A proof-led plan to build a premium Indian workwear brand
Four-year executive summary. Korin Studio is pre-launch: there are no sales, samples, signed agreements or customer data yet. Every figure comes from one 48-month model and is a forecast; every term is proposed. Principle: prove the product, prove the economics, prove repeatability, then scale.
Brand proposition
For women in India’s cities who work hard and dress with intent, Korin Studio is architectural, cotton-first workwear that takes her from the boardroom to the city, at ₹1,490 to ₹5,990 a piece, sold on korinstudio.in.
Core customer
The Rising Manager, 28 to 35, metro professional
First six months
A 10-style capsule, about 1,440 pieces, controlled tests, one gate
Stage
Pre-launch. Nothing signed, made or sold
The four years
- M1–2Phase 0: preparation. Agreements with gate terms, research, samples, costings
- M1–6Phase 1: proof of concept. Capsule in month 3, controlled selling months 4–6, gate at month 6
- M7–12Phase 2: optimise, only after PASS or CONDITIONAL PASS
- M13–24Phase 3: controlled domestic growth
- M25–36Phase 4: expansion; UAE and UK pilots only behind a gate
- M37–48Phase 5: scale with discipline
The month-6 gate
Twelve measures, each with a definition, data source, period, owner and the decision taken if it fails. Repeat purchase cannot be observed in six months, so the gate uses repeat intent and reads real cohorts later.
PASS releases the ₹1 crore second tranche. CONDITIONAL PASS opens a cure period. FAIL means redesign and re-test within the remaining cash, or an orderly wind-down. Thresholds are proposals Proposed
Key financial assumptions
Korin Studio management projection [R29]. Factory prices are estimates until open-book sampling. Full model
Four scenarios, one model
₹ crore. Forecasts, not results. The base case is POC-led; the upside is gated on POC results and is not the forecast. The downside is shown with and without the guardrails.
Funding sufficiency
The ₹3 crore is fixed. Where the model shows a gap, the gap is shown, not covered.
Most important unvalidated assumptions
Next milestones
Every figure on the slides is read from the same model as the business plan tabs. Images are mood-board references or AI-generated illustrations, labelled on each slide; there is no Korin product photography yet.
Prove the product. Prove the economics. Prove repeatability. Then scale.
The first six months are a proof of concept, not a launch. A narrow capsule, small batches and controlled experiments test whether women want Korin, pay full price for it, keep it and come back, and whether the factory can deliver it at the agreed cost. Scaling waits for the month-6 gate.
Phase 0: preparation and validation design, months 1–2
No large production commitment is made until these are done.
The six months at a glance
Controlled selling starts in month 4 only if samples, costings, minimums and the site are ready. If not, selling moves and the gate moves with it.
What the POC must prove
The month-6 gate
Proposed management targets, not industry facts. To be agreed with the investor in writing before signing, and replaced with validated thresholds as evidence arrives.
Experiments dashboard
Every critical assumption has a test, an owner and pass and fail thresholds. Nothing is marked passed until evidence is recorded. Status and results can be updated here; updates are saved in this browser only, and can be exported.
Assortment and factory minimums
The previous plan launched about 4,500 pieces across 50 styles, about 90 per style. Proposed factory minimums of 200–300 pieces per style and colour make that impossible as written. This section works out what each option really commits.
The POC budget, months 1–6
Calculated from the model’s cost assumptions, with ranges where quotes do not exist yet. Production is shown at cost; cash timing (60-day factory credit, GST) is in the cash bridge.
India’s working woman has nothing made for the space between the boardroom and the city. Korin is built to fill it.
This page is the whole case in one place: the opportunity, the plan, why it will work, what could break it, and how Korin grows from five Indian cities to the world.
Sources at the bottom of this page.
The plan on one page
Every tab, in one line. Tap a card to open it.
The gap
Formal workwear
Right for the office. Stiff, dated and made for one setting.
Fast fashion
On trend and cheap. Rarely office-appropriate, rarely lasts.
Indian premium labels
The look she wants at ₹3,500 to ₹12,000 a piece, in small runs.
