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:
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.