Biography of Pooja Bajaj Shah: Founder & CEO of Girgit- Entrepreneur
Biography of Pooja Bajaj Shah:
Birth of Girgit: A Colorful Idea
In the midst of the pandemic, Pooja Bajaj Shah had a unique
idea that would bring joy to people through colors. She wanted to create a
product that could change color when exposed to natural elements like sunlight,
air, or water. Inspired by her husband's discovery of a color-changing pigment,
Pooja decided to turn this concept into a reality. With the support of her
family’s textile business background, she launched Girgit, India’s first
color-changing product brand.
The Journey of Girgit's Creation
Pooja, alongside her husband Benoy Shah, formed Girgit in
2021. Despite her previous career as a teacher and coordinator, Pooja took the
leap into entrepreneurship with the help of her husband, who mentored her on
sourcing the raw materials. Within just three months, they successfully
developed Girgit and its first products, which were targeted at children. Their
products included color-changing footwear, t-shirts, and accessories that would
appeal to kids' love for novelty and fun.
Expanding to Adult Products
Soon after launching, the couple began receiving requests
from parents asking for color-changing products for adults. Seeing this demand,
they quickly expanded their product range to include adult-sized items. The
brand grew rapidly as both children and adults embraced the novelty of
color-changing items, sparking interest across various age groups. Girgit’s
unique concept of combining fashion with fun was a hit.
Shark Tank India Pitch
In 2022, Girgit made its debut on Shark Tank India in Season
2, where Pooja and Benoy pitched their color-changing products to the
investors. They asked for ₹20 lakh in exchange for 10% equity in the company.
During their pitch, they demonstrated the products by showing how the footwear
and clothing changed color when exposed to water or sunlight, impressing the
judges with their innovation.
Challenges in Securing Investment
Despite the initial excitement, all but one shark decided to
step out. Investors like Peyush Bansal, Vineeta Singh, and Aman Gupta were
skeptical about the scalability of the business, feeling that the product’s
appeal might fade over time. They were unsure whether a single product feature
like color-changing could sustain long-term growth. Anupam Mittal also
expressed concerns about the product being too gimmicky.
Namita Thapar's Investment
However, Namita Thapar, the executive director of Emcure
Pharmaceuticals, saw potential in Girgit. She was impressed by the uniqueness
of the idea and offered ₹20 lakh for a 20% stake in the business, valuing it at
₹1 crore. After some negotiation, the founders of Girgit countered with an
offer of ₹20 lakh for 15% equity, but Namita stood firm. Eventually, they
reached an agreement for a 20% stake at the same valuation.
Biography of Pooja Bajaj Shah: Founder & CEO of Girgit- Entrepreneur/color-changing product brand/age/net worth/investor/startup/Girgit story
Revenue Growth and Business Model
At the time of the pitch, Girgit had an annual revenue of
₹58 lakh, with a gross margin of 79%. The company had already sold over 3,000
products and gained 1,800 happy customers. Their primary sales channel was
WhatsApp, which contributed 65% of their revenue, while exhibitions and
Instagram ads made up the rest. The products were priced at ₹2000 for kids’
footwear and ₹3000 for adults. They also sold other items like t-shirts and
shorts, ranging from ₹750 to ₹2000.
Girgit's Unique Selling Proposition
Girgit’s success can be attributed to its unique selling
proposition (USP): color-changing products made from cheap raw materials with
high-profit margins. This allowed the company to maintain a competitive edge in
the market. With no direct competitors in India at the time, Girgit’s founders
capitalized on their innovative concept and high-quality manufacturing process
to stand out.
Customer Demand and Social Media
Girgit’s products quickly gained popularity, especially
among kids who loved the novelty of their color-changing items. As demand grew,
the brand’s presence on social media platforms like Instagram helped spread the
word. They also invested ₹30,000 per month on Instagram ads, which proved to be
an effective marketing strategy. WhatsApp remained the most successful channel,
allowing them to maintain direct contact with their customers.
The Expansion of Girgit's Product Line
As the brand grew, Girgit began exploring other product
opportunities to expand its range. They introduced color-changing backpacks,
stickers, and masks. The masks were particularly unique, as they changed color
when a person breathed in and out. This constant innovation helped keep
customers engaged and excited about the brand’s offerings
The Role of Cross-Selling
Along with their core products, Girgit began identifying
cross-selling opportunities. They saw potential in offering complementary
products, such as color-changing slogans, backpacks, and more. This strategy
allowed them to diversify their product offerings and increase their customer
base by appealing to different needs and tastes.
The Success Story of Girgit
Girgit’s success story highlights how an innovative idea,
combined with strong entrepreneurial spirit, can lead to success. Pooja and
Benoy Shah’s vision for a color-changing product brand captured the imagination
of both children and adults. Through their hard work and creativity, they
managed to build a rapidly growing business in a competitive market, tapping
into a trend for personalized and unique products
The Future of Girgit
With the backing of Namita Thapar, Girgit has the resources
to scale its operations and expand its reach. The future looks bright for the
brand as they continue to innovate and explore new product ideas. They have set
their sights on growing their business beyond their initial product lines and
creating even more exciting and imaginative offerings for their customers.
Key Takeaways for Entrepreneurs
Girgit’s journey offers valuable lessons for entrepreneurs.
First, having a unique selling proposition is crucial to standing out in a
crowded market. Second, understanding market trends and consumer needs helps
create products that resonate with customers. Third, leveraging social media
and other online platforms can be an effective way to market products. Finally,
being open to negotiations and partnerships can help secure the resources
needed to grow a business.
In conclusion, Girgit is a prime example of how innovation
and entrepreneurship can create a successful business. With their innovative
color-changing products and commitment to quality, Pooja and Benoy Shah have
established a brand that stands out in the Indian market, offering a blend of
fashion and technology that appeals to customers of all ages.
A timeline of Girgit’s journey:
2021: The Birth of Girgit – Pooja Bajaj Shah and her husband
Benoy Shah create Girgit, India’s first color-changing product brand, inspired
by a color-changing pigment.
2021 (Within 3 months): Launching the First Products –
Girgit develops and launches color-changing footwear, t-shirts, and accessories
for kids, leveraging Pooja’s entrepreneurial spirit and Benoy’s mentorship.
2021-2022: Expansion to Adult Products – Responding to
demand, the couple expands their product line to include adult-sized
color-changing items.
2022: Shark Tank India Pitch – Pooja and Benoy pitch their
innovative concept on Season 2 of Shark Tank India, asking for ₹20 lakh for 10%
equity.
2022: Namita Thapar’s Investment – Despite skepticism from
the other Sharks, Namita Thapar offers ₹20 lakh for 20% equity, valuing Girgit
at ₹1 crore, and the deal is finalized.
2022: Revenue Growth – At the time of the pitch, Girgit
reports ₹58 lakh annual revenue, with high gross margins of 79%, and sells over
3,000 products.
2022-2023: Social Media Marketing and Growth – Girgit
capitalizes on WhatsApp (65% of revenue) and Instagram ads, growing brand
visibility and customer engagement.
2023 and Beyond: Expanding Product Lines – Girgit introduces
new color-changing products like backpacks, stickers, and masks, keeping the
brand fresh and innovative.
2023: Cross-Selling Strategy – The company explores
cross-selling opportunities, diversifying its offerings with complementary
items like color-changing slogans and accessories.
2024 – With the backing of Namita Thapar, Girgit aims to
scale operations and continue innovating, expanding its product range and
solidifying its position in the market.