COS
The global benchmark for modern workwear. Doesn’t ship to India.
Where Korin sits on price
Price per piece, in rupees
Unrush, Whim by Poorvi and COS from brand websites, October 2026. COS converted from US prices at about ₹85 to the dollar. Fast fashion and formal ranges are indicative.
Every competitor gives something up. Korin is built not to.
| Traditional formal | Fast fashion | Premium contemporary | Korin Studio | |
|---|---|---|---|---|
| Work appropriate | High | Medium | High | High |
| Fashion relevance | Low | High | High | High |
| Comfort | Medium | High | Medium | High |
| Cotton focus | Medium | Low to medium | Medium | High |
| Versatility | Medium | Medium | High | High |
| Price accessibility | Medium | High | Low | ₹1,490 to ₹5,990 |
| Repeat wardrobe | Low | Medium | High | High |
Cotton first
At least 80% good cotton in every collection. Other fibres only where they make the garment better.
One idea per garment
Clean lines with a single considered detail: a folded collar, a pleat, a dropped hem.
Work to evening
From a 9 am review to dinner without changing.
Made to European standards
By the factory group that already supplies a leading European brand.
Why this will work
Nine reasons, each with the evidence behind it.
Sources: IMARC, India women apparel market · Entrepreneur India, India’s fashion reset 2026 · Anarock via Storyboard18, Tier 2 and 3 e-commerce · MoSPI, PLFS 2025 · Third Eyesight on DSG Consumer Partners’ D2C survey · Base, CAC and LTV benchmarks · MEA, overseas Indians, January 2026.
Six customer groups. One core: the Rising Manager.
Five groups of women who buy for themselves, plus companies buying for their teams. Launch cities are Mumbai, Bengaluru, Delhi NCR, Pune and Hyderabad, where hybrid work has made the office wardrobe more personal.
Who buys what
How much each group leans on each category and on the core, seasonal and statement ranges. More dots means more of her spend.
From three age bands to six groups
Age tells us her budget. Her job and her life tell us what she buys and where we find her, so we plan by group, not by age.
One job for every piece
Whatever her group, every Korin piece has the same job: look sharp at 9:30, feel easy at lunch and still be interesting at 7. One outfit, no changing in the office bathroom.
Sharp enough for the review
Relaxed enough for lunch
Interesting enough for evening
Simple, never plain. Designed by the season, decided by the data.
Architecture and city life shape the line: crisp white shirting, sculpted collars, wide trousers and full skirts in a quiet palette. Minimal in colour, deliberate in cut.
The details that make it Korin
Palette
Paper
Pebble
Stone
Dusk rose
Charcoal
White and charcoal carry the core. Stone and pebble add warmth. Dusk rose is the one accent, used sparingly.
Logo directions
Heavy KORIN with a small studio and a red underline, for the site and packaging. A K drawn as a folded shirt collar for labels, buttons and Instagram. Concepts only, to be refined by a designer.
The year in colour
Every month for 48 months, with that month’s season palette. The core neutrals never leave; the accents move with the Indian year. Tap a month to see what we launch.
What we launch, month by month
New styles each month, how they split across core recolours, seasonal and statement, the pieces we make, and the colours and fabrics.
Six seasons, six palettes
Each season keeps the four core neutrals (white, charcoal, navy, stone) and adds its own accents. A bridge colour carries every season into the next, so last month’s purchase still works with this month’s drop.
Mix and match: designing for a bigger basket
Pick a capsule. Every top in it works with every bottom, so a few pieces make many outfits.
Why it matters
The rules every drop follows
Design intelligence: how we decide what to make
Taste sets the direction. Data decides the quantities, the colours and what comes back.
Keep, recolour or kill
The drop brief, every month
The weekly design and buying meeting
When stock doesn’t sell: the revamp ladder
No public markdowns, ever. Slow stock climbs this ladder, week by week from launch, until it sells or is reworked. The plan allows 5% of factory cost for unsold stock; the goal is to recover at least half of it.
