Premium shapewear brand Invogue featured on Shark Tank India Season 5, where sibling founders Maadhav and Ragini Saxena outlined the company’s journey in building a functional yet fashion-forward intimate wear business with a clear focus on profitability alongside scale.
During the pitch, the founders sought an investment of Rs. 50 lakh (US $ 55,000) in exchange for 1.25% equity, valuing the company at Rs. 40 crore (US $ 4.41 million). They highlighted Invogue’s differentiation in the premium shapewear segment, noting that its products are designed for extended daily wear of up to eight to nine hours, addressing comfort and functionality concerns often associated with shapewear.
Invogue operates within the premium intimate wear category through a structured product portfolio. Its offerings include Invogue Essentials, priced at Rs. 1,599 (US $ 17.65); Invogue Intense, a higher-compression range priced at Rs. 2,599 (US $ 28.69; and a shapewear bralette priced at Rs. 999 (US $ 11.03). To strengthen brand visibility among consumers aged 18 to 34, the company recently appointed actor Malaika Arora as its brand ambassador.
The founders said the brand follows a predominantly direct-to-consumer model, with 96% of sales generated through its own website. This approach has enabled Invogue to maintain inventory valued at Rs. 55 lakh (US $ 60,000) at cost while reporting zero dead stock across a catalogue of 200 stock-keeping units. The company also sees seasonally higher demand between October and February.
Invogue reported revenue of Rs. 5 crore (US $ 552,000) in FY ’24, delivering an EBITDA margin of 22%. In FY ’25, the company has generated Rs. 5.3 crore (US $ 585,000) in revenue with an EBITDA margin of 17%, including Rs. 3 crore (US $ 331,000) in year-to-date sales, and expects to close the financial year at Rs. 5.3 crore (US $ 585,000). The founders said the company aims to scale revenue to Rs. 100 crore (US $ 11.04 million) within the next five years.
Invogue ultimately secured an investment of Rs. 2 crore (US $ 220,000) in exchange for 15% equity, valuing the company at Rs. 13.33 crore (US $ 1.47 million), with Aman Gupta joining as an investor.
