Candid Men is a men’s designer wear brand that provides a range of products at affordable rental prices.
More About CandidMen
CandidMen allows customers to buy designer wear at affordable rental prices. You can get a range of products including tuxedos, suits, kurta-pajamas and sherwanis. Also, their rental process is hassle-free where they take care of everything, from dry cleaning and ironing to maintenance.
Founders of CandidMen
Shweta Poddar and Rishabh Poddar are the cofounders of Candid Men.
CandidMen Shark Tank Pitch and Updates
Shweta Poddar and Rishabh Poddar appeared on Shark Tank India season 3 and shared details about their rental men’s wear brand CandidMen.
The founders started their pitch by telling Sharks how people can get high-quality designer clothes at affordable prices from their brand. People usually have to purchase dresses at high prices even when they hardly repeat those designer dresses. To help people switch from being an emotional buyer to a logical buyer, they started CandidMen.
As per the founders, they have helped people save more than 60 Crore Rupees by providing them an alternative to impulse buying.
After that initial pitch, the founders demanded INR 60 Lakhs for 2% equity at a valuation of INR 30 Crores.
After that, the Sharks started asking various questions about their brand:
- Amit Jain appreciated their designs and asked the founders about their journey and how they started this business. He also asked the founders how they manage their inventory and dress sizes.
- Vineeta Singh asked them about their target market and how they are dealing with stigma with old or rental clothes.
- Namita Thapar wanted to know about their pricing strategy and why customers would prefer to rent dresses instead of purchasing a new one.
- Anupam Mittal asked the founders about their sales, revenue, and the reasons for their business growth.
- Amit Jain asked various questions about unit economics and how much revenue they are generating from each store.
- Aman Gupta asked the founders about frauds that happen in this market and how they deal with it.
As it was a match-off between the two brands, the Sharks had to hold their investment offers till they reviewed both brands. After a short period, the founders received two offers from Amit Jain and Vineeta Singh. In the end, they went with a combined offer from both the Sharks.
| Company Name | CandidMen |
| Founders | Shweta Poddar and Rishabh Poddar |
| Headquarters | Bengaluru |
| Founded Year | 2017 |
| Business | Fashion Rental Platform |
| Profitability | Yes |
| Shark Tank Episode | Season 3 – Episode 28 |
| Asked For | INR 60 Lakhs for 2% equity |
| Deal | INR 60 Lakhs for 5% equity |
| Sharks Invested | Amit Jain and Vineeta Singh |
| Valuation Given | INR 12 Crores |
| Website | Click Here |
CandidMen secured a deal of INR 60 Lakhs for 5% equity at a valuation of INR 12 Crores from Amit Jain and Vineeta Singh.
Frequently Asked Questions About CandidMen
After their appearance on Shark Tank India Season 3, people tried to find more information about the CandidMen. So here are some of the frequently asked questions about them.
1. Who Is The Founder of CandidMen?
Shweta Poddar and Rishabh Poddar are the cofounders of Candid Men.
2. Is CandidMen From Shark Tank India profitable?
Yes, CandidMen is a profitable brand and as per thei Shark Tank pitch, they had an EBITDA of 35% on a revenue of around 50 lakhs a month.
3. What happened to the CandidMen after the Shark Tank?
CandidMen was able to secure a deal from Shark Tank India. They now will be focusing on increasing the number of offline stores to scale their revenue and profit margin.
4. What Is The Valuation of CandidMen?
CandidMen was able to secure a deal in Shark Tank India at a valuation of INR 12 Crores.
