Sharks From Shark Tank India Aman Gupta and Vineeta Singh’s Investment in Paradyes

Paradyes is a hair color and hair care brand from India. They are the first brand in India to offer semi-permanent hair coloring products. Paradyes is focused on providing affordable, vegan, and cruelty-free hair products that allow people to experiment with their hair and express their identity, without damaging their hair. The brand is always trying to expand their range of hair color options and improve their products to meet the needs of their customers. Paradyes takes a customer-focused approach, aiming to create products that will fully satisfy their consumers. One unique thing about Paradyes is their “Color of the Month” program, where they let customers choose the hair color that will be made available for that month. Additionally, all of Paradyes’ products are made in India and contain beneficial herbal extracts like Brahmi, Amla, Bhringraj, and Aloe Vera.

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The founders of a startup called Paradyes pitched their business on the TV show Shark Tank. They asked for an investment of ₹65 lakh in exchange for 1% equity, valuing the company at ₹65 crore. The sharks, or investors, on the show were impressed by Paradyes’ strong supply chain and marketing. Peyush Bansal, the co-founder of Lenskart, called it a ‘category-creating business’ and started a bidding war by offering ₹65 lakh for 5% equity, valuing the company at ₹13 crore. The founders received multiple good offers, but they chose to accept an offer from Vineeta Singh and Aman Gupta. They asked for ₹65 lakh for 3% equity, which valued the company at around ₹32.5 crore.

Aman Gupta told the founders that he could offer more than just money. He said that boAt has been able to beat foreign brands in the Indian market, and he knows how to “fight them”. He asked the founders to choose value over just a higher valuation.  Even though Bansal’s offer valued the company higher at ₹13 crore, the founders decided to go with Gupta and Singh’s lower offer of ₹32.5 crore. Bansal said he didn’t think it was the right choice, and another shark, Mittal, doubted the founders’ integrity and backed out. However, Namita Thapar supported the founders’ decision, saying they had the right to choose the offer they felt was best for their business. Bansal maintained that Vineeta Singh’s brand Sugar Cosmetics would compete with Paradyes.

The founders have built a strong following on Instagram, with over 80,000 followers. They have also expanded their business by selling their products in 35 Health & Glow stores, as well as on online marketplaces like Amazon and Flipkart, and on their own company website.

Paradyes intends to broaden its product offering in both permanent and temporary hair color categories by collaborating with industry experts. The company is dedicated to enhancing its market presence and accelerating growth by consistently providing versatile, affordable, and safe hair coloring products.

Paradyes is very careful about the formulations they use to make their hair dyes. The brand focuses on using natural, herbal ingredients like bhringraj and aloe vera in their products. Another key point about Paradyes dyes is that they are temporary, unlike the permanent dyes used in salons. The Paradyes dyes are more like conditioners with color added. After 8-9 washes, the color will fade away and your natural hair color will come back.

Renowned for its vibrant and quirky hair color choices, this brand is constantly exploring new shades in its color range. Some of the most intriguing options include Ruby Wine, Viva Magenta, Rudolphi Blue, Crinkle Violet, Rubra Red, Superba Aqua, Emerald Green, Fuchsia Pop, and Saxony Yellow, among others.

Aspiring entrepreneurs from across India come to Shark Tank India to present their innovative ideas and business models, hoping to secure the investment needed to take their startups to the next level.