- Founder: Piyush Washwani, Jitendra Sharma & Ashish Tiwari
- Business: Hair Extensions
- Ask: ₹60 lakhs for 2% equity
- Valuation/Net worth: ₹30 Crores
- Funding: ₹60 Lakhs for 4% equity
- Sharks: Ashneer Grover, Anupam Mittal & Peyush Bansal
- Episode: Season 1 Episode 22
Hair Originals Shark Tank India Pitch:
Hair Originals, founded by Piyush Washwani, Jitendra Sharma, and Ashish Tiwari in 2019, is a company that specializes in producing and selling high-quality natural human hair extensions sourced from hair donated at Indian temples. The company made an appearance on Shark Tank India, seeking a 60 lakhs investment for a 2% equity stake, valuing the company at 30 crores. They produce permanent hair extensions, temporary hair extensions, and wigs as well. Their products are available through their website, and they even offer free installation at nearby salons to consumers.
Their revenue for FY21-22, so far, in 5 months, is at ₹2.5 Crores. They closed last month at ₹55 lakhs. Sourcing is primarily done from temples in South India, and manufacturing is done in a plant in Gurugram. Their gross margins are at 60-65%. They are a profitable business at the time of the pitch with a net profit of around 15% before salaries. They have already raised an angel investment round of ₹1 crore at a ₹10 Crore valuation.
Hair Originals Shark Tank India Negotiations:
Aman and Vineeta give the first offer at the same valuation as their last round, so they offer ₹60 lakhs for 6% of the company. Peyush, Ashneer, and Anupam give their offer right after, offering ₹60 lakhs for 5% of the company. This leads to a heated negotiation between Ashneer and Aman. Hair Originals takes a moment to think and comes back to counter Ashneer, Peyush, and Anupam’s offer at 4%. Aman jumps in to say they would do the deal at 4%. The company asks Ashneer, Peyush, and Anupam if they would close at ₹60 lakhs for 4%, which they accepted, confirming the deal.
Who are the founders of Hair Originals?
Piyush Washwani, Jitendra Sharma, and Ashish Tiwari founded Hair Originals. Piyush is an IIT Delhi graduate from the 2008 batch. He worked in 40 different countries for 11 years in the chemical field before starting this venture. Ashish is Jitendra’s friend and graduated from IIT Kharagpur. Piyush has experience and a background in manufacturing.
How is Hair Originals doing after Shark Tank India?
Our research on the company reveals that their deal with the Sharks closed after the show. This was also confirmed by Ashneer’s post where he shared all his investments. Hair Originals’ founder, Jitendra, shared in a conversation with Your Story that the hair extension market is a $40 billion market globally. He also shared that he appreciated the validation they received on national television and the funding they got on the show, as this is still a niche market in India.
Jitendra also did another podcast in summer 2023, where he mentioned that Shark Tank was a game-changer for Hair Originals. While they were initially on the show for validation, their business grew multifold afterward. The show also helped generate awareness about the category, and they still see the effects almost 2 years after the show aired. He added that after the show aired, they received over 27 thousand calls, which was overwhelming for their small team at the time, and they are still working on some of those. He shared that they did another fundraising round after the show aired, for which he credited the show as well.
You can check out their products by clicking the Amazon button below!
Source: Hair Originals Instagram
Here are other companies from Season 1 Episode 22.
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