Biography of Ashutosh Roy: Founder and CEO of Offmint -Entrepreneur
Biography of Ashutosh Roy:
Beginning of Offmint
Ashutosh Roy, an ambitious entrepreneur from Bihar, founded
Offmint, a multi-category fashion brand. Offmint, a unisex brand, made its mark
by offering stylish and high-quality fashion at affordable prices. The brand’s
product lineup includes a wide range of clothing, including dresses, jackets,
T-shirts, and accessories. Offmint's unique selling proposition lies in its
ability to offer high-street fashion at budget-friendly prices, a quality that
helped them carve a niche in the competitive fashion market.
Ashutosh’s Educational and Professional Background
Before founding Offmint, Ashutosh completed his Bachelor of
Technology in Computer Science from GNDEC, Ludhiana. His background in
technology and business solutions helped him understand the dynamics of
e-commerce, direct-to-consumer (D2C) technology, and performance marketing.
Ashutosh also had experience with multiple ventures and started businesses that
focused on technology solutions. His entrepreneurial journey led him to the
fashion industry, where he could combine his technological knowledge with his
passion for fashion.
The Formation of Offmint
In January 2024, Ashutosh co-founded Offmint with a vision
to bring affordable, high-quality fashion to everyone. With Rani Ahluwalia, a
London-based co-founder, the duo launched the brand. They started with an
initial investment of ₹5 crores to create a strong foundation for the business.
Within a short period, Offmint made significant progress, establishing a solid
product range and gaining attention from fashion enthusiasts across India.
Offmint’s Appearance on Shark Tank India
In Season 4 of Shark Tank India, Offmint made a striking
appearance. Ashutosh Roy pitched the brand and sought ₹10 lakhs for 1% equity
in the company, which valued the brand at ₹1,000 crore. Offmint’s appearance on
the show attracted significant attention and provided the company with the
opportunity to engage with some of India’s top investors. The pitch highlighted
the company’s potential for growth in tier 2 and tier 3 cities and its
competitive pricing strategy.
Unique Selling Proposition
Offmint’s unique selling point revolves around offering
high-street fashion at affordable prices. The brand's focus on quality and
affordability made it stand out in a crowded fashion marketplace. Ashutosh
shared that Offmint's primary goal was to bridge the gap between quality
fashion and budget-conscious consumers, making it accessible to a broader
demographic across India.
Early Financial Success
Despite being a young brand, Offmint achieved remarkable
growth in just 9 months. With over 700 SKUs in their catalog, the brand
generated ₹2.5 crores in revenue from its direct-to-consumer website. This
early success demonstrated that Offmint was on the right path. The brand
focused on in-house manufacturing in small batches, which helped them control
deadstock and improve operational efficiency. This approach also allowed
Offmint to keep its production costs low while maintaining the quality of the
products.
Expansion and Offline Store Launch
Offmint’s growth continued to accelerate as the brand
expanded its presence in the market. By September 2024, they ventured into
online marketplaces, further increasing their reach. The company also opened
its first offline store in Delhi in October 2024, marking a significant
milestone in their retail journey. With plans to continue expanding both online
and offline, Offmint aimed to become a household name in the fashion industry.
Revenue Growth Projections
In terms of financial projections, Offmint showed promising
figures. The company projected revenue of ₹48 lakhs for October 2024 and ₹60
lakhs in November 2024, followed by ₹80 lakhs in December 2024. Their ambition
was to reach ₹1 crore in monthly revenue by the end of the year, and the
financials reflected a clear path to growth. With an increasing customer base
and expanding product range, Offmint aimed to solidify its position in the
competitive fashion market.
