Haircare Brand Manetain Won ₹75 Lakhs for 10% Equity on Shark Tank India

Maintain is a brand that specializes in creating hair products for those with curly, wavy, and oily hair. They offer a range of hair accessories and have recently expanded to cater to all hair types. Established in 2018, Maintain has built a community of 22,000 members. To support their growth, they sought an investment of ₹75 Lakhs in exchange for a 2.5% equity stake. Their products, known for using clean ingredients, are available for purchase on various online marketplaces and their official website.

Click here to visit their official website: Maintain

Currently, the Indian market for curly hair products is valued at around ₹250-300 Crores, while the total haircare market in India amounts to ₹15000 Crores. In their latest financial update, Maintain reported net sales of ₹12 Lakhs for the previous month, achieving a total of ₹1 Crore in sales by the end of the fiscal year 2021-2022. On average, their monthly sales total around ₹10 Lakhs, with a cost of goods sold standing at ₹3 Lakhs.

Additionally, the brand allocates funds towards courier services (₹70,000), payment gateways like Razorpay and Shopify (₹40,000), and pays marketing agencies (₹1.6 Lakhs) for performance marketing and social media management. A further ₹40,000 goes towards staff salaries, with the remaining profits reinvested in brand marketing initiatives. Maintain’s gross profit margin ranges between 60-70%, with a customer acquisition cost of ₹200.

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Hinshra Manadath Habeeb and Yuba Mohammed Romin Aga came together to create Manetain. Hinshra, a 25-year-old from Kerala, and Yuba, a 36-year-old from Mumbai, joined forces to start this venture. They first crossed paths in the curly girl community and soon developed a strong friendship. Yuba works as a dentist, while Hinshra comes from a family with a business background, bringing different skills to the table for their startup journey.

Vineeta, Namita, Anupam, and Amit decided not to invest for various reasons such as high product prices, market concerns, lack of marketing instinct, and issues with branding and commitment from the company founders.

However, Aman liked the product and the entrepreneurs and offered to invest ₹75 lakhs for a 10% stake in the company. He did have one condition though: the company needed to hire a Chief Marketing Officer (CMO) to handle their marketing. Initially, Aman wanted a 10% stake, but the company countered with a 7.5% offer, which Aman refused. Eventually, they agreed on ₹75 lakhs for a 10% stake, and a deal was made.

Based on our investigation, we discovered that Manetain’s deal with Aman on Shark Tank India was finalized after the show was broadcast. As of July 2024, Manetain is still operating and doing well. They’ve amassed a strong following of over 27,000 people on Instagram and are making significant strides as a brand. Although we don’t have their financial details at this time, we will keep you updated as soon as we gather more information.