Flatheads Net Worth 2024 – Interesting Facts, Social Media, & What’s Next
Flatheads, a Bengaluru-based casual footwear brand, has been making waves in the Indian fashion industry since its launch in 2018. Founded by Utkarsh Biradar and Ganesh Balakrishnan, the company has experienced significant growth, attracting both customers and investors with its unique, sustainable, and comfortable designs. In this comprehensive blog post, we’ll dive deep into Flatheads’ net worth, its journey on Shark Tank India, the challenges faced by the founders, and the brand’s prospects.
Who are the flatheads?
Flatheads is a casual footwear brand that specializes in manufacturing semi-casual and casual-style shoes for both men and women. The company’s mission is to create comfortable, premium-quality footwear at a premium price range.
Flatheads offers a diverse collection of shoes, including banana kicks, soft knit loafers, linen sneakers, KoolTex trainers, bamboo loafers, and breathable loafers. The brand also has a line of vegan footwear, catering to the growing demand for eco-friendly and cruelty-free products.
Who Is the Founder of Flatheads?
Utkarsh Biradar and Ganesh Balakrishnan, two entrepreneurs with extensive experience in the startup world, co-founded Flatheads in 2018. Before founding Flatheads, Utkarsh Biradar and Ganesh Balakrishnan founded the fintech startup MomoE Mobile Payment, which ShopClues acquired in 2016. While working at ShopClues, they identified consumer-centric problems in the footwear industry and decided to launch Flatheads to address these issues.
Utkarsh Biradar, a master’s graduate in design from the Indian Institute of Technology, Bombay, has worked in various companies and currently serves as the Chief Designer at Tata Elxsi. Ganesh Balakrishnan, on the other hand, holds a business management degree from the Indian Institute of Management, Bangalore, and has worked with companies like Shopclues and Honeywell. Before co-founding Flatheads, he managed a company named Windsleeve Technologies.
| Attribute | Details |
|---|---|
| Brand Name | Flatheads |
| Founding Year | 2018 |
| Founders | Utkarsh Biradar and Ganesh Balakrishnan |
| Headquarters | Bengaluru, Karnataka, India |
| Product Focus | Casual footwear for men and women |
| Funding Raised | $1.5 million by September 2021 |
| Notable Investors | WeFounder Circle, Dexter Angels |
| Sales FY 2021-22 | ₹3.4 crores |
| Total Equity | Founders (60%), Angel Investor (33%), ESOP (7%) |
How Was The Shark Tank Pitch Of Flatheads?
Ganesh Balakrishnan appeared on Shark Tank India Season 2 Episode 5, seeking ₹75 lakhs for 3% equity at a ₹25 crore valuation. He presented Flatheads’ sustainable products, crafted from materials such as banana fiber, linen fiber, and bamboo. The company had over 20k customers and was selling products on its website as well as on marketplaces such as Amazon and Myntra.
Ganesh disclosed during the pitch that he and Utkarsh each own 30% of the company’s equity, angel investors own 33%, and ESOPs receive 7%. In FY 2021–22, Flatheads generated sales of ₹3.4 crores, with a gross margin of 60% and a contribution margin of 48%.
| Shark Tank India Details | Value/Amount |
|---|---|
| Amount Sought | ₹75 lakhs |
| Equity Offered | 3% |
| Valuation | ₹25 crores |
| Equity Distribution | Founders (60%), Angel Investor (33%), ESOP (7%) |
Flatheads Shark Tank Update:
Despite the impressive pitch, Flatheads did not secure funding from Shark Tank India. However, Ganesh received valuable feedback from the Sharks and a job offer from Anupam Mittal, who expressed interest in investing if Ganesh could grow the business in the coming years.
Peyush Bansal offered ₹75 lakhs for 33.3% equity at ₹2.25 crores, with Vineeta Singh joining the deal. However, Ganesh ultimately rejected the offer, stating that he needed to reevaluate his priorities and gain more experience in the D2C market before making another attempt.
| Funding Round | Amount Raised | Valuation | Date |
|---|---|---|---|
| September 2021 | ₹7.3 crores | – | September 2021 |
| April 2021 | ₹5.2 crores | ₹28 crores | April 2021 |
After Shark Tank, What Happened to Flatheads?
