- Founder: Yushika Jolly & Siddharth Raghuvanshi
- Business: Semi-Permanent Hair Dyes
- Ask: ₹ 65 Lakhs for 1% Equity
- Valuation: ₹65 Crore
- Result: ₹ 65 Lakhs for 2% Equity
- Sharks: Aman Gupta & Vineeta Singh
- Episode: Season 2 Episode 9
Paradyes Shark Tank Pitch:
Paradyes, a semi-permanent hair color brand, accomplished just that in the 9th episode of season 2 of Shark Tank India. Let’s dive into the captivating journey of Paradyes, from its pitch to the offers and its post-Shark Tank success.
Paradyes, a brainchild of the husband-wife duo Yushika Jolly and Siddharth Raghuvanshi. They entered the Shark Tank India stage with a mission to change the beauty industry. Their innovative product, a semi-permanent hair color, was designed to cater specifically to the Indian market. What set Paradyes apart was its commitment to offering more than 20 safe hair colors that could last up to 8-10 washes. This allows individuals to express themselves freely.
During their pitch, Paradyes founders revealed that their journey began with research in 2020, culminating in product launch in March 2021. They aimed to secure an investment of 65 lakhs in exchange for a 1 percent equity stake in their flourishing venture.
Shark Tank – Paradyes Negotiations and Offers:
The Paradyes pitch instantly captured the interest of the Sharks. Everyone except Namita was eager to invest and join the Paradyes journey. This left the founders with the enviable task of choosing their investor partners. Notably, the Sharks were impressed by Paradyes’ robust supply chain and on-brand marketing, leading to the brand being hailed as a ‘category-creation business’ by Peyush Bansal, co-founder of Lenskart.
In a bid to secure a deal, the founders received numerous lucrative offers from the Sharks. Peyush Bansal was the first to extend an offer, proposing an investment of 65 lakhs in exchange for a 5% equity stake, valuing Paradyes at 13 crores. However, the ultimate deal was sealed with Vineeta Singh and Aman Gupta, who offered the same investment amount of 65 lakhs but for a 2% equity stake, valuing the company at a remarkable 32.5 crores.
How is Paradyes doing after Shark Tank? did Paradyes deal with Sharks Close?
Our research about the company reveled that the deal with Shark never Closed but despite that Paradyes’ journey didn’t end with the Shark Tank pitch; it was just the beginning. In FY22, Paradyes reported sales worth Rs 3.5 crores, and by the time of the Shark Tank episode, they had already achieved sales of Rs 2.5 crores in just two quarters of the year.
As of October 2023, They have over 179,000 followers on Instagram. Their pages are regularly being updated and as a brand focused on breaking stereotypes and normalizing hair coloring in India, Paradyes continues to make waves in the beauty industry.
Image source: Instagram @birdsofparadyes
Here are other companies from Season 2 Episode 9.
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Update coming soon!
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