Rework options at the factory
Rework is possible because our partner owns the factories: overdyeing and alterations happen in-house in small batches. Costs are working estimates per piece, to confirm with the factory.
All photographs on this page are reference imagery from the founder’s mood board, not Korin product.
A collection built to sell, with room to lead.
Launch with 40 to 60 styles in sizes S to XL. Every winner is reordered within weeks, and the mix follows real sales.
The lookbook: 60 suggested styles
Sorted by role in the range, then by garment. Tap any picture to see it large. Prices are suggestions. GST is 5% when the price before tax is up to ₹2,500 a piece and 18% above; prices between about ₹2,626 and ₹2,949 cannot be invoiced consistently, so those styles are flagged for repricing.
Reference imagery from the founder’s mood boards, used to show direction. Korin’s own product will be designed, sampled and shot before launch.
Launch mix by category
Shirts
Average ₹2,490. The hero category.
Trousers and pants
Average ₹2,890. Wide, tapered and culotte.
Tops
Average ₹1,890. The entry purchase.
Dresses
Average ₹3,490. Shirt dresses lead.
Co-ords and skirts
Average ₹4,490 for sets, ₹2,690 for skirts.
Jackets and layers
Average ₹4,990. Mostly statement.
Three price tiers, built around India’s ₹2,500 GST line
Entry
Tops, knit tees and essential shirts. The first purchase. All at 5% GST.
Core
Signature shirts, trousers, skirts and dresses. Most of the volume.
Premium
Jackets, co-ords and statement pieces.
Apparel carries 5% GST when the price before tax is up to ₹2,500 a piece and 18% above, tested per garment; with GST included, that means ₹2,625 or less, or ₹2,950 or more. The hero shirt sits at ₹2,490 by design. Full price only at launch: no sales.
Website first, content led, one hero product.
Korin launches on korinstudio.in only. We make one piece famous, the Korin White Shirt, then grow the wardrobe around it.
Hero product
The Korin White Shirt
Crisp cotton poplin, a panelled front and a split hem, at ₹2,490. Every campaign, creator and ad points back to it until it is the shirt people ask about.
Positioning and message
Positioning
For women in India’s cities who work hard and dress with intent, Korin Studio is architectural, cotton-first workwear that takes her from the boardroom to the city, at a price she can buy again and again.
Brand promise
Simple, never plain. Made to European standards. Never on sale.
What we say to each group
Words we use, and words we avoid
The launch countdown
From 90 days before go-live (early November 2026) to 30 days after (mid-March 2027).
Go to market, phase by phase
What we launch, where we show up, what it costs and what we must hit before moving on. Tap a phase to open it.
Month by month: the 48-month marketing calendar
Built around Indian work and festive seasons. Budget and targets match the plan case.
Marketing budget by channel, every month
Content she will actually save
One shirt, five ways
The same piece styled for review, lunch, travel, dinner and weekend.
9 to 9
Real women filmed through one full working day in one outfit.
Close to the cloth
Macro shots of cotton, seams and buttons. Quality you can see.
Her city
Shot on location in Mumbai, Bengaluru and Delhi, never a blank studio.
The weekly content rhythm
Formats that work in fashion
The creator programme
Working women with real jobs, not fashion influencers. Indian rates: nano ₹2,000 to ₹8,000, micro ₹8,000 to ₹80,000 a post (upGrowth, 2026).
Press and PR
Events and community
Channels
Instagram and Reels
The brand’s home. Styling, behind the scenes, drops.
Meta and Google ads
Main source of new customers. Creative tested every week.
Creators
Working women with real jobs, on affiliate codes, not one-off posts.
WhatsApp and email
Early access to every drop. Where repeat sales come from.
The founder’s buyer-to-brand story, where the customer works.
Fashion press
Vogue India, Elle, Harper’s Bazaar and business media at launch.
Referrals
Give a friend ₹500, get ₹500. Rewards instead of sales.
Office pop-ins
Trunk shows at co-working spaces and tech parks from Year 2.
Pricing and promotion rules
Visibility and expansion, in the order we earn it
Customers won only as fast as the evidence allows; by Year 4, about of orders come from women coming back.
