Imdad Hussain
Offmint has evolved as a beacon of trendy, inexpensive, and accessible high street fashion in the fast-paced world of fashion, where trends change in the blink of an eye and every brand competes for a share of the market. Launched in January 2024, this unisex, multi-category fashion company is redefining modern style while also rewriting the tale of its founder, Ashutosh Roy- a path marked by tenacity, grief, and ultimate reinvention.
The Origins of Offmint: A Vision Born from Adversity
Ashutosh Roy is from Samastipur, Bihar, a region where dreams are frequently tempered by hard realities. Despite the odds, Ashutosh’s unwavering desire to achieve catapulted him into the realm of entrepreneurship. However, his journey was not always straightforward. Prior to Offmint, Ashutosh had already made news on Shark Tank India Season 2 with another company, Gavin Paris. In that episode, despite his obvious zeal and unique ideas, he ended up with 0% equity- a decision that left him sad about what may have been. Every shark on the show encouraged him to fight for his fair share, and entrepreneur Aman famously said, “Take 1 lakh from me and start your own business.” Even if it came at a difficult time, that guidance sowed the seeds for Ashutosh to recover his story in the future.
Tragedy occurred on what should have been a glorious day. Ashutosh and his father had planned to watch the Shark Tank India episode together a moment of pride and validation. Instead, his life was destroyed when he received a worrisome call from his colleagues the morning the episode was released. Within half an hour, authorities notified him that his father had been discovered at the railway station following a horrific train accident. Ashutosh was so overcome with grief and loss that he couldn’t bring himself to watch the program for a month. But in that heartbreaking pause, he found clarity.
Recognizing that he now had to take responsibility for his family, he made a bold decision: to abandon his prior company and focus his efforts on developing something completely his own. Offmint emerged from the crucible of personal grief and professional setbacks.
The Creation of a New Brand: A Perfect Partnership
While Ashutosh began recreating his vision, destiny had another surprise in store. Rani Ahluwalia, a London-based fashion aficionado and co-founder, developed a strong admiration for Ashutosh’s narrative and his tenacity. Rani approached him with a proposition to collaborate and develop a brand that would disrupt the Indian fashion industry, inspired by his Shark Tank India episode and the lessons of tenacity it represented. Rani’s broad expertise and an acute sense of international style made her the ideal partner to match Ashutosh’s local knowledge and commitment.
Together, they decided to create a brand based on two essential principles: quality and accessibility. Offmint would target the Tier 1, Tier 2, and Tier 3 fashion segments, offering a variety of products such as jackets, dresses, T-shirts, and accessories. With a product line of approximately 700 SKUs, the brand was designed to provide versatile solutions for every fashion-forward individual. In a market where most fashion companies offer things priced between ₹700 and ₹800, Offmint boldly entered the scene with a premium pricing range of ₹2000 to ₹3000- a deliberate decision that highlighted its commitment to quality while making its designs accessible and trendy.
The stock structure was simple but significant. Ashutosh and Rani each own 50% of the company, representing a true partnership in which both founders are equally committed to Offmint’s success. Notably, Rani’s original investment of ₹5 Crore provided the business with a strong financial foundation from the start.
Behind the Scenes: Building a Fashion Revolution
It was not easy to set up Offmint. Determined to maintain production agility and quality, the founders chose an in-house manufacturing approach with small batch production. Their factory outfitted with 18 cutting-edge machines, displays a dedication to precision and creativity in every piece made. This structure enables Offmint to respond swiftly to changing trends while guaranteeing that each outfit satisfies the highest quality standards.
Offmint’s supply chain is an example of innovation in action. The company uses solid vendor ties to reserve high-quality fabrics, maintaining consistent supply even during difficult market situations. Furthermore, by making many styles from the same fabric, Offmint maximizes resource consumption while minimizing waste- a nod to sustainable fashion methods in an industry that is sometimes criticized for its environmental impact. With a small but extremely efficient team size of 10, each member plays an important role in the brand’s operations, from design to production to customer support.
The consequence of their efforts is the brand’s remarkable Myntra rating of 4.5, which attests to Offmint’s consistent delivery of quality and consumer happiness.
Financial Performance and Revenue Milestones
For every firm, numbers are the most effective storytelle₹ Offmint’s financial journey, while still in its early stages, is already showing positive indicators of development and strong unit economics. Since its inception in January 2024, the brand has produced cumulative sales of ₹2.5 Crores as of October 2024. This figure clearly demonstrates market acceptability and an increasing hunger for high street apparel that combines quality and flair.
