Shark Tank India is one of the unusual success stories that demonstrate that Indians have advanced far beyond the patronizing jokes made in the name of entertainment and are prepared to look beyond the soap operas that are shown on Indian television.
The type of unexpected hit that Shark Tank India has was not anticipated by anyone, despite the fact that the same straightforward concept behind the reality TV program has proven successful in a number of nations throughout the world.
For the uninitiated, the show is all about seven “sharks,” who are all wealthy business people and titans of the sector, watching aspiring entrepreneurs present their ventures in an effort to secure the sharks’ financial support.
While many people anticipated that it would garner significant attention, by the end of it, nobody anticipated sharks to be minor celebrities and having startups and entrepreneurs become a trend.
Due to its immense popularity, the show recently entered a brand new season, and as expected, it started gaining momentum. However, something unusual recently occurred when all sharks were so impressed with one start-up that it sparked a shark bidding war.
Paradyes left all sharks in awe
As the first semi-permanent hair color business in India, Paradyes attracted a lot of interest from the sharks during their Shark Tank Season 2 presentation.
In March 2021, Yushika Jolly, 26, and her husband, Siddharth Raghuvanshi, founded Paradyes as a result of their own hair-coloring research.
The firm generated sales worth Rs. 3.5 crore in FY22. Additionally, sales increased steadily each month (before the show was filmed), rising from Rs. 35 lakhs in July to Rs. 51 lakhs in September. When the founders requested a Rs 65 lakh investment for a 1% stake in the company, it was valued at Rs. 65 crores.
With a solid supply chain and brand-consistent marketing, Paradyes wowed the sharks.
Sharks lucrative offer to Paradyes
Lenskart cofounder Peyush Bansal referred to it as a “category-creation business.” He started the bidding with Rs. 65 lakh offer for 5% ownership, valuing the company at Rs. 13 crores.
Anupam Mittal, the creator of Shaadi.com, and Vineeta Singh, the co-founder of Sugar Cosmetics, then made a combined bid asking for 4% of the stock for the same sum, increasing the valuation to Rs. 16.25 crores.
Aman Gupta, the co-founder of boAt, was the final person to make an offer. Even though he offered the same conditions as Bansal, i.e., Rs. 65 lakhs for 5% equity, he also said that he would be thrilled to work with them.
However, the founders unexpectedly demanded Rs. 65 lakhs for 3% of the stock from Vineeta Singh and Aman Gupta after receiving several tempting offers.
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Bansal said that Singh’s Sugar Cosmetics business was actually a rival to Paradyes. Singh angrily refuted this assertion, arguing that there is a significant distinction between hair products and makeup or cosmetics.
The founders received more than just money from Gupta. Aman Gupta commented,
“We’re here to support you. In no other category has an Indian brand pushed out foreign brands from the India market but we (boAt) have. We know how to fight them. Now decide, if you need value or valuation!”
In less than five minutes, the startup’s value increased from Rs. 13 crores to Rs. 65 crores. Excited founders stated that Singh and Gupta had the experience they were looking for.
However, this did not go well with Anupam Mittal, and he withdrew, saying he had doubts about the founders’ honesty. Last but not least, Gupta and Singh made a combined offer of Rs. 65 lakhs for 2% of the company, valuing the business at around Rs. 32.5 crores. Even though Bansal had made them a better offer, the founders decided to take it.
More about Paradyes
Yushika Jolly, who has a Bachelor of Arts in design from NIFT, is in charge of marketing, packaging, and design, whereas her husband Siddharth Raghuvanshi, who has an MBA from Symbiosis, is in charge of finances and operations.
Based in Ahmedabad, Paradyes seeks to dispel common misconceptions about hair color and expand upon the market’s restricted selection of browns and reds.
Its company website states,
“There are several myths about the damage that colouring might cause to your hair. We are here to inform our customers and audience about how they can experiment and style their hair without damaging them!”
According to the company website, their products are damage-free, ammonia-free, paraben-free, and PPD-free.
When Jolly originally had the concept for the product in 2019, her brother assisted her with the R&D. With a revenue of close to Rs. 800 crores, Jolly’s family is in charge of producing the essential raw materials and chemicals used worldwide in hair color products.
At the moment, Paradyes offers more than 20 hair colors that are inexpensive, simple to use, safe, and don’t call for a “long-term commitment.” The inventors assert that the color lasts for 8–10 washes. The creators also mentioned their future plans to diversify into both permanent and temporary hair color categories.
Currently, customers may purchase Paradyes items via the company’s website and from online retailers like Amazon and Flipkart. More than 35 Health & Glow locations provide them offline. On Instagram, Paradyes has more than 80,000 followers.
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