What Happened to Colour Me Mad After Shark Tank India?
If you don’t wear comfortable footwear then it will be very hard to walk in your day-to-day life. Not everyone has the same foot and it’s very important to identify your foot type.
You can have flat foot that’s not a problem. But knowing that information is important. If you don’t know you’re flat foot then you won’t look out for shoes that are made specially for your type. You’ll end up wearing the wrong shoes and hurting your feet.
When people face foot pain, they think it’s normal and don’t say anything. But it’s actually concerning and if someone goes through this for a long period of time then he/she might face bigger injuries.
Now you may wonder, what’s the problem if someone has flat feet?
Well, the arch in your feet works as a shock absorber. When you walk, run, and jump, this arch takes the shock and distributes it evenly in your leg so that your joints don’t feel excessive pressure.
But due to our bad lifestyle, this arch tends to pronate and feet become more and more flat. Now that your feet don’t have that arch, they won’t absorb shocks like they used to before. And you will feel more pressure in your knees and it will damage your bones more and more.
What is Colour Me Mad?
Colour Me Mad is a foot tech company. They make insoles for everyone. Also, they make customized insoles especially for you, keeping your feet in mind.
Who is the Founder of Colour Me Mad?
Rajeev Surana & Trishla Surana are the founders of Colour Me Mad Pvt. Ltd.
How much money did they ask for Colour Me Mad?
They came to Shark Tank India seeking ₹40 Lakhs in exchange for 10% equity in their company. Which makes the company valuation ₹4 Crores.
The founders invited Peyush Bansal to the stage and made him a customized insole. They gave a live demo to the sharks.
First, Peyush removed his shoes. The founders took a look at the arch in his feet.
- 1st step was to identify the size of the footwear.
- 2nd step was selecting the arch size.
- 3rd step was selecting the sole.
- 4th step was sticking the arch on the sole.
- 5th step was taking a blank insole.
- 6th step was putting a heat-proof fabric on top of that blank insole.
- 7th step was making the insole soft using a heat gun.
- 8th step was putting the blank soft insole on a sole
- 9th step was using a shaper and molding the insole
- That’s basically the entire process.
The sandal Colour Me Mad provides is also special. The soles are detachable. They can be washed separately.
The founders also mentioned that these flat feet can cause osteoporosis if not treated properly. That’s a tall claim but then again it’s something we can’t ignore either.
Namita Thapar was very interested in this product. As she’s in the Pharma industry, she thought this might be helpful for people who are suffering from flat feet pain.
How much money did they raise for Colour Me Mad?
Colour Me Mad’s yearly sale was ₹8 Lakhs and it was mostly from B2C. They have 1 angel investor currently who invested ₹4 Lakhs and has 1% equity in the company.
Which shark gave Colour Me Mad an offer?
Peyush Bansal was out. He didn’t give any offers, but he did give some wonderful insights. He thought they should only work on insoles and drop everything else. They should create a supply chain of insoles and tie up with Nike, Adidas, Puma, etc.
That’s why I like Peyush. Even though he’s out he gives useful information to the entrepreneurs so that they can be benefitted.
Ashneer Grover was out because he didn’t think this could become a big business. He also raised concerns about whether this problem is that big or not.
Aman Gupta was out for the same reason. He didn’t think it was that big of a problem.
Anupam Mittal was also out. He thought they couldn’t penetrate the shoe industry and should only focus on insoles. Currently, their point of view is not the same that’s why Anupam didn’t want to join the team and give any offer.
Namita Thapar was interested as I mentioned previously. She gave an offer. She wanted to give ₹40 Lakhs for 25% of the company. She was passionate about the product and wanted to invest her own time, effort, expertise, and network. Therefore the steep offer from her.
| Offer |
| Namita Thapar – ₹40 Lakhs for 25% |
And this was the only offer on the table.
What deal did Colour Me Mad get in Shark Tank India?
The founders didn’t want to give 25% and counter the offer with 20% but Namita Thapar didn’t want to accept anything below 25%.
Eventually, they took the offer which gave the company a new valuation of ₹1.6 Crore.
| Company Name | Colour Me Mad |
| Founder | Rajeev Surana & Trishla Surana |
| Asked Amount | ₹40 Lakhs for 10% |
| Yearly Sale | ₹8 Lakhs |
| Final Deal | ₹40 Lakhs for 25% |
| Shark | Namita Thapar |
| Current Net Worth | ₹1.6 Crore |
| Company Website | www.yourfootdoctor.in |
| Company Status | In Business |
