Biography of Komal Panchal: Founder and CEO of Kanvas -Entrepreneur
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Komal Panchal’s Journey with Kanvas: A Fusion of Art and Footwear
A Childhood Love for Shoes
Since childhood, Komal Panchal had a deep fascination with
footwear. By the time she was in the tenth grade, she had already decided to
start her own shoe brand. Her passion for unique designs and high-quality shoes
eventually led her to establish Kanvas, a brand that merges traditional Indian
art with contemporary footwear.
The Meaning Behind ‘Kanvas’
The name ‘Kanvas’ is a creative twist on ‘Canvas,’
reflecting both the material used in her shoes and the artistic inspiration
behind them. She deliberately spelled it with a ‘K’ to match the initial of her
own name, adding a personal touch to the brand’s identity.
Education and Inspiration
Komal pursued a degree in fashion design from Shreemati
Nathibai Damodar Thackersey Women's University. During a college project, she
explored India’s rich artistic heritage, discovering regional styles like
Madhubani, Kalamkari, and Pattachitra. This exposure planted the idea of
incorporating these art forms into wearable fashion.
The Birth of Kanvas
In 2019, Komal officially launched Kanvas with a mission to
bring Indian art to global audiences through stylish and high-quality footwear.
She aimed to support local artisans by featuring their work on shoes, ensuring
their art reached a wider customer base while also improving their income.
Unique Features and Design Elements
Kanvas shoes stand out for their hand-painted regional
artwork and thoughtful craftsmanship. Each pair is made using materials like
canvas, cotton, and PU leather. Additionally, the prints are UV-coated to
protect against fading, ensuring durability. The men’s footwear collection is
claimed to last up to four years.
An Expanding Product Line
Komal doesn’t want to limit Kanvas to just shoes. She plans
to expand into bags, scarves, wallets, and belts, all featuring traditional
Indian designs. This expansion will allow her to showcase even more regional
art forms while growing the brand’s presence in the fashion industry.
Biography of Komal Panchal: Founder and CEO of Kanvas -Entrepreneur# startup#age#net worth#investor#shark tank india#Kanvas story#Komal Panchal story
A Unique Store Setup in Mumbai
Kanvas has a dedicated store in Mumbai, which was creatively
built from Komal’s father’s old garage. She used items like tires, toolboxes,
and pipes as decor, giving the store a distinctive, artistic vibe. The setup
was well-received and appreciated by visitors, including investors.
Pricing and Customer Retention
Kanvas offers over 300 different designs, with prices
ranging from ₹1,600 to ₹4,600. The brand has achieved a 23% year-on-year
customer retention rate, indicating that buyers appreciate the uniqueness and
quality of the products enough to return for more.
Challenges in the Footwear Industry
Despite its uniqueness, Kanvas faces the tough challenge of
breaking into the highly competitive footwear market. Many similar brands have
entered the space, making differentiation crucial. Additionally, customers
might hesitate to buy a second pair due to similar design patterns, as raised
by investors on Shark Tank India.
Shark Tank India Experience
Komal appeared on Shark Tank India Season 4, seeking ₹60
lakh in exchange for a 6% equity stake, valuing her company at ₹10 crores.
While the judges appreciated her designs, they were concerned about the slow
growth of the business over the past five years. Revenue had only increased
from ₹67 lakh to ₹77 lakh, which raised doubts about scalability.
The Sharks’ Concerns and Tough Questions
During the pitch, the investors questioned whether the brand
could retain customers in the long run. Namita Thapar pointed out that similar
designs might discourage repeat purchases. Meanwhile, Anupam Mittal and Aman
Gupta asked her a tricky question—whether she prioritizes purpose, passion, or
profit. Komal chose ‘purpose,’ believing that profit follows genuine intent, a
response that impressed some of the sharks.
The Missed Opportunity
Despite Aman showing initial interest, he tested Komal’s
clarity by asking what she truly wanted from the sharks. When she directly
replied with her funding request—₹60 lakh for 6% equity—Aman was put off,
stating that investors look for value beyond just providing money. With this,
the last chance for a deal slipped away.
Reflections After the Pitch
Post-pitch, Komal expressed her belief that building an
artisanal brand takes time. She noted that while investors seek fast growth and
quick exits, she remains committed to nurturing Kanvas as a sustainable,
artist-driven business.
A Vision for the Future
Despite leaving Shark Tank without a deal, Komal remains
determined to expand Kanvas. She is focusing on strengthening both online and
offline sales while continuing to introduce new designs. Her vision is to take
Indian art to global markets, ensuring that artisans receive the recognition
and financial support they deserve.
Timeline for story
2019 – Komal Panchal launches Kanvas.
2020 – Opens first store in Mumbai using her father’s old
garage.
2021 – Expands product range to over 300 designs.
2022 – Achieves 23% year-on-year customer retention.
2023 – Revenue grows from ₹67 lakh to ₹77 lakh.
2024 – Pitches on Shark Tank India but leaves without a
deal.
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