Very Much Indian bag a deal with Namita & Aman for 50L @10% equity and move onward on their journey to make authentic handloom sarees very much accessible!
Heritage weaving of sarees is an integral part of India. They represent the timeless traditions and diverse cultures in India. Employing unparalleled craftsmanship, handloom weavers are the primary aspect of this craft. In India, there are numerous types of heritage weaves namely Chanderi; Kalamkari, Mysore Silk, Muga Silk, Paithani Sarees, Bandhani Sarees, etc.
Paithani Sarees, the queen of Maharashtrian sarees and the queen of silk is the pride of India. Also known as Devasari, this heritage weave was popularised by the Royal women of the Maratha Empire; and is usually donned by Brides of Maharashtra. However, due to colonization, there was a rapid decline in the Indian handloom craft. To protect the heritage weaves and restore their importance in Indian society, Very Much Indian was born.
The Saree market stands at 38,000 crores and is largely scattered and unorganized. Moreover, there are no e-commerce or D2C brands that sell heritage weave sarees. Slony Gambhir & Manish Atri identified this gap and started Very Much Indian.
The Pitch
The company connects the consumer directly to the weaver, thereby eliminating any middlemen. The authentic & traditionally hand-woven sarees reach the consumer directly within a minimum of 7 days to 6 months, depending on the saree. Initially, they began with Paithani sarees and expanded to various types such as Khadi, Tusser, Patteda anchu, Ilkal, etc.
Very Much Indian aims to make this the most trusted brand for hand-woven sarees. With over 400 weavers, they receive monetary compensation on a piecework basis for the work done. Beginning in FY 18-19 with 17L to FY22-23 with 1.5cr, Very Much Indian has a growth rate of 130.8%, with an average ticket size of 10,000. With a gross margin of 35% and a net of 10-15%, they are projecting to do 2cr this year.
With an ask for 50L for 3% equity @16.67 crore valuation, Namita and Aman made an offer for 50L for 10% equity @5 crore valuation. Although there was a counteroffer from the entrepreneurs with a higher valuation ask, the Sharks rejected it. And Very Much Indian went with the 5 crore valuation.
