Journey of Surender Singh Rajpurohit: Reviving "Turms" from Adversity to Success, surprised Shark Tank investor with its transformation
Cleaning stains can be exhausting and finding a helper to do clothing or washing might be a challenging task at times. What if our clothing resists stains and smells good without washing? Indeed, it is feasible. Recently, Turms, a firm, presented this creative idea during Shark Tank Season 3. Surender Singh Rajpurohit went to Shark Tank India. Surender Singh Rajpurohit was not the brand's actual founder but a customer of it. In 2018, when he started using its innovative products. He found it interesting and felt that the business had so much potential. But during COVID, the business faced a lot of losses. Despite being well-funded, the company went bankrupt so Surender who was a regular customer of the brand in 2018 acquired Turms(Brand) in the year 2022.
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Business History
Turms was born in the tech-savvy city of India, Bangalore in 2016. The brains behind this venture are Rameswar Misra (Ex-CEO), Sandeep Kataria, Anil Dhondalay, Alok Sharma, and Rohit Gupta. The company was in huge losses post-COVID time and had to repay the debt to the vendors. It was the time when Surender stepped in to acquire the brand in 2022.
Surender Singh Rajpurohit Journey
In the dynamic world of entrepreneurship, tales of resilience, innovation, and determination often stand out amidst the challenges and uncertainties. Surender Singh Rajpurohit's journey with Turms, a distinctive apparel fashion brand, exemplifies such a narrative—a story marked by adversity, revival, and eventual success. Before venturing into Turms he was living and working in the Middle East, in the automotive industry, for around 10 years. He also worked as a strategic director at Volvo company for Asia.
He acquired Turms at 1.5 crores cash and, 12.5% equity in the new company to founders in 2022. Surender wasted no time in addressing the lingering issues plaguing the brand. The company, burdened by debt and post-COVID economic challenges, required a comprehensive restructuring to regain its footing in the market. Surender was able to change the whole sales profile with meticulous planning and relentless effort. He has sold more than 4 lakh products till now.
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In Shark Tank India
Recently, Surender Singh Rajpurohit appeared on Shark Tank India Season 3 to seek funding. He explained that he had just bought the brand, not the firm.The sharks were not much interested in the company before listening to the pitch. Because Peyush has already lost his money in the company as he had invested in it. Surender urged Peyush to contact the old founders for funding updates. During the pitch, Surender showcased his products and impressed the sharks with their quality, technology and sales.
After the pitch, he demanded 1.2 crores for 2% equity at a valuation of 60 crores. After interactions with the sharks, he received multiple offers from Aman Gupta, Anupam Mittal, Azhar Iqubal, and Vineeta Singh. Surender Singh opted for Azhar Iqubal's (the Founder and CEO of Inshorts) deal of 1.2 Crores for 4% equity at a valuation of 30 Crores.
About the Company
Turms has changed the apparel industry with its unique product range boasting innovative features like anti-stain and anti-odor properties. The trending products include Anti-stain Shirts, Anti-stain/odor Polo T-shirts, 30 Days No Wash Jeans, and 7 Days No Smell Socks. However, despite promising beginnings, the Company faced a tumultuous path, encountering financial setbacks and eventual bankruptcy. However, after the acquisition in 2022, it turned out to be a profitable business and recorded a surge in sales.
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