Ethik

Pankaj Khabiya and Bharat Ranka are Season 1's most values-first founding duo — a Jain man from Bengaluru who built a business around the principle of Ahimsa (non-violence) that his upbringing had instilled since childhood, and a Mumbai advertising professional who saw the brand potential in Pankaj's vision and invested ₹95 lakhs of his own money to co-found it — united by the conviction that Indian men deserved premium fashion accessories that did not require an animal to be killed. Pankaj Khabiya (Co-founder & Managing Director) is the founding visionary, product developer, and brand guardian. When Bengaluru lad Pankaj Khabiya took the bold step to start a vegan footwear brand called Ethik in 2013, he was only 23. Started with an investment of ₹25 lakh provided by his family, the brand has found a niche market. Pankaj is brought up in a Jain family and was inculcated with values like non-leather. As he grew up and felt the need for formal shoes and belts, he realised what he was wear

Ethik is India's first premium men's non-leather fashion brand — designing, manufacturing, and selling PETA-approved vegan shoes, belts, wallets, bags, and accessories using microfiber and plant-based cellulose materials engineered to replicate the look, feel, durability, and craftsmanship of genuine leather, without animal cruelty, and with a significantly lower environmental footprint than conventional leather production.

Amount Asked: ₹15 lakhs Equity Offered: 5% Implied Pre-Money Valuation: ₹3 crore

Ethik's pitch opened Episode 19 with one of Season 1's most conceptually elegant demonstration moments: Bharat walking in wearing what appeared to be premium leather shoes and a leather belt, Pankaj pointing them out, and then revealing that neither was leather. The pitch message was embedded in the founders themselves — they were the product, wearing it, proving that vegan could be indistinguishable from the real thing. This is a fashion brand startup and they started their pitch by complimenting the shoes and belt of the second founder. Through this, they wanted to convey the message that everything that looks like leather is not leather. The shoes he was wearing were non-leather. He also told Sharks that he was taught about non-violence as a child. When he finished college, he realised that the nation preaches non-violence and whose history and scriptures respect animals. The leather industry of the same nation had taken no concrete step against animal cruelty.

Ashneer Grover was the most commercially brutal and least constructive. Ashneer was the first Shark to go out, citing there is no business here. He suggested the entrepreneurs stop this venture and work on something else. Peyush Bansal exited on founder chemistry and pricing grounds. Peyush didn't like the founders' chemistry and thought the product was overpriced, hence he went out. Namita Thapar exited with a market maturity assessment. Namita commented that there is no purpose-driven market in India and the founders will have trouble scaling in this. Aman Gupta was the most interested of the exiting Sharks but ultimately frustrated by what he perceived as founder inflexibility. Anupam Mittal delivered the most analytically pointed exit. Anupam said: "You have made a sale of ₹1 lakh a month in a total span of 10 years. I have made my decision as you have done no business.

No Shark made an offer. All five exited before any formal counter was possible.

On-Screen Deal: NO DEAL — All five Sharks exited