Who she is, what she can spend, where we find her, what it costs to win her, and how we keep her buying. Every number ties to the 48-month model. Repeat buying is an assumption until real cohorts exist (read from month 9).
Six customer groups
Five groups of women we sell to directly, plus companies buying for their teams. Tap a group to see her in full.
Spending capacity, side by side
Income and apparel budgets are working estimates for metro professionals, to be checked against our first 1,000 customers. For scale: PLFS 2025 puts urban women’s workforce participation at 25.9%, and average earnings for salaried women nationally at ₹18,353, far below our customer, who sits in the top income bands of the metros.
How ₹1 lakh of ads becomes customers
Our planning numbers, set against Indian benchmarks for Meta ads and Shopify stores.
Benchmarks: Meta cost per click in India ₹8 to ₹28 depending on placement, fashion return on ad spend about 3.8x (OwlClaw, 2025 data). Indian Shopify stores convert about 1.2% to 1.5% of visits (eChai Ventures). Fashion D2C customer cost ₹600 to ₹1,200 with a healthy lifetime value to cost ratio of 3 to 5 times (Base).
Month by month: customers to win
New customers and repeat orders each month, plan case. Paid customers come through ads and creators; the rest through referrals, word of mouth, press and events.
Where new customers come from, phase by phase
Share of new customers by channel. Ads carry the launch; referrals and word of mouth grow every phase.
The acquisition playbook, phase by phase
How we keep her: the first 365 days
Every customer goes through the same sequence on WhatsApp and email. A WhatsApp marketing message costs about ₹0.86 and a service message about ₹0.12 in India in 2026, before platform fees and GST.
Korin Circle: loyalty without discounts
Refer a friend
She gives a friend ₹500 off a first order of ₹2,500 or more and gets ₹500 store credit when the friend’s order is delivered and kept. The only money-off in the business, and it pays for a new customer at half the cost of an ad.
Retention targets
For context: apparel brands globally see 10% to 18% of customers buy again within 30 days, Indian brands sit at the lower end, and D2C brands keep about 31% of customers over 12 months (eChai Ventures). Our cotton-first core, monthly drops and the loyalty tiers aim for 35% by month 12.
Rules we run the numbers by
Sources: Base, CAC vs LTV benchmarks for Indian D2C · OwlClaw, Meta ads benchmarks India · eChai Ventures, conversion rates · eChai Ventures, repeat purchase rates · upGrowth, influencer pricing India 2026 · MyOperator, WhatsApp API pricing 2026 · MoSPI, PLFS 2025. Benchmarks are third-party estimates; ours are planning targets to be replaced by real data after launch.
Expansion, month by month: five cities to the world
We deliver across India from day one, but we market city by city: metros first, then the rest of Tier 1, then Tier 2 professional hubs, and only test abroad later, through one fully costed pilot, if the Indian business passes its gates. Market research is in the Go global section.
Where sales come from, by phase
The city waves
Every month
Go global, later: research now, one costed pilot only after India is proven.
About 3.5 crore Indians live outside India and trade deals have lowered some duties. But nothing abroad is committed. A single pilot in one market is considered from month 27, and only if the Indian business meets its cash, contribution, fulfilment and service gates. The research below is kept for that decision.
The markets, ranked
Diaspora size from the Ministry of External Affairs (January 2026). Duty status as of October 2026; trade rules change, so each is re-checked before any pilot. Timing is conditional, not planned. Tap a market for the research.
The global roadmap, month by month
Each market moves through the same four steps: ship from India, prove demand, stock locally, then reach beyond the diaspora.
International revenue by phase
Share of total net revenue from outside India, plan case.
Year 3 abroad, by market
Net revenue, ₹, and orders in Year 3.
The global collection
One brand, adjusted for climate, size, modesty and the calendar of each market.
How we get in: the penetration playbook
What a shirt costs to land
The ₹2,490 hero shirt sold abroad. Indicative, per piece, for an order of 1.5 pieces.
Shipping and returns are estimates for express courier, delivered duty paid. Local prices use October 2026 exchange rates, rounded.
