Ever seen those videos that showcase lehengas with amazing embroidery, threadwork and sequins at less than 10% of what a similar one would cost at a designer's? One such brand ended up on a recent episode of Shark Tank India Season 4. BL Fabric, a Surat-based lehenga choli brand, stole the show, thanks to its founder, Mayur Bharatbhai Gediya’s pitch and impressive business model. Specialising in three types of embroidery—sequin, thread, and zari work—BL Fabric stands out for its unique designs and affordable pricing, making it a go-to for those seeking trendy ethnic wear.
BL Fabric in a Nutshell
Since its inception in 2021, BL Fabric has served over 65,000 customers and built a strong following, with over 30 lakh followers on Instagram and YouTube. The company creates all its clothing in-house and launches 25 new designs every month. The business has grown rapidly, with a projected revenue of Rs. 18 Crores for FY24-25 after already hitting Rs. 5 Crores by September 2024. BL Fabric even sells its designs at 65-70% lower prices than the market average, making it a competitive player in the market.
Surat’s Business Community & the Power of Social Media
Surat is also known as the textile hub of the nation or the Silk City of India. Surat is Gujarat's second-largest city, one of the fastest-growing business hubs in the country and a thriving commercial centre. Gujaratis are renowned for their exceptional work ethic and ability to adapt to technological advancements. This combination of hard work and embracing technology has played a significant role in making them great businessmen. Mayur Gediya is a prime example of this, single-handedly managing all of the brand's social media. Their Instagram and YouTube followers count is 30,00,000+. On YouTube alone, the brand has 2.2 million followers, and just one Reel on Instagram has 47 million views. Talk about going viral!
Curious about what Surat's wholesale market offers? Click here to read all about it.
The Shark Tank Pitch
The Shark Tank pitch was a turning point for BL Fabric. Mayur initially sought Rs. 1 Crore for 2% equity, valuing his business at Rs. 50 Crores. After some negotiations, Ritesh Agarwal and Kunal Bahl offered Rs. 1 Crore for 5% equity, with the condition that Mayur could claw back 1% equity if the company achieves Rs. 15 Crores in sales during FY24-25. This deal highlighted the Sharks’ belief in Mayur’s potential and the brand’s growth.
In the episode, Mayur also challenged the Sharks to guess the price of a blue lehenga. The price turned out to be Rs. 3,799, and Kunal Bahl won the game. He later gifted the lehenga to Vineeta Singh, adding a lighthearted touch to the pitch.
Despite its rapid success, BL Fabric is still early in its journey, with revenue of Rs. 5.25 Crores in FY23 and a net profit of 3%. However, Mayur’s strategic vision, strong social media presence, and focus on quality are set to propel BL Fabric into the future. The company also plans to expand its product offerings, including unstitched cholis and semi-stitched lehengas, to cater to a wider audience.
After Effects
BL Fabric’s appearance on Shark Tank India has already had a visible impact, with the company’s Instagram following skyrocketing after the episode aired. Though the deal with the Sharks is yet to close, the brand is capitalising on the “Shark Tank effect”, which typically brings significant visibility and growth to startups. BL Fabric’s success story is just beginning, and with a promising future ahead, it’s a brand to watch in the coming years.
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