Introduction
On a recent episode of Shark Tank India, entrepreneur Komal Panchal presented her footwear brand, Kanvas, a unique blend of Indian art forms with modern footwear. Based in Mumbai, Kanvas captures traditional Indian aesthetics through Madhubani, Kalamkari, Pattachitra, and other vibrant art styles, offering customers an elegant and culturally rich experience.
About Kanvas
- Website: https://kanvas.world/
- Founder: Komal Panchal (young, female)
- Location: Mumbai
- Core Idea: A footwear brand that incorporates traditional Indian art forms into its designs.
- Product Range: 300+ SKUs, including canvas, cotton, and PU leather shoes.
- Special Features:
- UV coating to protect the prints.
- Men's footwear has a useful life of up to 4 years, as claimed by the founder.
Financial Highlights
Ask
- ₹60 Lakh for 6% equity, valuing the company at ₹10 Crores.
Unit Economics
- GST: 15%
- Making Cost: 26%
- Commissions: 22%
- Packaging: 3%
- Shipping: 2%
- Others: 4%
- Marketing: 13%
- Net Margin: 15%
Sales Performance
- FY 19-20: ₹46 Lakhs
- FY 20-21: ₹28 Lakhs
- FY 21-22: ₹67 Lakhs
- FY 22-23: ₹69 Lakhs
- FY 23-24: ₹77 Lakhs (projected)
- FY 24-25 (till September): ₹21 Lakhs
- FY 24-25 (projected): ₹77 Lakhs
Customer Retention
- 23% year-on-year retention.
Average Selling Price
Product Expansion Roadmap
The founder shared plans to expand Kanvas’ product range to include:
- Bags
- Scarves
- Wallets
- Belts
Sharks’ Feedback and Outcome
Shark Comments
- Anupam Mittal: Opted out, stating that Kanvas is a niche product that doesn’t require funding at its current stage.
- Kunal Bhal: Saw limited growth potential in this category and chose not to invest.
- Namita Thapar: Felt the business was pre-revenue and not investment-ready.
- Ritesh Agarwal: Advised scaling up production and pricing but ultimately decided against investing due to a lack of clear direction.
- Aman Gupta: Highlighted a lack of clarity in the business model and declined to invest.
Final Verdict
- Kanvas did not secure any deals from the sharks.
Conclusion
While Kanvas impressed with its unique idea of combining Indian art with footwear, the sharks found it too niche and lacked scalability at this stage. Komal Panchal’s journey with Kanvas continues as she focuses on her roadmap for product expansion and scaling operations. The brand's dedication to blending tradition with modernity remains its standout quality.