Doglapan (I will expose your duplicity). These were the exact words of Ashneer Grover to the founder of a startup in an episode of the first season of Shark Tank India. The words became so famous that when Grover came up with his autobiography, he named it Doglapan.
The person that the ex-Shark reprimanded in the episode was Sulay Lavis, founder and CEO of an innerwear brand called ”Bummer”. The innerwear brand rose to prominence last week when it raised $1.1 million (Rs 9.25 crore) in funding from the Zerodha-famed Nikhil Kamath-led fund.
Lavsi was at the receiving end of Grover in that episode. But while the famous Shark snubbed him on national television, in the same episode, Lavsi got a deal from other Sharks Aman Gupta and Namita Thapar. The Shark duo purchased 7.5 per cent equity in the innerwear brand for Rs 75 lakh. Bummer has grown manifold ever since, and if we estimate the 7.5 per cent equity at the current market price, it has swelled to over Rs 13 crore.
Just in the last 18 months, the brand has increased its sales by 18 times. In a post on Twitter last year, Namita praised Lavsi for the significant rise in the growth of the company.
Bummer gets $1.1 million (Rs 9.25 crore) funding
Founded in 2020 by Lavsi, the brand raised funding of $1.1 million (Rs 9.25 crore) under the Pre-Series A1 funding round led by the Gruhas Collective Consumer Fund, run by Kamath.
When Namita praised Lavsi Last year, Namita gave a business update regarding Bummer’s annual sales in an X post (formerly known as Twitter). Sharing a picture with Bummer’s founder and CEO, Lavsi, Namita said, “As sharks, it all comes down to taking a bet on the founder. Today I met Sulay of Bummer, he’s one founder who won my heart with his negotiation skills & poise. He was at 60 lakhs annual sales when he pitched & today he’s exited FY 23 at 11 cr with current MRR of around 2 cr !” This is literally a ‘bummer’ for Grover, as he might not have anticipated the growth of the brand during the pitch.
As sharks, it all comes down to taking a bet on the founder. Today I met Sulay of Bummer, he’s one founder who won my heart with his negotiation skills & poise. He was at 60 lakhs annual sales when he pitched & today he’s exited FY 23 at 11 cr with current MRR of around 2 cr ! pic.twitter.com/d12DuzFGMo
— Namita (@namitathapar) June 15, 2023
What does Bummer do?
Bummer deals in the manufacturing of innerwear, bikinis, bracelets, vests, shorts, boxers, trunks, briefs, pyjamas, and loungewear.
The startup claims that its innerwears are made from micro-modal fibre extracted from the beechwood tree to make very soft, light, and sustainable products.
Bummer’s expansion plans
The company, with the money it received, focused on the brand’s expansion and increasing its omnichannel presence. The company also plans to increase its market reach, especially in Tier 2, Tier 3, and Tier 4 cities. The company aims to get 50 per cent of its earnings from Ahmedabad, Indore, Hyderabad, Chandigarh, Bhopal, and Jaipur.