TURMS, the smart clothing brand, has recently secured INR 1.2 crore from Azhar Iqubal, the CEO of Inshorts, marking a significant milestone in the latest episode of Shark Tank India Season 3. This strategic investment not only underscores the brand’s remarkable success on the entrepreneurial stage but also played a pivotal role in steering the company towards an impressive turnaround, leading to a successful exit.
Renowned for its innovative line of apparel, TURMS specializes in creating clothing with cutting-edge features, including anti-stain, anti-bacterial, anti-fungal, and anti-odor properties. Highlighting their commitment to revolutionizing the fashion industry, the brand’s standout products include 30-day no-wash jeans, resilient white cotton shirts, AC cool tech T-shirts, and seven-day no-smell socks.
Adding a touch of celebrity allure to its promotion, TURMS boasts Indian cricketer MS Dhoni as one of its patrons.
During the pitch on Shark Tank India, the Sharks were captivated by TURMS’ focus on practical innovation. Ashneer Grover, in particular, praised the brand’s “USP proposition,” highlighting the combination of impressive technology and the passionate pitch delivered by TURMS’ Founder, Surender Pal.
Surender Pal, who took over TURMS in 2022, shared the brand’s remarkable turnaround story with the Sharks. Under his leadership, TURMS has experienced significant growth, with the sale of four hundred thousand apparel units to date.
Aman Gupta, BOAT’s Co-Founder and Chief Marketing Officer, led tests on TURMS’ products, with Anupam Mittal, CEO of Shaadi.com, stating, “You will close the markets of the soap industries.” Azhar Iqubal, CEO of Inshorts, expressed his interest, saying, “Your products are very interesting.”
The acquisition of TURMS took place during the challenging Covid period, with Surender revealing details of the deal, including INR 1.5 crores in cash and a 12.5 percent equity stake in the new company.
Seeking a funding of INR 1.2 crore for a two percent equity stake, Surender received a counteroffer from Anupam Mittal, proposing an investment of INR 1.2 crore for a four percent equity stake and a two percent royalty. The deal was ultimately sealed at INR 1.2 crores for a four percent equity stake between Azhar Iqubal and Surender Pal.
Reflecting on the experience in Shark Tank India 3, Surender Pal said, “The sharks were genuinely impressed by the remarkable turnaround we have achieved since acquiring the company, and its current success speaks volumes.”
He added, “Shark Tank India, as a platform, not only provided a spotlight for our innovative garments but also established crucial connections with our target audience.”