Cautions abroad
Sources: MEA, population of overseas Indians, January 2026 · FashionUnited, India–UK FTA in effect · Australia zero duty for Indian exports · Treelife, India–EU FTA · Zonos, US tariff updates 2026 · KPMG, US tariffs on India, February 2026 · Middle East Briefing, UAE customs · D2C Insider, Snitch enters UAE · McKinsey, GCC fashion (2019).
One 48-month model, four scenarios, every number reconciled.
The POC-led base case is the operating plan. The downside (with and without guardrails) and the gated upside use the same definitions and unit economics. All figures are Korin Studio management projections for a pre-launch business, not results.
Definitions used everywhere in this file
Net revenue: what customers pay, less GST and promotional credit; pieces counted after returns. Gross margin: net revenue less the price paid to the manufacturing partner (cost plus 10%; plus a 20% small-batch premium in months 1–6). EBITDA: gross margin less fulfilment, returns, marketing, team, overheads (including GST on services that cannot be reclaimed), pre-launch and POC set-up, and stock write-downs. EBIT: EBITDA less depreciation (capital spend over 36 months). Net profit: EBIT less income tax at 25.17% once earlier losses are used, accrued monthly. Taxable profit is shown as cumulative EBIT after losses; it is not the same as the accounting figure once tax rules on depreciation and disallowances apply (CA to confirm). Operating cash flow: receipts (8% settle a month late) less cash paid, with factory bills paid 60 days after production, GST paid the month after it is collected net of input credit, and tax paid in advance-tax months. Closing cash: bank balance including investment received. Minimum cash line: the next two months of team, fixed overhead and factory payments, plus GST due.
Scenario comparison
₹ crore unless stated. Red figures are shortfalls. The upside needs factory capacity the partner has not confirmed. The downside without guardrails runs out of cash; it is shown so the shortfall is visible.
Net revenue and EBITDA by year
₹ crore, forecast.
Cash in the bank and the minimum cash line
₹ crore, month end, forecast. The dashed line is the base-case minimum cash line. The vertical line marks the month-6 gate.
Unit economics: from what she pays to what Korin keeps
Average piece in Year 4, base case, ₹ per piece. Fixed costs are spread over Year 4 volume.
Worked example: the Korin White Shirt
Average order, Year 1 and Year 4
Factory prices are working estimates per category until open-book quotes on approved samples. GST: 5% where the price before tax is up to ₹2,500 a piece, 18% above (Notification 9/2025-CT(R), from 22 September 2025) [R21, R22].
Base case: profit and loss, then cash
Profit is not cash
EBITDA turns positive in month and stays positive from month . Net profit is lower after depreciation and once tax starts. Cash lags both: stock is bought ahead of sales, GST is paid the month after it is collected, advance tax is paid quarterly and 8% of receipts arrive a month late. The lowest bank balance is in month , at the end of the POC, and the most cash the business consumes is by month .
Automated model checks
Computed when the model runs; the results below are read from it, not typed.
The full list of corrections is in References & Appendix → Financial reconciliation.
Prove the margin first, then grow the volume.
Factory-direct making gives a gross margin of about 73% at standard costs. Year 1 is the proof of concept and optimisation; in the base case EBITDA turns positive in month . Every figure is a forecast.
Gross margin after GST
Average order, at 1.3 pieces
Left after every cost except marketing
First EBITDA-positive month in the base case (forecast), positive every month from month
Where every rupee goes, Year 4
The average a customer pays for one Korin piece in Year 4 of the base case (forecast), split into what it pays for.
Month by month, all 48 months
Every line of the profit and loss and cash flow for every month, base case. Pick a period to see its six months side by side, or switch to all 48 months in one table.
Revenue and profit, every month
Net revenue after GST and EBITDA, ₹ lakh, plan case.
Three-year summaries for the base, downside and upside cases, with tax, net profit and closing cash, are at the top of this tab under Scenario comparison. KPI targets and red lines are in Risks & Guardrails.
The 48-month plan in eight periods.
The base case, period by period: what is sold, made, bought and spent, and the cash left at the end of each period.
