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Jeevika Tyagi, co-founder and CEO of athleisure startup Aastey, is facing a lawsuit on Shark Tank India over comments about the startup’s marketing spend. He strongly criticized official Namita Thapar. Namita is the CEO of M-Cure Pharmaceuticals.
Jeevika posted a video on Instagram. It includes footage from an episode called “Celebrating the Entrepreneur’s Breakthrough,” in which Namita says she is “quitting” after Jeevika’s startup Aasti has acquired it. INRThe company raised 10 billion yen from investors and spent the entire amount primarily on marketing.
Reacting to Namita’s comments, Jeevika in a video post claims that Sony, on which Shark Tank is aired, edited out a part of the episode with the theme “Is this a violation of financial discipline?” Jeevika claims that the edited part of the episode was about the start-up’s inventory, business expenses, operations and staff costs as well.
“Jeevika Tyagi and Kanupriya Mundra do #Aastey INR100-CR brand! ” reads the Instagram post.
Aastey is a women’s athleisure brand that positions itself as an “inclusive” apparel manufacturer that offers athleisure clothing for a variety of body types.
Aastey was conceived during the 2020 lockdown with founders Jeevika Tyagi and Kanupriya Mundhra spending over a year researching and developing the product and shipping it to India at an affordable price. Its product range includes sports he bras and leggings offered in 16 different sizes.
According to a previous report published by live mint In February 2022, the startup raised funding INRSeed funding from CXXO, an initiative of Kalari Capital, is 10 billion yen.
Aasti said the funding will help the brand build its supply chain while establishing its marketing foundation.
“India is packed with athleisure brands, but none focuses on the sustainability aspect. There is a huge demand. Due to lack of domestic supply, we are paying a premium to have global brands shipped to this country,” said Jeevika Tyagi.
According to its website, Aastey’s mission is to “remove all existing biases and stereotypes against women while maintaining a positive impact on the environment.”
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Published: February 25, 2024, 8:55 PM IST
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