Breaking down the monthly sales numbers further reveals the brand’s quick development trajectory: In July 2024, sales totaled ₹29 lakhs. In August 2024, sales increased to ₹32 lakhs. In September 2024, sales increased to ₹40 lakhs. In addition to its online presence, Offmint will increase its distribution channels by launching on prominent marketplaces in September 2024. This decision resulted in a good channel split while 80% of sales were generated via the brand’s own website, while 20% came from established marketplaces. The brand’s entry into offline retail was highlighted by the establishment of a flagship store in Broadway, Vasant Kunj, Delhi in October 2024, solidifying its position in the competitive fashion landscape.
Looking ahead, the brand is already planning for the future. May 2025 is predicted to generate sales of ₹1 crore, highlighting Offmint’s rising trend.
Looking into Unit Economics
Understanding unit economics is critical to assessing Offmint’s financial feasibility and operational efficiency. The brand’s cost structure is meticulously managed to balance quality and profitability.
- (COGS): The cost of goods sold is 30%. This reflects the direct expenses of making each unit, assuring superior materials and craftsmanship without compromising margins.
- Marketing expense: 20% Investments in brand development and client acquisition have been intelligently allocated, reflecting the value of visibility in a congested industry.
- Delivery Costs: Efficient logistics and delivery operations save delivery costs and provide prompt order fulfillment (7%).
- Payment Gateway and AI Tools: 3%. These charges demonstrate the brand’s dedication to using technology to facilitate frictionless online transactions and data-driven decision-making.
- Rent and Salaries: 15% Operating expenses, such as salaries for the small but efficient crew and rental fees for manufacturing and retail premises, are carefully managed.
- GST: 12% Standard compliance with tax regulations promotes transparency and accountability in financial reporting.
- EBITDA: An EBITDA of 13% demonstrates the brand’s good operational performance, indicating its potential for profitability as it grows.
Furthermore, Offmint maintains tight control over client metrics. The typical Return to Origin (RTO) fluctuates between 18% and 20%, while order cancellations and customer returns remain amazingly low at 2% each. These KPIs demonstrate the brand’s commitment to quality, customer satisfaction, and operational excellence.
Capital, Equity, and the Road Ahead
Offmint’s financial basis is further strengthened by effective capital management. With ₹2.5 Crore in the bank, the brand is well-positioned to invest in expanding its operations, marketing campaigns, and product ranges. The 50/50 stock arrangement between the two founders guarantees that strategic decisions are made cooperatively, with all partners equally dedicated to the brand’s vision and future.
Rani Ahluwalia’s investment of ₹5 Crores demonstrates her belief in the brand and readiness to back a business that seeks to disrupt the traditional fashion market. This funding, along with a lean operational team of only 10 members, indicates Offmint’s capacity to reach big milestones with limited resources- a credit to the founders’ strategic foresight and operational efficiency.
Offmint’s Business Model: A Perfect Blend of Style and Strategy
Offmint is more than simply a fashion brand; it is a movement in the high street fashion industry that promotes quality, creativity, and accessibility. The brand’s product line is precisely designed to appeal to a wide spectrum of audiences, including everything from jackets and dresses to T-shirts and accessories. With over 700 SKUs. In its catalog, Offmint has something for everyone, whether you’re searching for a statement item or casual wear. The brand’s distinctive selling points are evident.
- Quality: Each product is made with painstaking attention to detail, using the best materials and excellent craftsmanship.
- Focus on Tier 1, Tier 2, and Tier 3 Fashion: Offmint caters to a diverse variety of customers, guaranteeing that high street fashion is no longer the preserve of the privileged.
- Innovative Pricing: While competitors may offer products for ₹700 to ₹800, Offmint portrays itself as a luxury brand with prices ranging from ₹2000 to ₹3000. This pricing approach is more than just increasing profits, it is a commitment to provide exceptional quality that justifies the investment.
Furthermore, Offmint’s distribution approach is multifaceted. The brand has effectively established a strong online presence, with 80% of sales coming from its own website and the remaining 20% from prominent marketplaces. The opening of its offline store in Broadway, Vasant Kunj, Delhi. In October 2024 expanded its market reach by offering customers an immersive brand experience that bridges the gap between digital and physical retail.
The Shark Tank India Experience
The stark contrast between his initial ask on Shark Tank ₹10 for 1% equity, a valuation of ₹1000, and the eventual deal he closed for Offmint ₹10 Lakhs for 4% equity- highlights not only the growth in his business acumen but also the evolving market perception of his vision. This transformation from a setback to a breakthrough is what makes Offmint’s story truly compelling.
Conclusion
Beyond the stats and strategic tactics is a narrative of human growth and unwavering spirit. Ashutosh Roy’s journey- from the painful loss of his father on what should have been a celebratory day, to his challenging appearance on Shark Tank India, and finally to the creation of a brand that embodies his dreams and aspirations is a story that inspires and resonates with anyone who has ever faced adversity. Customers who purchase an Offmint jacket, dress, T-shirt, or accessory are investing in a concept of quality, innovation, and durability rather than a product.