WEB DESK: In the latest episode of Shark Tank Pakistan, Upstreet Co, a startup focused on crafting shoes and traditional Peshawari chappals, secured an investment of Rs10 million.
Upstreet Co deal Shark Tank
Co-Founders Upstreet Co Haseeb Akbar and Usman Awan introduced their business, and presented their products with monetary and logistical details.
The founders asked for Rs10 million with 10 per cent equity. The panelists including Faisal Aftab, Junaid Iqbal , Romanna Dada, and Karim Teli expressed their concerns regarding business model and hence backed out.
However, Usman Bashir showed his interest in the deal and offered to give Rs 10 million but with 20 per cent equity and 50 per cent royalty on annual net profits.
After negotiations, despite strong business growth they agreed to take Usman Bashir’s offer. Within just 14 months, the startup has achieved remarkable growth, maintaining an average order value of Rs5,700, a 50 per cent gross margin, and a 12 per cent net profit.
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Upstreet Co pitch overview on Shar Tank
- Pitchers: Haseeb and Usman.
- Ask: Rs10 million for 10 per cent equity.
- Business: Shoes and traditional Peshawari chappal store
- Result: Secured Rs10 million for 20 per cent equity, 50 per cent royalty.
Upstreet Co is Pakistan’s footwear store, offering a wide range of traditional and contemporary chappals and sandals.
Shark Tank social media reaction on Upstreet Co deal
The comment box quickly overflowed with well-wishes for the co-founders, while much of the audience’s praise and admiration was directed toward Shark Usman Bashir.
