If we don’t like anything, we change that instantly. Suppose you don’t like your room decoration, you can instantly change that. But what if you want to change your hair color? Should that process be really that complicated?
Siddharth Raghuvanshi & Yushika Jolly are the founders of Paradyes. They are from Ahmedabad and they want to revolutionize the coloring hair industry. Paradyes offers semi-permanent hair dyes. One can choose from 20 available colors. Colors like Rubra red, local lime, rudolphi blue, raggiana orange, cyan skies, Carola pink, and crinkle violet.
So, you see, you don’t have to give permanent commitment at the same time you’re having fun with hair color also.
Yushika Jolly & Siddharth Raghuvanshi are a couple. They met on Tinder. Yushika did her bachelors in fashion and Siddharth was from a commerce background. They both had an interest in hair coloring. Then they thought why not found a company that can provide this product to the young generation?
Now you must be wondering, are these hair colors safe? Yes, absolutely. And the best part is, these hair colors are not permanent. They will only last up to 8 – 10 washes. After 10 washes, your hair will be back to its original color.
Paradyes has its own website where you can easily get the products. They are also available in other online marketplaces like Amazon and Flipkart. They are also available in 35+ health & glow stores. Paradyes is pretty big on social media like Instagram where it has 185k followers.
They came to Shark Tank India seeking ₹65 Lakhs for 1% equity in the company. Which gives the company a valuation of ₹65 Crores.
The pricing is ₹1190 for the color care combo.
The permanent hair color industry in India is around ₹8000 Crores market. Then comes the semi-permanent hair color industry.
|2021 – 2022||₹3.5 Crores|
|2022 – 2023 (Till Date)||₹2.5 Crores|
Yushika handles design, packaging, communication, marketing, and all the creative side of the business. Siddharth handles the finance & operation of the business. Yushikas’ mother supervises the manufacture. Yushika’s brother has all the chemical expertise that goes into the business.
|Yushika||Siddharth||Yushikas’ mother||Yushika’s brother|
|Responsibility||Design, Packaging, Communication, Marketing||Finance & Operation||Manufacture||Chemical expertise|
In the equity split, Yushika has 40%, Siddharth has 20%, Yushika’s brother has 20%, and Yushika’s mother has 20%.
Peyush Bansal was the first one to provide an offer. He offered ₹65 Lakhs for 5% of the company.
Namita Thapar was out because she didn’t have any expertise in the hair color sector.
Vineeta Singh & Anupam Mittal gave them the combined offer of ₹65 Lakhs for 4% of the company. Cutting Peyush Bansal with just 1%.
Aman Gupta also gave an offer of ₹65 lakhs for 5% of the company.
The couple took some time to discuss and they provided a counteroffer of ₹65 Lakhs for 3% of the company. But here’s the catch, they wanted to make a deal with Vineeta Singh and Aman Gupta together.
But Vineeta was with Anupam. So, it was really critical for Vineeta to decide what to do.
While everyone was fighting over this deal, Peyush changed his offer and made it ₹65 Lakhs for 2% of the company.
|Offer 1||Offer 2||Offer 3|
|Peyush Bansal – ₹65 Lakhs for 1%||Vineeta Singh & Anupam Mittal – ₹65 Lakhs for 4%||Aman Gupta – ₹65 lakhs for 5%|
I think at this point, sharks made the founders realize that every one of them wanted a piece of Paradyes and the ball was no longer in sharks’ court.
To make things worse, Peyush Bansal said he would do the deal for 1%. Just like the founders asked in the first place.
But the founders wanted Vineeta & Aman. That’s why they threw a counteroffer of ₹65 lakhs for 2% to specifically Vineeta & Aman. They agreed and made the deal.
Anupam Mittal wasn’t happy. But it is what is. Somedays you win a deal, somedays you lose.
|Company Name||Birds of Paradyes|
|Founders||Siddharth Raghuvanshi & Yushika Jolly|
|Asked Amount||₹65 Lakhs for 1%|
|Final Deal||₹65 lakhs for 2%|
|Sharks||Vineeta Singh & Aman Gupta|
|Company Status||In Business|