Go Devils: A Vision for Global Fast Fashion That Struggled to Impress the Sharks
The father-daughter duo of Vinish Arya and Angel Arya entered Shark Tank India with a vision to transform their startup, Go Devils, into a global fast-fashion brand. Armed with an inspiring story and impressive sales figures, the duo sought ₹80 lakh for 2% equity in their company. Despite their passion and achievements, the pitch ultimately failed to secure a deal.
The Founders and Their Journey
- Vinish Arya, from Karnal, Haryana, has a background in import/export and a deep commitment to his business.
- His daughter, Angel Arya, shares his vision for Go Devils, which they launched in 2022.
- The brand achieved ₹5 lakh in sales in its first month and has served over 1 lakh customers since launch.
- They operate their own manufacturing unit, capable of producing 5,000 units per day, with plans to launch new collections monthly.
- Their average selling price (ASP) is ₹2,099.
Business Performance
Sales Over the Years
- FY22-23: ₹1.44 Cr
- FY23-24: ₹2.45 Cr
- FY24-25 (Projected): ₹8 Cr
Recent Sales (2024)
- July: ₹50 Lakhs
- August: ₹36 Lakhs
- September: ₹51.5 Lakhs
Projected Sales Growth
Key drivers of growth include:
- Increasing Average Order Value (AOV) during November to January.
- Introducing 100-150 new SKUs.
Inventory Status
- Current inventory: ₹3 Cr.
- Distressed inventory: ₹30-40 Lakhs.
Unit Economics
- Cost of Goods Sold (COGS): 40%
- Advertising & Marketing: 30%
- Platform Fees: 16%
- Shipping: 8%
- Directors’ Salary: 2%
- Overheads: 2%
- EBITDA: 2%
- Gross Margin: 60%
Funding and Ownership
- Personal Investment by Vinish: ₹2.5-3 Cr.
- Loans from Family & Friends: ₹2.5-3 Cr, converted to equity with a 12% interest clause and no exit opportunity within five years.
Equity Split
- Vinish Arya: 60%
- Angel Arya: 10%
- Akash Sinha (Friend): 15%
- Aditya Choudhary (Friend): 15%
To keep Go Devils operational, Vinish made a significant sacrifice by selling his house in 2023.
Sharks’ Feedback
Anupam Mittal
- Highlighted that fashion businesses often struggle due to SKU and inventory mismanagement.
- Emphasized that the modern fashion industry demands big capital, efficiency, and advanced technology, which Go Devils lacked.
- Declined to invest, stating the company’s traditional approach was not scalable.
Peyush Bansal
- Recommended bringing in a co-founder with expertise in inventory and pricing decisions.
- Suggested Vinish focus solely on the brand’s core strength—design.
- Opted out, citing high risk in the current setup.
Vineeta Singh
- Shared similar concerns about inventory management.
- Did not proceed with an investment due to operational inefficiencies.
Kunal Bahl
- Cited inventory challenges as the primary reason for declining the offer.
Aman Gupta
- Identified fundamental flaws in the business model and opted out.
Conclusion
While Go Devils demonstrated significant achievements and potential, the sharks unanimously identified critical challenges in inventory management and scalability. Despite these setbacks, Vinish and Angel’s story reflects resilience and determination.
With the right strategic partnerships and operational improvements, Go Devils could still achieve its dream of becoming a global fast-fashion brand. For now, their journey continues beyond the tank, fueled by their ambition and passion.