market Size (Sarees) | India | |
| TAM Estimate | ||
| Target Audience | Demographics | Women aged 25+ in Tier 2 & 3 cities |
| Psychographics | Traditional yet fashion-conscious, value quality & affordability, active on social media | |
| Marketing Strategy | Content & Digital Focus | |
| * | SEO Optimization: Increase organic traffic | |
| * | Content Marketing: Engaging content showcasing sarees | |
| * | Social Media Marketing: Build strong presence on Instagram, Pinterest, Facebook | |
| * | Video Marketing: Utilize YouTube tutorials and short videos | |
| Distribution Strategy | ||
| * | E-commerce Platform: Optimize Deeva website for user experience & mobile responsiveness | |
| * | Marketplace Expansion: Partnerships with Myntra, Amazon, Flipkart | |
| * | Strategic Collaborations: Partner with fashion bloggers and saree influencers | |
| Advantages (USP) | ||
| * | Direct connection model: Cost savings | |
| * | Wide variety: Extensive saree collection | |
| * | Inclusive approach: Broader product reach | |
| * | Strong brand story: Shark Tank India boost | |
| Challenges | ||
| * | Competition: Established online & brick-and-mortar retailers | |
| * | Brand awareness: Maintaining recognition beyond Shark Tank India | |
| * | Quality control: Maintaining consistent quality with multiple manufacturers | |
| Reasons for Success | ||
| * | Market gap addressed: Cost-effective & convenient online saree shopping | |
| * | Strong value proposition: High-quality products at competitive prices | |
| * | Focus on customer experience: User-friendly website and trust-building | |
| Mitigation Strategies | ||
| * | Targeted Marketing Campaigns: Utilize SEM, social media advertising, influencer marketing | |
| * | Invest in Quality Control: Robust process with reputable manufacturers & product inspections | |
| * | Customer Service Excellence: Exceptional service through phone, email, live chat | |
| Future Roadmap | Strategies | |
| * | Increase Valuation: Brand awareness campaigns, distribution channel expansion, new product lines | |
| * | Technology Integration: Develop a mobile app for a seamless shopping experience | |
| * | Data Analytics: Leverage website & customer data for personalization | |
| * | Sustainability Initiatives: Partnerships with eco-conscious manufacturers & sustainable packaging |
Deeva: Revolutionizing Saree Shopping Through Direct Connections
About the Company:
- Deeva, an online saree boutique, connects customers directly with manufacturers, offering significant cost savings (40-50%) compared to traditional retailers.
- Featured on Shark Tank India Season 3, Deeva has gained national recognition for its innovative approach.
- They foster collaborations with retailers, wholesalers, and distributors, making their sarees more accessible.
Deeva’s Business Model:
- Direct Connection: Deeva eliminates middlemen, allowing customers to buy directly from manufacturers at lower prices.
- Cost Savings: Customers benefit from 40-50% lower prices compared to market rates.
- Inclusive Strategy: Collaboration with various players in the saree industry ensures wider reach and product accessibility.
Founder’s Pitch on Shark Tank India (Episode 36, March 11, 2024):
- Value Proposition: Deeva offers a one-stop shop for a vast variety of sarees at competitive prices.
- Investment Ask: Rs 2 Crore for 2% equity in the company.
Discussion with Sharks:
- Ankush shared his inspiration for Deeva, highlighting the price disparity in the saree market.
- He emphasized offering high-quality sarees at lower prices through direct manufacturer connections.
- Impressive sales data, profit margins, and other statistics were presented to the Sharks.
Deal on Shark Tank India:
- Aman Gupta, Ritesh Agarwal, and Radhika Gupta invested Rs 75 Lakhs for 6% equity.
- Additionally, they offered a debt of Rs 1.25 Crore at 10% interest for 3 years.
Business Potential in India:
- Large and Growing Market: The Indian saree market is estimated at ₹1.5 lakh crore (USD 19.5 billion) and is expected to grow further (Source: Textile Ministry, Government of India).
- Rising Online Shopping: The Indian e-commerce market is booming, with increasing consumer preference for online shopping (Source: IBEF)
Total Addressable Market (TAM):
- Considering India’s saree market size and Deeva’s focus on value-conscious customers, a conservative TAM estimate could be ₹30,000 crore (USD 3.9 billion).
Ideal Target Audience:
- Demographics: Women aged 25 and above, residing in Tier 2 and Tier 3 cities in India (with a growing online shopping presence).
- Psychographics: Traditional yet fashion-conscious, value quality and affordability, active on social media.
Marketing Strategy:
Content & Digital Marketing Strategy:
- SEO Optimization: Improve website SEO to significantly increase organic traffic from the current 1,960 visitors per month.
- Content Marketing: Create engaging blog posts and social media content showcasing saree styles, weaving techniques, care tips, and customer testimonials.
- Social Media Marketing: Build a strong presence on Instagram, Pinterest, and Facebook with visually appealing content featuring sarees, styling inspiration, and influencer collaborations.
- Video Marketing: Utilize YouTube tutorials and short videos showcasing the beauty and diversity of sarees.
Distribution Strategy:
- Strengthen E-commerce Platform: Optimize the Deeva website for user experience and mobile responsiveness.
- Marketplace Expansion: Explore partnerships with established online marketplaces like Myntra, Amazon, and Flipkart to reach a wider audience.
- Strategic Collaborations: Partner with fashion bloggers and saree influencers for promotions and reach new customer segments.
Advantages (USP):
- Direct Connection Model: Offers significant cost savings for customers.
- Wide Variety: Extensive collection of sarees from various regions and manufacturers.
- Inclusive Approach: Collaboration with industry players ensures broader product reach.
- Strong Brand Story: The Shark Tank India appearance has boosted brand awareness and credibility.
Challenges:
- Competition: Established online retailers and brick-and-mortar stores.
- Brand Awareness: Increasing brand recognition beyond the initial Shark Tank India exposure.
- Quality Control: Maintaining consistent quality standards while dealing with multiple manufacturers.
Reasons for Success:
- Addressing a Gap in the Market: Provides a cost-effective and convenient way to buy sarees online.
- Strong Value Proposition: Offers high-quality products at competitive prices.
- Focus on Customer Experience: User-friendly website and emphasis on building trust with customers.
Mitigation Strategies
- Targeted Marketing Campaigns: Utilize effective digital marketing strategies like search engine marketing (SEM), social media advertising, and influencer marketing to reach the ideal target audience and increase brand awareness beyond the initial Shark Tank India exposure.
- Invest in Quality Control: Implement a robust quality control process, including partnerships with reputable manufacturers and thorough product inspections before shipment.
- Customer Service Excellence: Provide exceptional customer service through multiple channels (phone, email, live chat) to build trust and encourage repeat business.
Future Roadmap:
- Increase Valuation: Focus on brand awareness campaigns, expand distribution channels, and explore new product lines (e.g., ethnic blouses, and jewelry to complement sarees).
- Technology Integration: Develop a mobile app for a seamless and convenient shopping experience.
- Data Analytics: Leverage website and customer data to personalize product recommendations and marketing efforts.
- Sustainability Initiatives: Explore partnerships with eco-conscious manufacturers and offer sustainable packaging options.
By implementing this comprehensive business plan, Deeva can capitalize on its unique business model, strong brand story, and Shark Tank India success to become a leading player in the online saree market. Their commitment to affordability, quality, and customer satisfaction will position them for long-term growth and success.
