Biography of Saloni Panwar: Founder and CEO of Gulabo Jaipur- Entrepreneur
Biography of Saloni Panwar:
Founding of Gulabo Jaipur
Gulabo Jaipur, an ethnic wear brand, was founded in 2014 by
Saloni Panwar, an entrepreneur with a unique vision. Based in Jaipur,
Rajasthan, the brand draws inspiration from the vibrant city of Jaipur, also
known as the Pink City. Saloni, who had no formal training in fashion design,
was deeply moved by the cultural richness of Jaipur and decided to weave this
essence into her brand. Gulabo Jaipur’s clothing line reflects the city’s
charm, and the brand has steadily gained recognition for its quality and style.
A Vision for Sustainable Fashion
Gulabo Jaipur prides itself on using genuine hand block
prints, a traditional craft that is both beautiful and sustainable. The brand
places a strong emphasis on working with local craftsmen who help bring the
fabrics and designs to life. Saloni and her team are committed to
sustainability, ensuring that their products do not harm the environment. This
eco-friendly approach sets them apart in an industry where sustainability is
often overlooked.
Catering to Women of All Ages
One of the key features of Gulabo Jaipur is its focus on
providing stylish, comfortable clothing for women of all ages and classes. The
brand’s diverse collections aim to appeal to a wide customer base. Whether it’s
a casual wear collection or a more formal line, Gulabo Jaipur seeks to offer
something for everyone. The brand has grown significantly since its inception,
with a presence in over 25 multi-designer stores across India and international
stores as well.
Global Expansion Plans
Gulabo Jaipur’s founders have bigger aspirations, aiming to
take the brand global. The brand already ships worldwide, ensuring that women
across the globe can enjoy its unique designs. With their eyes set on further
international expansion, Saloni and her team hope to introduce the charm of
Jaipur to international markets, establishing Gulabo Jaipur as a globally
recognized brand.
Entering Shark Tank India
In 2024, Saloni and her co-founder, Salman Malawat, decided
to take a bold step by pitching their brand on Shark Tank India. They asked for
INR 90 lakh in exchange for 1% equity in the business, which valued their
company at INR 90 crore. This was the first round of funding they were raising,
and they hoped that the investment would help them scale up and expand
globally. The founders felt confident about their growth prospects, having
already established a strong foothold in the Indian market.
The Sharks' Initial Reactions
Saloni and Salman started their pitch by showcasing their
products, with models wearing outfits from the Gulabo Jaipur collection. They
shared how Jaipur’s rich cultural heritage had influenced their designs.
Despite the creative showcase, the Sharks were initially skeptical. Aman Gupta
was the first to back out, expressing doubts about the founders' knowledge of
the fashion industry and their disconnect from the competition.
Contradictions in Vision and Execution
Vineeta Singh, another Shark, also raised concerns. She
pointed out that the vision Saloni and Salman had for the brand did not align
with how they were executing it. She felt that there was a contradiction
between their brand identity and the current state of the business. Vineeta
advised the founders to think more long-term and refine their business strategy
to align with their vision.
Biography of Saloni Panwar: Founder and CEO of Gulabo Jaipur- Entrepreneur/age/net worth/investor/startup/ethnic wear using hand block prints
Challenges in the Market
Namita Thapar voiced her concerns about the competition in
the market. She pointed out that there were many other businesses in Jaipur
offering similar products, which made it difficult for Gulabo Jaipur to stand
out. She also mentioned that the brand’s unique selling proposition (USP)
wasn’t clearly defined, making it harder to differentiate themselves in the
crowded marketplace.
A Question of Scalability
Anupam Mittal, a Shark with a keen eye for business
scalability, was impressed by the profitability of the business but questioned
whether it could be scaled to a much larger level. He asked about the roles of
key people in the business and was concerned when he learned that the third
most important person in the company was earning less than INR 50,000 per
month. This raised red flags for Anupam, who felt that the business was not
ready for significant investment.
Vineeta Singh's Concerns
Vineeta Singh also criticized the brand's pricing strategy.
She discovered that Gulabo Jaipur's products were being sold at a premium
price, which made them less accessible to a broader audience. She advised the
founders to refine their pricing strategy to better match their market
positioning. Vineeta felt that the brand would need to adjust its offerings to
achieve greater market penetration.
No Investment Offer
Despite the founders’ efforts to address the Sharks'
concerns, they were unable to secure any investment offers. The panel of Sharks
felt that Gulabo Jaipur’s brand and business model needed more refinement and
clarity before they could consider investing. As a result, the founders left
the show without a deal, which was a tough setback for the brand.
Post-Shark Tank Developments
After their appearance on Shark Tank India, Gulabo Jaipur
did not secure the funding they had hoped for, but the brand continued to
thrive. The founders remained committed to growing the business and expanding
their reach. They leveraged their appearance on the show to offer discounts to
Shark Tank viewers, which helped boost sales. The brand also continues to
maintain a strong presence in the market, with a steady stream of celebrity
endorsements.
Valuation and Future Outlook
Before their Shark Tank pitch, the founders valued Gulabo
Jaipur at INR 90 crore, but they were unable to secure the desired investment.
However, despite the setback, the brand remains profitable, with a 15% EBITDA
and annual revenues of around INR 8 crore. Gulabo Jaipur is focused on
continuing its journey, refining its strategy, and eventually realizing its
goal of becoming a globally recognized ethnic wear brand.
A timeline for Gulabo Jaipur's journey:
2014 – Founding of Gulabo Jaipur: Saloni Panwar founded the
brand in Jaipur, Rajasthan, inspired by the city’s cultural richness and its
vibrant heritage. The brand focuses on creating ethnic wear using hand block
prints and works closely with local craftsmen
2014-2023 – Brand Growth and Market Presence: Over the
years, Gulabo Jaipur expanded, becoming available in over 25 multi-designer
stores across India and internationally. The brand emphasized sustainability,
traditional craftsmanship, and diverse collections for women of all ages
2024 – Shark Tank India Pitch: In 2024, Saloni and
co-founder Salman Malawat pitched Gulabo Jaipur on Shark Tank India, seeking
INR 90 lakh for 1% equity (valuing the business at INR 90 crore). Despite
showcasing their products and the cultural appeal of Jaipur, the Sharks raised
concerns about scalability, market differentiation, and execution.
Post-Shark Tank – Continued Growth: Although the brand did
not secure investment on Shark Tank, Gulabo Jaipur continued to thrive. The
founders leveraged their appearance on the show to boost sales through
discounts and continued celebrity endorsements. Despite the setback, they
maintained profitability with an EBITDA of 15% and annual revenues of INR 8
crore.
2024: Gulabo Jaipur remains committed to refining its
strategy, expanding its presence in both domestic and international markets,
and achieving its goal of becoming a globally recognized ethnic wear brand.