The 48-month plan, in eight periods
Each period is six months. Every number comes from one month-by-month model, base case: month 1 is November 2026, the controlled launch is month 4 (February 2027) and the proof-of-concept gate is month 6. Tap a period to open it.
Where the money goes, phase by phase
Spend stacked by type, ₹ crore. The dot is what customers pay in. When the dot sits above the bar, sales fund the business.
Every phase at a glance
Plan case. Net revenue is after GST. Spend includes paying the factory 60 days after each production run. EBITDA includes pre-launch set-up and allows 5% of factory cost for unsold stock. Spend includes estimated income tax.
Making, stocking and replenishing, with a partner who is also a shareholder.
The proposed arrangement: open-book manufacturing cost plus 10%, with 60-day payment credit, subject to a definitive agreement. Nothing here is signed. Volumes and costs come from the base-case model.
How the money moves
Equity capital and manufacturing payments are separate flows. The 10% markup is revenue of the manufacturing business, never Korin’s profit, and never part of the 30% equity.
What the arrangement means in each scenario
₹ crore. “Orders” is what Korin pays the manufacturing business for garments, including the 10% markup. “Credit extended” is the most the manufacturer is owed at any month end under 60-day terms.
The markup is a margin over the agreed manufacturing cost base, not necessarily profit: what it leaves depends on how the cost base is defined (fabric, trims, cut-make-trim, factory overheads). That definition is still open. Capacity has not been confirmed by the partner Supplier confirmation required
Stock on hand by age, 48 months
Base case, pieces at month end, split by months since made. Forecast.
Target: about 2.5 months of cover; a floor of 1,500 pieces to month 12 and 3,000 after; a 5% write-down allowance on every month’s sales.
Inventory ageing and cohort sell-through
Sell-through by period, forecast
Replenishment: how a style earns more stock
Run every Monday, style by style, from week 2 after a drop.
Buying plan and open-to-buy
What we order from the factory in each phase. OTB = planned sales + planned closing stock + 5% unsold allowance − opening stock. Stock is valued at ₹686 a piece at cost and ₹3,050 at full price.
Every month, every task, every hire.
48 months of work in eight half-year periods, starting with the six-month proof of concept. Hires follow sales gates, not dates. Tick tasks as they are done and the percentages update; ticks are saved in this browser only.
Team size by phase
People on the payroll at the end of each phase, matching the team costs in the plan.
How to read the priority scale
What could go wrong, how we would know, and what we would do.
Every risk has a warning sign, a threshold that forces action, an owner and a cost to cash where the model can measure it. Thresholds are proposals to agree with the investor before signing.
Risk register
15 business risks. Likelihood and impact: H high, M medium, L low. “Cash runway impact” is from the model where the risk can be modelled; otherwise it says so.
Proof-of-concept risks
15 risks specific to months 1–12, same columns. Numbered P1–P15.
Six guardrails
Proposed rules to be written into the shareholders’ agreement and the annual budget. Two are modelled (team tier cap and marketing cap) in the “downside with guardrails” case.
Probability and impact, business risks
Numbers match the register. Placement is management judgement Assessment
When spending pauses, production falls or expansion waits
Stress tests: what happens to profit, cash and decisions
Each case is recalculated through the whole 48-month model, with no management action unless stated. No month is hidden: negative balances are shown in red.
Decision points agreed in advance
So a bad month leads to an agreed action, not an argument.
The minimum cash line
Korin should never let the bank fall below the cash needed for the next two months of unavoidable costs: salaries, studio, technology, content contracts and administration, plus factory bills due under the 60-day terms, plus any GST due. Marketing and new production are excluded because they can be stopped.
Management controls: 13-week and 12-month cash forecasts
Templates filled with the base-case plan for weeks 1 to 13 (November 2026 to January 2027) and months 1 to 12, including GST, tax and capital spend. Replace with actuals and re-forecast every Monday (13-week) and every month end (12-month).
The original cautions, with the research behind them
What could go wrong, how likely it is, how much it would hurt, the warning sign we watch for, and what we do about it.
