Flatheads – Comfortable shoes that breathe entered Shark Tank India Season 2 and left after an emotional pitch, leaving everyone teary-eyed! The founder Ganesh Balakrishnan impressed the sharks with his sheer honesty and experience in life. Just when we thought that he was going to crack the deal, he decided to pull back resorting to some life-changing learnings he got from the Sharks. It was indeed an interesting episode, let’s see how and what was it all about.
About Flatheads
Flatheads create footwear for the modern age. Through the use of cutting-edge materials and thoughtful designs that are relevant to your lifestyle, they are reimagining casual footwear. Their footwear is constructed from organic materials like banana and bamboo fiber and is designed to provide users with all-day comfort. Flatheads shoes are designed to complement every aesthetic, from meetings to get-togethers.
Technology Used
They are the very first footwear company in India to fabricate high-performance shoes out of bamboo. In addition to being a natural fiber, bamboo is also a lightweight, flexible, and breathable material that gives their shoes these qualities. Natural bamboo fibers are also odorless, moisture-wicking, and temperature-regulating. This means that throughout the day, your feet remain dry, cool, and fresh.
The team disassembles every part of your shoe to meticulously analyze and optimize it, ensuring that you have the easiest possible use and the most comfort possible.
They use a special open-knit structure that allows air to move in and out of your shoe as if it were breathing to increase air flow and breathability in your shoes. Due to its distinctive knit structure, the fabric is stretchy and durable at the same time.
Brand Philosophy
They believe that what’s on your feet speaks volumes about who you are and what you stand for. Each Flatheads shoe is therefore made with your daily life in mind.
About the Founder
Ganesh Balakrishnan is B-Tech from IIT-Bombay from the 1999 batch. He later pursued MBA from IIM Bangalore in 2008. Balakrishnan founded his company Flatheads in 2018. Utkarsh Biradar, a fellow IIT-Bombay alumnus was his co-founder. Balakrishnan had initially set up two other ventures before Flatheads – mobile payments product Momoe and software company Windsleeve Technologies.
He has also worked in executive positions in multinational companies like Honeywell and the online shopping portal Shop Clues.
The Pitch and the Sharks’ Opinions
Ganesh explained his breathable, stink-free, fabric-based shoes very well. He had a few high-range varieties and a few low-range ones. His sneakers are lightweight and made from sustainable materials. He thought of this idea because he was facing an issue with stink and fit for many years.
He asked for 75 lakhs for 3% equity. He has the vision to make Flatheads a global brand. Ganesh claimed that his brand first became well-known in 2019, but the Covid-19 pandemic created issues because the lockdown made it necessary for people to remain indoors. As the judges went on further to ask more detailed questions, they realized that Ganesh is struggling at present to run his company. He admitted that at present he has spent all his savings and is in need of more capital.
Following his presentation, Ganesh began to cry and admitted that his company was failing and that he was insolvent. He also disclosed that he had used Rs 35 lakhs of his own money over the previous two months to keep the company afloat.
Namita Thapar’s Opinion
Shark Namita exited the pitch saying that even though the designs are good, she fears reviving a brand that did not do well for many years. She voted out of it because she felt that in a few months, her money would get depleted and the business would not succeed.
Peyush Bansal and Vineeta Singh’s Opinion and Offer
Peyush Bansal and Vineeta Singh offered him Rs. 75 lakhs in exchange for 33.3% of the company’s stock. In this bid, his business was worth Rs 2.25 crore. In spite of the fact that Ganesh’s company reported FY22 sales of only Rs 3.4 crore, it had requested a valuation of Rs 25 crore. Ganesh turned down the offer from Peyush and Vineeta despite having paid for the company’s operations out of his own pocket.
Despite denying the offer, Vineeta was quite impressed by Ganesh’s decision and decided to write a long note for the pitcher. She took to Instagram and shared, “I don’t have words to describe the courage, clarity and honesty of the entrepreneur who under the glare of 14 cameras is able to make the choice to be a better provider for his family rather than continuing to go after his dream!
Anupam Mittal’s Opinion and Offer
Ganesh was informed by Anupam Mittal that Shark Tank is not just about making investments. Additionally, perspective plays a role. To help him make some money and recover physically so he could resume working on his dream, he extended to him an open job offer. Anupam and the other sharks were astounded by Ganesh’s tenacity and optimistic outlook.
Aman Gupta’s Advice
After Ganesh’s pitch, Aman Gupta pointed out that the 4 crucial Ps that a business needs – product, price, place, and promotion, were missing from his brand. He voted out but offered him golden advice. Quoting his personal experience and story, he said, ‘My three enterprises collapsed, but I didn’t give up, I rebuilt my life, halted the business, worked for two years, and then relaunched it.’ ‘That’s what an entrepreneur is: he gets back up after going down,’
Final Thoughts
Ganesh Balakrishnan’s tale is something that every new-age entrepreneur can relate to. His spirit and guts to admit his failures in his venture earned him the hearts of millions of viewers across the nation. In the end, he decided to be a better provider for his family (currently being run on his wife’s income), than follow his dreams. The sharks posted their opinions on Instagram after this show, each wishing him better luck, happy that he decided to start over, and eagerly awaiting for him to build his dream successfully. The best part was that after the show was aired, the entire nation rooted for him, and Flatheads’ inventory in India was sold immediately.
Ganesh took to LinkedIn to thank the nation and the sharks for their kind gestures, mentoring, and right guidance. He informed to Indians that their entire Indian stock has been sold and he requested people living in the US to find their stocks at Zappos and those living in the UAE to find their stocks at Infinite Kart.
The nation’s support is definitely going to be a game-changer for this amazingly honest entrepreneur (even though he could not crack a deal)!!
