WEB DESK: Jibran Rahim, the co-founder of Cobblers Cartel, presented an innovative pitch on Shark Tank Pakistan, aiming to transform Pakistan’s footwear industry by promoting high-quality local products as affordable alternatives to international brands.
Rahim began by highlighting that Pakistan is the seventh-largest producer of shoes globally, yet consumers often favor foreign brands over local options. To address this, Cobblers Cartel has introduced a “Price Bidding Policy,” enabling customers to purchase locally-produced footwear at significantly lower prices while ensuring the business remains profitable.
Rahim, an electrical engineer who graduated in 2015, started Cobblers Cartel with an initial capital of Rs40,000, borrowed from a personal contact. Over six years, the business has grown exponentially, achieving a valuation of Rs30 million.
- Total revenue (past 6 years): Rs130 million
- Annual revenue (last year): Rs25 million
- Projected revenue (current year): Rs30 million (online: Rs18 million, outlets: Rs12 million)
- Gross profit margin: 52 per cent
- Net profit margin: 27 per cent
The company’s product pricing ranges from Rs7,500 to Rs15,000, targeting middle-class consumers who aspire to own premium-quality shoes at affordable rates.
Jibran sought Rs8.5 million for 10 per cent equity. Two investors expressed interest in the pitch, appreciating the scalability of the business model. Following detailed negotiations, the deal was finalized at Rs8.5 million for 20 per cent equity and an 85 lakh royalty on net profits.
This strategic investment will allow Cobblers Cartel to scale its operations, further develop its online presence, and expand its retail outlets. Jibran’s vision is to establish Cobblers Cartel as a globally recognized brand, comparable in quality to Spanish and German footwear, while maintaining affordability for the average Pakistani consumer.
With the investment secured, Cobblers Cartel is poised to lead the local footwear market into a new era of innovation and quality.
Cobblers Cartel pitch
- Pitcher: Jibran Rahim, Co-founder of Cobblers Cartel
- Ask: Rs8.5 million for 10 per cent equity
- Business: Premium local footwear brand
- Result: Secured Rs8.5 million for 20 per cent equity and 80 lakh royalty
