Business Remedies | Rajshree Upadhyaya | By reimagining denim basics to meet the evolving fashion choices of young women, Shaan Shah and Puneet Sehgal launched Freakins and successfully carved a niche for themselves. The Mumbai-based denim fashion brand began in 2018 as a modest experiment when Shaan Shah and his uncle Sachin invested Rs. 10 lakh in designing and manufacturing a few denim products. After receiving positive market feedback, they officially established the brand with the goal of offering stylish yet comfortable denim products for women.
In 2021, Puneet Sehgal-who had prior experience as Chief Strategy Officer at Nykaa-joined Freakins as co-founder, contributing strategic insights to the growing venture.
Competing with Established Global Brands
Freakins quickly rose to prominence by launching new designs every week, rolling out over 35 categories and more than 800 styles. Its product portfolio included jeans, dungarees, jackets, dresses, shorts, skirts, and tops-crafted specifically to appeal to Gen-Z consumers. The brand’s commitment to affordability and modernity enabled it to compete with established names like Levi’s and Pepe Jeans in the Indian market.
By 2023, Freakins had successfully completed more than 250,000 orders, primarily through its website and leading online platforms such as Amazon, Myntra, Nykaa, and Meesho.
Facing Financial Challenges
Despite growing popularity, Freakins faced financial hurdles. In FY 2020-21 and 2021-22, the company recorded losses of Rs. 2.1 crore and Rs. 3.8 crore respectively. Although its gross margin stood at 63%, high customer acquisition costs and operating expenses hampered profitability. By September 2022, Freakins’ net sales had reached Rs. 1.05 crore, with marketing expenses of Rs. 12 lakh.
These financial concerns became a focal point during their appearance on Shark Tank India Season 2, where Freakins pitched for Rs. 70 lakh in exchange for 1% equity, valuing the company at Rs. 70 crore. While the sharks expressed interest, they remained cautious given the losses and the need for larger investment rounds. Eventually, Vineeta Singh offered Rs. 50 lakh for 2.5% equity along with Rs. 20 lakh as debt at 12% interest, provided it was part of a larger funding round. The founders accepted the deal, marking a significant milestone for the brand.
Focus on Bold Designs, Affordable Pricing, and Strategic Partnerships Post the show, Freakins continued expanding its presence, opening offline stores in Bandra West and Borivali, Mumbai. The brand’s commitment to sustainability was reflected in its eco-friendly denim collection, aligning with the rising consumer preference for ethical fashion.
However, in early 2025, Freakins made the tough decision to lay off 10% of its workforce, citing internal restructuring needs. Despite this, the brand remains active and continues innovating in the highly competitive denim market.
From a small experiment to becoming a recognized name in India’s fashion industry, Freakins’ journey highlights both the challenges and triumphs of entrepreneurship. With its focus on bold designs, affordable pricing, and strategic partnerships, the brand has carved out a unique identity, winning over fashion-conscious women across the country. As it navigates growth and market complexities, the Freakins’ story stands as an inspiration for aspiring entrepreneurs determined to make their mark in the ever-evolving fashion landscape.
Written & Edited By:
Rajshree Upadhyaya