Following the Shark Tank India episode’s airing, Flatheads experienced a surge in website traffic, with 2.1 million users visiting Flatheads simultaneously in January 2023. The brand launched the Not Out Edition sneaker, which sold out 900 pairs within weeks.
Despite the increased interest, Ganesh admitted that the company was facing challenges, including monthly losses and difficulties selling products at a premium price range to Indian customers who may not readily trust new brands. However, the company plans to launch its products in the United States, where consumers are more willing to pay a premium for sustainable products.
Flatheads Net Worth:
During the Shark Tank India pitch, Ganesh Balakrishnan sought funding at a ₹25 crore valuation. Although the company did not secure an investment from the Sharks, its growing popularity and sales suggest that Flatheads’ net worth may be on the rise. The company had raised a total of $1.5 million in funding by September 2021, with the most recent round of ₹7.3 crores led by “WeFounder Circle” and “Dexter Angels.”
Flatheads Growth and Operations:
Since its launch in 2018, Flatheads has experienced significant growth, with a 5x increase in 2019. The company initially worked with a Chinese vendor to manufacture footwear but has since diversified its operations. Flatheads’ products are available on multiple e-commerce platforms, including Amazon, Flipkart, and Myntra, as well as on the company’s website.
| Post Shark Tank Highlights | Details |
|---|---|
| Website Traffic | 2.1 million users in January 2023 |
| Not Out Edition Sneaker | Sold out within a few weeks of launch |
| Social Media Trending | Received significant attention post-show |
Flatheads Marketing and Sales:
Flatheads have adopted a multi-channel approach to marketing and sales, leveraging both online and offline channels. The brand has launched a clothing line in partnership with The Souled Store, expanding its product offerings beyond footwear. The company’s products are priced between ₹1,000 and ₹5,000, targeting the premium casual footwear segment.
Flatheads Social Media Presence:
The brand has gained attention from various media publications, including MSN and Business Today, which has helped boost its social media presence and overall brand awareness. Flatheads’ unique selling proposition of sustainable, comfortable, and stylish footwear has resonated with consumers, leading to increased engagement on social media platforms.
Flatheads: Interesting Facts:
Flatheads is known for its innovative use of sustainable materials in its footwear, such as banana fiber, linen fiber, and bamboo. The company offers India’s first linen sneakers and the world’s first banana fiber sneakers, setting itself apart from competitors in the market.
What’s next for Flatheads?
Flatheads plans to expand its presence in international markets, particularly in the United States and the United Arab Emirates. The brand launched its products in the US in October 2021, and it believes it has a price advantage due to consumers’ willingness to pay a premium for sustainable products.
In addition to international expansion, Flatheads aims to continue innovating with sustainable materials and designs, catering to the growing demand for eco-friendly and comfortable footwear. The company also plans to strengthen its online presence and explore new partnerships to increase its reach and customer base.
Final Words:
Flatheads’ journey has been one of perseverance, innovation, and adaptation. Despite facing challenges, such as the COVID-19 pandemic and the departure of a co-founder, the company has continued to grow and attract customers with its unique, sustainable footwear. While the exact net worth of Flatheads remains undisclosed, the brand’s increasing popularity, funding, and expansion plans suggest a promising future.
As consumers become more conscious of the environmental impact of their fashion choices, Flatheads is well-positioned to capitalize on the growing demand for sustainable and comfortable footwear. With its strong focus on innovation, premium quality, and customer satisfaction, Flatheads has the potential to become a leading player in the casual footwear market, both in India and internationally.
The brand’s appearance on Shark Tank India, although not resulting in an investment deal, has provided valuable exposure and insights for the founders. Flatheads will benefit from Ganesh Balakrishnan’s renewed perspective and determination to succeed in the competitive world of D2C fashion as he continues to learn and grow from his experiences.
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