Hair Originals is mainly a hair extension company. This was a pitch from Shark Tank India season 1. 3 founders named, Piyush Wadhwani, Jitendra Sharma, and Ashish Tiwari came to Shark Tank India with their hair extension brand.
Hair Originals manufactures original human hair extensions in India. They provide wigs and temporary & permanent hair extensions. They manufacture everything and deliver them to end customers.
Enough about Nish Hair, let’s get back to Hair Originals.
They showcased how the model actually works. They have a website where one can visit and browse random hair extensions. After choosing the hair extension she can also choose a nearby hair salon where she can get that hair extension installed. Everything will be done within the website. The cost will be significantly lower than the usual cost also.
But Hair Originals is not strong on Instagram. They only have 40k followers right now.
This company is based in India. This country is also known for providing original hair to the outside world. People donate their hair to temples every now and then. That’s why it’s very easy to make this company a global brand when it comes to hair-related products.
The Hair Originals founders asked for ₹60 Lakhs in exchange for 2% equity in the company. Which gives the company a valuation of ₹30 Crores.
How Did the Idea Come to Mind?
When one of the founders worked abroad for a decade, he realized there was a huge demand for hair extensions in abroad. He saw the opportunity and called his friend Ashish and formed a team.
They both realized this could become a business as India has tons of hair lying around in every temple which they can collect and make suitable products. That’s how the business was formed initially.
The demand for hair extensions is growing day by day. Most of the girls in India have black hair. It is really hard to color black hair.
Also, it damages the hair itself. That’s why using hair extensions is always a better option. This way the original hair is not getting damaged and one can take off the extension any time she wants.
|2021 – 2022||₹2.5 Crores|
They previously raised ₹1 Crore in angel investment at ₹10 Crores valuation.
Vineeta Singh installed their red hair extension and was quite happy wearing it.
Vineeta Singh & Aman Gupta gave the 1st offer. They offered ₹60 Lakhs for 6%. At ₹10 Crores valuation.
The 2nd offer came from Ashneer Grover, Peyush Bansal & Anupam Mittal. They offered ₹60 Lakhs for 5% equity. So, they gave the better offer.
|Offer 1||Offer 2|
|Vineeta Singh & Aman Gupta – ₹60 Lakhs for 6%||Ashneer Grover, Peyush Bansal & Anupam Mittal – ₹60 Lakhs for 5%|
So, if you take a look at the offers. All 5 sharks were interested. The founders knew everyone wanted a piece of Hair Originals in their portfolio. They had the ball in their court now that they got all shark validation.
The 3 founders thought for a while and came back with a counteroffer. But the counteroffer was for Ashneer Grover, Peyush Bansal & Anupam Mittal. They were willing to dilute 4% equity. In exchange for ₹60 Lakhs. And Ashneer happily agreed. The company valuation became ₹15 Crores.
That’s how another Shark Tank India deal was closed.
|Company Name||Hair Originals|
|Founder||Piyush Wadhwani, Jitendra Sharma, and Ashish Tiwari|
|Asked Amount||₹60 Lakhs for 2% (at ₹30 Crores valuation)|
|Profit After Tax||15%|
|Final Deal||₹60 Lakhs for 4%|
|Sharks||Ashneer Grover, Peyush Bansal & Anupam Mittal|
|Current Net Worth||₹15 Crores|
|Company Status||In Business|