The numbers we watch, and when to worry
Every metric has a target, a red line that triggers action, how often we check it and who owns it. The daily ones sit on the dashboard; the monthly ones go to the partner.
Proposed investment · subject to definitive agreements
for 30%
Two separate things are proposed. An equity investment in Korin Studio. And, separately, a manufacturing arrangement with the investor’s factory group at open-book cost plus 10%, with 60-day credit.
Proposed pre-money valuation
Proposed post-money valuation
Founder / investor, after both tranches
Tranches: ₹2 crore at signing, ₹1 crore after the month-6 POC gate
Who owns what
The arithmetic
Between the two tranches
If shares are issued as each tranche is paid, at the same price, the investor holds after the first ₹2 crore, if only ₹50 lakh more is paid, and 30% after both. Illustrative; the mechanics depend on terms not yet agreed Unresolved
Future dilution, if any
There is no employee pool in the current split. A future pool or new round would need investor approval and would dilute both holders in proportion. Illustration only: a 10% pool created later would leave the founder at 63% and the investor at 27%.
Two separate potential benefits for the investor
Benefit A · Equity
30% of Korin Studio
A share of whatever Korin is worth and distributes: dividends, buy-backs or exit proceeds, if and when they happen, subject to the shareholders’ agreement and law. None of these are guaranteed, and no dividend is planned in the first 48 months: the model keeps cash in the business.
Benefit B · Manufacturing business
Orders at cost plus 10%
The investor’s manufacturing business, a separate company, would receive Korin’s garment orders at the agreed, auditable cost plus 10%. This is that company’s revenue. It is not paid to the investor personally, it is not Korin’s profit, and it is not part of the 30% equity.
The second tranche and the POC gate
How the ₹1 crore is tied to evidence. Proposed positions for discussion; the gate measures are in the Proof of Concept tab.
Counsel and CA review required
The tranche structure, the gate as a condition, share issue in tranches (or partly-paid shares), valuation support, related-party approvals for the manufacturing agreement, and the tax and GST treatment in the model all need review by an Indian corporate lawyer and a chartered accountant before signing. Nothing here is legal, tax or investment advice.
How the ₹3 crore is used
Months 1 to 12, base case, by category, period and type. Calculated from the monthly model; the totals reconcile to ₹3 crore.
Monthly investor reporting
Proposed contents of the monthly pack, within 10 working days of month end.
Money in the bank, month by month
Pieces sold and made, by period
Production runs ahead of sales to hold about 10 weeks of stock, plus a 5% write-down allowance. The POC period makes the capsule only.
Projections, not guarantees. Valuation and terms are proposals, to be finalised with legal and tax advisers.
Governance: clear rights for the investor, clear room to run the business.
Proposed terms for discussion. Because the investor may be both a shareholder and the main supplier, the manufacturing arrangement needs its own safeguards. This is not legal or tax advice.
Reserved matters: need investor approval
Management authority: decided by the founder and team
Within the annual budget approved by the board. The investor is a silent partner in day-to-day decisions and receives the reporting below.
Information rights proposed
Manufacturing agreement: what must be written down
Status as of October 2026. Only two terms have been proposed so far; none is agreed or signed.
Related-party safeguards
Legal and tax review checklist
For an Indian corporate lawyer and chartered accountant. All items pending.
Sources, corrections and open items.
Every outside claim in this file traces to a numbered source below. Internal forecasts are labelled “Korin Studio management projection”. Sources checked on 12 October 2026 are marked verified; the rest come from earlier research and need re-checking.
References
Reconciliation report against Version 16
Removed assumptions, recalculated figures, unverified items, funding sufficiency, lowest cash and minimum-line breaches per scenario, POC failure and non-release, and items for professional review. Version 16 figures are from the saved previous model; current figures are read live from the model.
Change log
Investor diligence checklist
Nothing is marked complete without evidence in this file.
Complete, with evidence
Pending
Presentation readiness
Unresolved decisions
These stop the document from being treated as final.
This file is a business plan and proposal, not an offer of securities, and not legal, tax or investment advice.
