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Shyle on Shark Tank India: The Luxury Jewelry Brand

1/22/2025

Founders: Radhesh Sirohiya (male, young) and Astha Katta Sirohiya (female, young)
Origin: Jaipur
Industry: Jewelry

About Shyle

Shyle, founded in December 2017, is a Jaipur-based jewelry brand celebrated for its statement designs, high silver purity, and authentic craftsmanship. With over 1.5 lakh orders fulfilled, Shyle has established itself as a go-to choice for customers seeking high-quality, unique jewelry. The founders aim to impact 100 artisan families and achieve annual revenue of ₹100 crore within the next two years.

Major Categories:

  • Earrings
  • Bangles
  • Necklaces
  • Rings

The company offers over 1,000 SKUs across 17 categories, with all designs created in-house.

Financial Highlights

  • Average Selling Price: ₹4,200–₹4,300
  • Average Order Value: ₹5,000

Sales Over the Years:

  • FY21–22: ₹10.5 crore
  • FY22–23: ₹13 crore
  • FY23–24: ₹15 crore
  • FY24–25 (Projected): ₹18 crore (₹11 crore achieved so far)

EBITDA:

  • FY21–22: ₹25 lakh

  • FY22–23: ₹47 lakh

  • FY23–24: ₹84 lakh

  • FY24–25 (Projected): ₹1 crore

  • Net Profit (FY23–24): ₹61–62 lakh

  • Money in Bank: ~₹50 lakh

Unit Economics:

  • COGS: 45%
  • Shipping: 3.6%
  • Packaging: 3%
  • Payment Gateway & COD Charges: 2%
  • Marketplace Commission: 3.6%
  • Marketing: 24%
  • Salaries: 6.3%
  • Utilities & Overheads: 4%
  • EBITDA: 5.5%
  • GST: 3%

Channel Split

  • Own Website: 82%
  • Exports: 8%
  • Amazon: 7%
  • Other Marketplaces: 3%

Recent Sales Performance

  • Nov 2024: ₹1.2 crore
  • Oct 2024: ₹1.56 crore
  • Sep 2024: ₹1.3 crore
  • Aug 2024: ₹1.6 crore
  • Jul 2024: ₹1.77 crore

Roadmap

  • Aggressively target the NRI market
  • Launch kids and men’s collections
  • Invest in tech improvements
  • Expand margins by introducing low-price, high-margin products
  • Open an Exclusive Brand Outlet (EBO) in Jaipur

Shark Tank Pitch

  • Ask: ₹70 lakh for 1% equity
  • Valuation: ₹70 crore

Shark Offers:

  • Namita Thapar & Ritesh Agarwal: ₹70 lakh for 1.5% equity + 1% royalty until ₹70 lakh is recouped (Valuation: ₹46.4 crore)
  • Anupam Mittal: ₹1.4 crore for 5% equity (Valuation: ₹28 crore)
  • Kunal Bahl: Opted out due to expansion challenges
  • Final Deal: ₹70 lakh for 1.5% equity + 0.5% royalty until ₹70 lakh is recouped (accepted by Namita Thapar & Ritesh Agarwal)

Founder Backgrounds

  • Radhesh Sirohiya: Graduated from IIT Roorkee in 2013
  • Astha Katta Sirohiya: Completed her MBA

Together, this young couple leads Shyle with a vision to revolutionize the jewelry industry while supporting artisan families.

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