Biography of Prachi Bhatia: Founder & CEO of Chokhat -Entrepreneur
Prachi Bhatia’s Journey: Building Chokhat from Passion to Shark Tank Success
A Designer’s Dream
Prachi Bhatia, a passionate designer, always had a vision of
creating something unique in the home décor space. With a degree in Product
Design from GD Goenka University, she honed her skills through years of
experience working in the industry. However, she soon realized that her true
calling was to start her own venture.
The Birth of Chokhat
Growing up in a middle-class family, Prachi understood the
deep emotional connection people have with their homes. She wanted to bring
designer home décor products within the reach of families who otherwise found
them unaffordable. This idea led to the birth of Chokhat in 2018—a brand that
blends aesthetics with affordability.
A Leap of Faith
Prachi didn’t come from a business background, but that
didn’t stop her from chasing her dream. While working at a job, she kept a list
of potential business names, constantly envisioning her future venture. On
Ganesh Chaturthi in 2018, she made the bold decision to quit her job and fully
commit to Chokhat.
The Struggles of an Entrepreneur
For the first two years, Chokhat was run entirely from her
home. With just ₹1 lakh in savings, she designed and manufactured an initial
batch of 10 products. However, when she launched her website in early 2019, not
a single order came in for three months. It was a tough phase, but she didn’t
give up.
Finding the Right Strategy
Prachi realized that she needed to market her products
better. She started running online advertisements, and slowly, sales began to
trickle in. Encouraged by the response, she moved from working at home to a
small office, expanding her operations step by step.
Overcoming Challenges
As Chokhat grew, so did its challenges. Managing
manufacturing, maintaining product quality, and handling logistics were all new
experiences for Prachi. But she was determined to learn and adapt, making sure
that her brand upheld its promise of affordability without compromising on
quality.
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Steady Growth Over the Years
Chokhat’s revenue steadily increased year after year. From
₹4.5 lakh in 2019-20, the company grew to ₹10 lakh in 2020-21, ₹11 lakh in
2021-22, and ₹30 lakh in 2022-23. By 2023-24, the brand had already reached ₹55
lakh in sales, proving its strong market presence.
The Big Moment: Shark Tank India
In 2024, Prachi took Chokhat to Shark Tank India Season 4,
hoping to secure funding to accelerate her business. She entered the tank with
confidence, seeking ₹50 lakh for 7% equity, valuing her company at ₹7.14 crore.
A Memorable Entrance
Before even starting her pitch, Prachi surprised the sharks.
She was wearing bangles and a dress given to her by her husband, which led to a
lighthearted moment. When asked when she got married, she playfully said,
“Today,” before clarifying that it had been eight months. The room filled with
laughter, setting a positive tone for her pitch.
Facing the Sharks’ Questions
While Prachi’s passion and journey impressed the sharks, not
all of them were convinced. Aman Gupta opted out due to concerns about
scalability. Vinita Singh questioned how Chokhat would stand out from
mass-market competitors, and Kunal Bahl felt the company was still too small
for an investment.
Support from Anupam and Piyush
Despite the skepticism, sharks Anupam Mittal and Piyush
Bansal saw the potential in Chokhat. They admired Prachi’s persistence, her
ability to grow the business year after year, and her niche appeal to specific
market segments. However, they also had concerns about her small team and
manufacturing challenges.
A Negotiation for Growth
Instead of a straight equity deal, the sharks proposed a
hybrid offer—₹25 lakh for 10% equity and ₹25 lakh as a loan at 10% interest for
one year. Prachi countered with a revised offer, and they settled on ₹30 lakh
for 10% equity along with a ₹20 lakh loan at 10% interest.
The Impact of the Investment
While Prachi had to give up more equity than she initially
planned, the deal brought her not just financial support but also strategic
mentorship. With guidance from experienced investors, she could now focus on
scaling Chokhat faster and more efficiently.
Expanding the Team and Vision
With the Shark Tank funding, Prachi was able to expand her
team and improve operations. She invested in better production techniques,
ensuring that Chokhat could meet the growing demand while maintaining
affordability and quality.
Inspiring Future Entrepreneurs
Prachi’s journey from quitting her job to building a
successful brand is an inspiration for aspiring entrepreneurs. She proved that
with persistence and smart business strategies, even those without a business
background can succeed.
The Road Ahead
Chokhat continues to grow, with its vision of making
designer home décor accessible to middle-class families. With her unwavering
dedication, Prachi is set to take Chokhat to even greater heights, proving that
dreams, when pursued with passion, can turn into reality.
Timeline for story
2018 (Ganesh Chaturthi) – Prachi quits her job and starts
Chokhat.
Early 2019 – Launches website; no orders for three months.
Mid-2019 – Starts online marketing; first sales come in.
2019-20 – Revenue reaches ₹4.5 lakh.
2020-21 – Revenue grows to ₹10 lakh.
2021-22 – Revenue increases to ₹11 lakh.
2022-23 – Revenue jumps to ₹30 lakh.
2023-24 – Revenue reaches ₹55 lakh.
2024 – Appears on Shark Tank India Season 4.
2024 – Secures ₹30 lakh for 10% equity and ₹20 lakh loan.
2024 & Beyond – Expands team and operations for growth.
