Is Colour Me Mad out of business after Shark Tank India?

• Founder: Rajeev Surana and Trishla Surana
• Business: Footwear
• Ask: ₹40 lakhs for 10% Equity
• Valuation/Net worth: ₹4 Crores
• Funding: ₹40 lakhs for 25% Equity
• Sharks: Namita Thapar
• Episode: Season 1 Episode 33

Colour Me Mad Shark Tank India Pitch:

Colour Me Mad, also known as CMM, is an innovative footwear brand from Mumbai, India, which was featured on Shark Tank India Season 1 Episode 33. Founded by Rajeev Surana and Trishla Surana, they sought a ₹40 lakh investment in exchange for a 10% equity stake in their foot tech company. Colour Me Mad specializes in creating high-quality orthopedic foot soles. A unique concept of customizable footwear that can be made in just 10 minutes, a first in India was also introduced by the company. The founders addressed common foot pain problems and the need for comfortable footwear. This also started with Trishla’s personal experience of broad feet driving their initiative.

The company claims that 70% of people think foot pain is normal. They added that 2 out of 5 Indians have flat feet. Aman remarks that considering there are so many problems in India, wouldn’t being flat-footed be low on the list for most people? The company adds that the problem is significant. However, there isn’t enough awareness among people to realize how it can affect them. Ashneer asks if it’s a significant problem, why aren’t big brands focusing on it? He suggests that this proves it’s not a mass problem.

Colour Me Mad Shark Tank Negotiations:

Sales was the first aspect brought by Namita as she was interested in this investment. CMM made ₹8 lakh in the current year to date, with all sales being direct to the consumer. They had one angel investor who invested ₹4 lakh for 1%. Namita asks if they have insoles for heels, to which the company responds that they have plans to expand in that area. Most of their sales come from footwear, with insoles contributing only marginally.

Peyush agrees that it’s a significant problem and mentions that scaling might be an issue. He suggests that the company should focus on insoles and let go of the footwear side of the business. Peyush advises that they should sell customizable soles at an affordable price and of the best quality. He steps out of the deal but suggests that they should raise at least 4-5 million dollars, build a team, and focus on becoming a massive business in insoles.

Ashneer shares that he doesn’t even understand the problem, and he thinks that if there is a problem, big companies will take over this market, so he steps out of the deal. Anupam agrees with Peyush and adds that they cannot scale the customizable soles business, so he steps out of the deal as well. Aman adds that he doesn’t believe in the problem, and even if there is a problem, it’s not that significant, so he also steps out of the deal.

Namita was interested in the business, but she adds that she is not going to be a passive investor but a strategic one. She offers ₹40 lakh for 25% of the equity. CMM wanted to counter Namita, but Namita refused citing disappointing sales numbers and thought her initial offer is fair. Other sharks also agree with Namita on this. The company still counters at 20%, but Namita rejects that, and CMM accepts Namita’s initial offer. They close the deal at ₹40 lakh for 25% of the company.

How is Colour Me Mad doing After Shark Tank India?

Regarding how Colour Me Mad is doing after Shark Tank India, it is revealed that their deal with Namita after the show never closed. However, the company is still in business. While they continue to offer an extensive range of footwear through their website, it appears that their major focus has shifted towards producing high-quality insoles, as suggested by the sharks on the show. They also offer at-home services, which, as of 2023, are available only in Mumbai to create customizable midsoles. In addition to this, they have expanded their product lineup to include socks, oils, and more. While their current financial numbers are unknown, updates will be provided as more information becomes available.

Source: Colour Me Mad Instagram

Here are other companies from Season 1 Episode 33.