Biography of Ashutosh Roy: Founder and CEO of Offmint -Entrepreneur# startup#age#net worth#investor#shark tank#Offmint story#Ashutosh Roy story
Understanding Unit Economics
Offmint's unit economics were also discussed during the
pitch. Ashutosh shared that 30% of their revenue went towards the cost of goods
sold (COGS), 20% was allocated to marketing, and another 10% went towards
payment gateway and delivery costs. Additionally, 15% was spent on rent and
salaries, and after deducting 12% GST, the company managed to achieve a 13%
EBITDA. The brand's average return-to-order (RTO) rate stood at 18-20%, a
metric that Ashutosh planned to optimize moving forward.
Shark Tank India Negotiations
During the pitch, negotiations with the Sharks took an
interesting turn. Namita Thapar initially suggested a deal where Offmint would
give away 2% equity for ₹10 lakhs. However, Ashutosh was willing to offer 2.5%
equity for the same amount, showing flexibility in negotiations. After some
back and forth, a final deal was agreed upon, with Offmint giving away 4%
equity for ₹10 lakhs. Vineeta and Namita each took 0.5% equity, while the rest
of the Sharks took 1% equity each. This deal valued Offmint at ₹2.5 crores.
The Impact of the Shark Tank India Deal
The deal secured on Shark Tank India gave Offmint a
significant boost, not only in terms of funding but also through the valuable
expertise offered by the Sharks. This partnership allowed Offmint to refine its
business strategy, marketing approach, and product offerings. The exposure on
the show helped the brand gain media coverage and attract attention from new
customers, further contributing to its rapid growth.
Post-Shark Tank India Success
Following the successful pitch and deal on Shark Tank India,
Offmint continued to grow at an impressive pace. Ashutosh shared on LinkedIn
that the Sharks' involvement brought valuable guidance to the brand, helping
them improve their operations. Their appearance on the show was a game-changer,
as it garnered wide media coverage and increased visibility, positioning
Offmint as one of the rising stars in the fashion industry.
Offmint's Marketing Strategy
Offmint’s marketing strategy revolves around reaching tier 2
and tier 3 cities, where there is a growing demand for quality, affordable
fashion. The brand uses digital marketing, social media, and influencer
partnerships to engage with potential customers. The team behind Offmint
understands the importance of targeted marketing and is constantly looking for
new ways to improve customer acquisition and retention.
Strategic Partnerships and Future Plans
As Offmint continues to expand, Ashutosh remains open to
strategic partnerships that will help grow the brand further. The company plans
to invest in new product lines, increase its presence in offline retail, and
continue to innovate in its digital presence. Offmint's focus on scalability
and sustainability in the fashion industry positions it well for long-term
success.
The Brand’s Potential in the Fashion Industry
Offmint's potential in the fashion industry is undeniable.
With its unique combination of affordability, quality, and style, the brand has
the ability to disrupt the traditional fashion market. As the fashion landscape
evolves, Offmint’s focus on consumer demand and market trends will ensure it
stays relevant and continues to grow its customer base.
Conclusion
Offmint’s journey, from its inception to becoming a
successful Shark Tank India pitch, has been nothing short of remarkable. With
Ashutosh Roy’s leadership and the support of his co-founder, Rani Ahluwalia,
the brand is well-positioned to continue its upward trajectory. The partnership
with the Sharks and the brand’s focus on high-quality fashion at affordable
prices have set Offmint on a promising path for future success.
Timeline for story
Bachelor of Technology in Computer Science – Ashutosh
graduates from GNDEC, Ludhiana.
Co-found Offmint – Ashutosh and Rani launch Offmint with ₹5
crores investment.
Shark Tank India Appearance – Offmint pitches and secures a
deal on Shark Tank India.
Revenue Growth – Achieves ₹2.5 crores in revenue within 9
months.
Offline Store Launch – Offmint opens its first store in
Delhi in October 2024.
Financial Projections – Projects revenue of ₹48-80 lakhs
from October to December 2024.
Shark Tank India Deal Finalized – Offmint agrees to give 4%
equity for ₹10 lakhs.
Post-Shark Tank Growth – Offmint grows rapidly post-show,
gaining visibility and media coverage.
Expansion and Marketing Strategy – Focus on reaching tier 2
and tier 3 cities.
