Flatheads Update | Shark Tank India Season 2
Flatheads made casual sneakers designed for all-day urban wear. Ganesh Balakrishnan and Utkarsh Biradar founded the brand in Bengaluru in 2018, targeting the gap between formal shoes and athletic runners for people who work and move around cities. The shoes were lightweight, minimalist, and priced in the mid-range D2C segment.
Flatheads on Shark Tank India Season 2
Ganesh Balakrishnan pitched Flatheads in Season 2, Episode 5. Peyush Bansal and Vineeta Singh were on the panel.
| Detail | Info |
|---|---|
| Ask | ₹75 lakhs for 3% equity |
| Implied Valuation | ₹25 crore |
| Deal | ₹75 lakhs for 33.3% equity (offered, rejected) |
| Outcome | No deal |
| Season | 2 |
| Sharks Present | Peyush Bansal, Vineeta Singh |
The Pitch
Ganesh asked for ₹75 lakhs at 3% equity, placing the company at a ₹25 crore valuation. Monthly sales at the time were around ₹15 lakhs with monthly losses of ₹5.5 lakhs. The business was burning cash and Ganesh was honest about it on stage.
He told the sharks he was considering walking away from the company and taking a job if he couldn’t make it work. That honesty, rare on a startup pitch show, made the episode go viral.
What the Sharks Said
Peyush Bansal and Vineeta Singh made the only offer: ₹75 lakhs for 33.3% equity. The valuation implied was ₹2.25 crore, a fraction of the ₹25 crore Ganesh had asked for. They framed it as a rescue deal given the financials.
Ganesh rejected it. He said he needed to step back, work within a D2C brand for a while to learn how the model actually works at scale, and come back later. He walked out without a deal.
What Happened After
The episode generated a huge wave of public support. Flatheads sold out its entire inventory in India within days of the episode airing. Ganesh kept the brand running for a while on that momentum.
In July 2023, Singapore-based fashion brand Styched acquired Flatheads in a mixed cash and equity deal. The deal gave Flatheads cash to pay vendor debts and fund inventory, while Styched used the brand as its entry into the semi-premium footwear segment. Flatheads products continued selling under the Styched umbrella.
After the acquisition, Ganesh launched a new venture called Aurm in 2024.
Current Status (2025)
| Detail | Info |
|---|---|
| Status | Acquired by Styched (July 2023) |
| Founder’s New Venture | Aurm (launched 2024) |