Shark Tank India: Reprimanded by Ashneer Grover, founder raises Rs 9.25 crore in funding for innerwear brand

Sulay Lavasi, the founder and CEO of the innerwear brand “Bummer,” which gained fame after being reprimanded by Ashneer Grover in an episode of ‘Shark Tank India,’ has successfully raised Rs 9.25 crore ($1.1 million) in funding. The funding round was led by the Gruhas Collective Consumer Fund, backed by Nikhil Kamath, along with participation from Fluid Ventures, an existing investor in Bummer.

The infamous ‘doglapan’ incident, where Ashneer Grover accused Lavasi of duplicity, did not deter the growth of Bummer. In the same episode, despite the snub from Grover, Lavasi secured a deal with other sharks, Aman Gupta and Namita Thapar, who acquired a 7.5% equity stake in the innerwear brand for Rs 75 lakh. This deal has proven to be a significant success, with the estimated value of the equity now exceeding Rs 13 crore.

Founded in 2020, Bummer specializes in the manufacturing of various innerwear products, including bikinis, bracelets, vests, shorts, boxers, trunks, briefs, and loungewear. The startup emphasizes the use of micro-modal fiber, creating soft, light, and sustainable products.

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

With the recent funding infusion, Bummer aims to focus on expanding its brand and increasing its omni channel presence. The company also plans to extend its market reach, especially in Tier 2, Tier 3, and Tier 4 cities. Approximately 50% of the earnings are targeted from cities like Ahmedabad, Indore, Hyderabad, Chandigarh, Bhopal, and Jaipur.

Namita Thapar, one of the sharks who invested in Bummer, acknowledged the significant growth of the company, praising Lavasi’s negotiation skills and poise. The funds raised will be allocated for marketing expenses, distribution expansion (both online and offline), and team expansion. Bummer’s success story showcases resilience in the face of initial challenges, proving that a setback on national television can be overshadowed by subsequent accomplishments.