Paradyes Shark Tank India Season 2
|Founders||Siddharth Raghuvanshi and Yushika Jolly.|
|Ask||₹65 lakhs for 1% equity|
Siddharth Raghuvanshi and Yushika Jolly are the founders. They are from Ahmedabad. Yushika has completed her graduation in fashion designing from NIFT. Siddharth has a commerce background from the educational side.
About the company Paradyes
It is a brand that offers cool and fun semi permanent hair dye. The company was founded in 2020. They are available in 20 colours and all the colours are safe for hair. The colours last for 8 to 10 years, helping not to give long-term commitment to any hair colour. Their products are available on their own website birdsofparadise.com. They are available on online marketplaces such as Amazon, Purple etc. In offline mode they are available in more than 35 health and glow stores in four cities in India. Their Instagram community has more than 60000 followers. Their vision is to break all the stereotypes based on hair colour and normalise hair colour just like makeup, making it accessible to people. Their hair colour collection includes Rubra red, Local lime, Rudolphi blue, Raggiana orange, Cyan skies, Carola pink, Crinkle violet.
Ask by the Owner Of Paradyes
The pitchers made an ask of ₹65 lakhs for 1% equity of the company at the valuation of ₹65 crores.
Sales And Revenue of Paradyes
The colour combo package cost ₹1190. In FY 21 to 22 they had sales of 3.5 crores. In FY 22-23 to till date they had sales of 2.5 crores. The revenue in July ’22 is 35 lakhs, in August ’22 it is 45 lakhs, in September ’22 it is 51 lakhs. Their average order value is ₹1100 out of which ₹160 is for packaging, ₹40 is for raw materials, logistics is ₹80, the gross margin is 70 to 75%, CAC is ₹250, salaries and overheads is ₹330, net profit is 19% and EBITDA is ₹240. Yushika holds 40% equity of the company, and Siddharth, Yushika’s brother and Yushikha’s mother each hold 20% equity of the company.
Offers and Counter Offers
Peyush gave an offer of 65 lahks for 5% equity of the company at a 13 crores valuation.
Anupam and Vineeta gave an offer of 65 lakhs for 4% equity of the company at the valuation of 13.25 crores.
Aman gave an offer of 65 lakhs for 5% equity of the company at 13 crores
The founders give an offer of 65 lakhs for 3% equity in the company at a valuation of 21.67 crores.
Peyush revised his offer for 65 lakhs for 2% equity of the company at a valuation of 32.5 crores.
Later Anupam and Vineeta matched Peyush’s offer.
Peyush again revised his offer for 65 lakhs for 1% equity of the company at the valuation of 65 crores.
Paradyes Final deal
The final deal was closed with Vineeta and Aman at 65 lakhs for 2% equity of the company at the valuation of 32.5 crores.