Biography of Haseeb Akbar: Founder and CEO of Upstreet Co.
-Entrepreneur
Biography of Haseeb Akbar:
Upstreet Co: A Unique Handmade Shoe Venture
Upstreet Co is a dynamic startup that specializes in
crafting high-quality handmade shoes and traditional Peshawari sandals. The
business, co-founded by Haseeb Akbar and Usman Awan, has been growing steadily,
gaining attention for its unique approach to footwear. With a passion for
combining traditional craftsmanship with modern styles, the company has carved
a niche for itself in the market, offering a blend of comfort, quality, and
style.
A Unique Business Pitch
In a bid to expand their business further, Haseeb took their
startup to the renowned TV show Shark Tank Pakistan, where entrepreneurs pitch
their business ideas to potential investors. They asked for Rs. 10 million in
exchange for 10% equity in their company, valuing the startup at Rs. 10 crore.
The founders were confident in their business's growth potential and were
looking to secure funding to help them scale even further.
Challenges Faced During the Pitch
Despite the strong growth of Upstreet Co, the pitch wasn’t
smooth sailing. Several panelists, including Faisal Aftab, Junaid Iqbal,
Romanna Dada, and Karim Teli, expressed concerns about the business model and
other aspects of the startup. These concerns led them to back out of the deal,
leaving the founders with little hope of securing investment from the panel.
The Turning Point: Usman Bashir’s Offer
However, in a twist of fate, one of the sharks, Usman
Bashir, saw potential in the business and decided to make an offer. Usman was
willing to invest Rs. 10 million, but on different terms. Instead of the 10%
equity the founders initially asked for, Usman proposed 20% equity in exchange
for his investment, which reduced the company’s valuation to Rs. 5 crore.
Additionally, Usman offered a 50% royalty on the annual net profits of the
company.
Weighing the Offer: A Difficult Decision
The offer from Usman Bashir was a significant change from
what the founders had anticipated. While it meant giving up more equity than
they had planned, the added royalty deal seemed like an opportunity for rapid
business growth. After some deliberation, Haseeb and Usman agreed to take up
the offer, understanding that the mentorship and guidance from Usman Bashir
could propel Upstreet Co to new heights.
Lessons in Valuation and Growth
From this experience, the founders learned an important
lesson about the early stages of a startup. While valuation is crucial, it is
equally important to prioritize growth, mentorship, and strategic partnerships
over initial equity stakes. With Usman’s guidance and financial backing,
Upstreet Co was poised to achieve much faster growth than they could have on
their own.
Upstreet Co’s Impressive Growth
Despite being just 14 months into operations, Upstreet Co
had already made impressive strides. With an average order value of Rs. 5,700,
the company was generating substantial revenue from its high-quality products.
Their gross margin stood at a healthy 50%, reflecting the efficiency and
profitability of their business model. Additionally, the startup had achieved a
12% net profit, indicating its potential for sustained success in the
competitive footwear market.
Biography of Haseeb Akbar: Founder and CEO of Upstreet Co. -Entrepreneur/high-quality handmade shoes & traditional Peshawari sandals/shark tank
A Unique Product Offering
Upstreet Co’s handmade shoes and Peshawari sandals stood out
for their craftsmanship and quality. The brand’s commitment to using
traditional techniques while offering a modern twist made it a favorite among
customers. The founders were determined to bring a unique product to the
market—one that combined the rich heritage of Pakistani footwear with
contemporary designs that appealed to modern consumers.
Strategic Moves to Scale
With the investment from Usman Bashir, Upstreet Co planned
to scale up its operations significantly. The funds would allow the company to
expand its production capacity, improve its marketing efforts, and build a
stronger brand presence both locally and internationally. The founders were
excited about the opportunities ahead and were focused on making the most of
the mentorship they had received from the sharks.
The Road Ahead for Upstreet Co
Looking ahead, Haseeb and Usman were optimistic about the
future of Upstreet Co. They saw a clear path toward growth and success, thanks
to the funding and mentorship from Usman Bashir. Their vision was to continue
innovating in the footwear industry, creating stylish, durable, and affordable
handmade shoes for customers in Pakistan and beyond.
A Bright Future for Handmade Footwear
Upstreet Co’s journey is a testament to the power of
creativity, hard work, and adaptability. By leveraging their passion for
quality craftsmanship and taking advantage of the right opportunities, the
founders are positioning their business for long-term success. With a strong
foundation, dedicated leadership, and the backing of a seasoned investor,
Upstreet Co is on track to become a prominent name in the world of handmade
footwear.
A timeline for Upstreet Co:
Founding: Upstreet Co is co-founded by Haseeb Akbar and
Usman Awan, focusing on high-quality handmade shoes and traditional Peshawari
sandals, combining traditional craftsmanship with modern styles.
14 Months In: The startup achieves impressive strides, with
an average order value of Rs. 5,700 and a 50% gross margin. They also have a
12% net profit.
Shark Tank Pakistan Appearance: Haseeb pitches Upstreet Co
on Shark Tank Pakistan in search of Rs. 10 million for 10% equity, valuing the
company at Rs. 10 crore.
Challenges During Pitch: The panel expresses concerns,
leading most sharks to withdraw from the deal.
The Turning Point: Usman Bashir offers Rs. 10 million for
20% equity and a 50% royalty on annual net profits, valuing the company at Rs.
5 crore.
Decision to Accept Offer: After deliberation, the founders
accept Usman’s offer, valuing growth, mentorship, and partnership over initial
equity stakes.
Future Plans: With the investment, Upstreet Co plans to
scale its operations, expand production, improve marketing, and strengthen
brand presence locally and internationally.
Vision for the Future: Haseeb and Usman are optimistic about
the company’s future, aiming for continued innovation in the footwear industry
and positioning Upstreet Co for long-term success.
