What Happened to Midnight Angels After Shark Tank India?

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What is Midnight Angels?

Midnight Angels by PC is a clothing brand that makes comfortable fashionable clothes for wearing at home. You can easily wear them and go outside also.

The brand website has more than 1000 products. They focus mainly on lounge & travel wear.

Who is the Founder of Midnight Angels?

Punya Chugh & Parina Chugh are the founders of Midnight Angels by PC. They are sisters. They are from Gurgaon. Parina is 36 years old & Punya is 25 years old.

Even though Punya is younger, she’s the CEO of the company.

Midnight Angels Before Shark Tank India?

They started the business with only ₹1500 in 2017. They did ₹80,000 in sales in 1st 2 days. They used Facebook groups to make the initial sales.
Till now, they’ve served more than 25,000 customers.

They want to make Midnight Angels the number 1 loungewear brand in the world.

How much did they ask for in the pitch?

They came to the Shark Tank India seeking ₹75 Lakhs for 6% equity. Which gives the company a valuation of ₹12.5 Crores.

How much money did they raise for Midnight Angels?

The two sisters started Midnight Angels when their family was in the middle of a financial crisis. They didn’t raise any money from anyone. It’s a bootstrapped company.

How to get Midnight Angels?

You can get clothes from their brand website. 100% of their sales come from online. They are also available in Myntra, Nykaa, and Amazon.

They have a massive following on Instagram. They have 256k followers there.

Unit Economics of Midnight Angels

They are spending ₹4.5 Lakhs every month on marketing. They are running a profitable business at the moment.

Their customer acquisition cost is ₹650. The gross margin is 83%. The average order value is ₹2500. Their net profit is 20%. Repeat rate is 15%.

What is the Annual Sales of Midnight Angels?

Fiscal YearAnnual Sales
2021 – 2022₹1.8 Crores
2022 – 2023₹4 Crores Projected

Which shark gave Midnight Angels an offer?

Namita Thapar was out. She didn’t have any interest in the business. Also, she thought this business would be easy to copy and hard to scale in the future.

Vineeta Singh was out. Because she had previous experience in a similar market. She knew it was hard to compete with the local players who sell nightwear for much lower prices.

Aman Gupta was out. He thought they didn’t need any investors at the moment.

Anupam Mittal & Peyush Bansal gave a combined offer. They offered ₹25 Lakhs for 20% and ₹50 Lakhs debt at 12% interest. They evaluated the company ₹1.25 Crore.

Offer 1
Anupam Mittal & Peyush Bansal – ₹25 Lakhs for 20% & ₹50 Lakhs debt at 12% interest

The founders gave a counteroffer of ₹75 Lakhs for 15%. But the sharks didn’t accept that.

What deal did Midnight Angels get in Shark Tank India?

Midnight Angels didn’t get any deals in Shark Tank India.

Company NameMidnight Angels by PC
FounderPunya Chugh & Parina Chugh
Asked Amount₹75 Lakhs for 6%
Final DealNo Deal
SharksNo Shark
Company Net Worth₹12.5 Crores
Company Websitemidnightangelsbypc.com
Company StatusIn Business

What is the net worth of Midnight Angels?

Currently, the net worth of Midnight Angels is ₹12.5 Crores according to the founders.

Is Midnight Angels still in Business?

Yes, Midnight Angels by PC is still doing business in the loungewear segment.

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