Paradyes is a semi-permanent hair dye brand that offers cool and fun hair dyes in over 20 colors. Their colors are safe and last only up to 8 to 10 washes. Siddharth Raghuvanshi and Yushika Jolly are the founders of Paradyes, and they have the vision to break all stereotypes related to hair coloring.
More About Paradyes
Yushika, along with Siddharth (her co-founder and husband), founded Paradyes. Yushika has a bachelor’s degree in fashion from NIFT. Her father had a factory of specialty chemicals that manufactured dyes for textiles and hair. She used to take the dye from there to color her hair.
She got an internship in the investment wing CIIE at IIM Ahmedabad. However, she had to leave after 2 months due to Covid.
Siddharth finished his schooling in Ahmedabad and then pursued MBA in Pune. He worked with Siemens Financial Services. Siddharth had to transfer from Pune to Ahmedabad due to family issues. That’s when he met Yushika.
They met on Tinder and instantly felt a connection. They kept talking about hair colors, and that’s when Yushika told Siddharth about this business idea. He resigned from his job, and they started Paradyes together.
They did R&D in Ankaleshwar and started initial operations in March 2021. They want to normalize hair coloring as makeup and to make it accessible to everyone.
Their products are available on their website, online marketplaces like Amazon, Flipkart, and Purplle, and 35+ Health & Glow stores across 4 cities. They have more than 60000 followers on their Instagram account.
Jolly holds 40% equity, and Siddharth holds 20%. Jolly’s brother and mother hold the rest 40% of the equity equally.
Her mother supervises manufacturing, while her brother Karan manages what ingredient in what quantity must go in a dye. Jolly’s father used to hold that 40%, but he passed away during Covid. Jolly’s family business is worth 800 crores, and they get all the raw materials from there.
They’re looking forward to becoming pioneers in the hair color category. They will enter into the permanent and temporary hair colors market too
Paradyes Shark Tank Pitch and Updates
Siddharth and Yushika appeared on Shark Tank India Season 2 Episode 9 and demanded INR 65 lakhs for 1% equity at a valuation of 65 crores.
Their pitch was going pretty well. When asked if the idea would fade, Vineeta supported them by saying that most girls in her office use hair colors and dyes. Their products’ prices are also affordable as their target market is college-goers.
Sharks also looked at their Instagram page and instantly liked the content. In FY 2021-22, they made INR 3.5 crores in sales. By the time they appeared in Shark Tank India, their sales were INR 2.5 crores for 2 quarters with a net profit of 19%, i.e., almost INR 50 lakhs.
Peyush was the first to propose an offer as he believed it is a category-creation business. He felt Siddharth and Yushika already understood the content, marketing, and branding. He offered INR 65 lakh for 5% equity at a valuation of INR 13 crores. However, they wanted to hear the offers of other sharks too.
Namita got out of the deal because she had no expertise in this area. Vineeta, on the other hand, felt that she could actually help Siddharth and Jolly in their venture as she understands this consumer. Her 50% to 60% of business comes from offline channels, and her brand is no.1 in 60% of Health & Glow stores beating legacy brands.
She and Anupam offered a combined deal of INR 65 lakhs at 4% equity with a valuation of INR 16.25 crores. Aman also proposed INR 65 lakhs for 5% equity at a valuation of INR 13 crores. He also requested Vineeta to come with him in the deal instead of Anupam.
Sharks Fight In Paradyes Episode
Jolly, and Siddharth took a break to discuss the offers. They countered sharks’ offers with INR 65 lakhs for 3% equity at a valuation of 21.67 crores. Anupam instantly accepted it.
However, Siddharth demanded they want Vineeta and Aman together in this deal. Peyush offered to accept their deal with Aman and said Vineeta would be their direct competition.
Jolly suggested that they will accept 65 lakhs for 3% from anyone. Peyush got up to write the cheque, and Vineeta followed to stop him.
After intervention from Namita and Anupam, they came back. Peyush decided to change the entire game and offered INR 65 lakhs for 2% equity with a valuation of INR 32.5 crores.
Anupam offered the same deal, and he also included Vineeta in it. Vineeta wanted to offer a deal of 65 lakhs at 3% equity, including both Anupam and Aman in it.
However, Vineeta and Peyush got into an altercation as Peyush kept calling Vineeta their direct competitor. As a result, Peyush offered them 65 lakhs for 1% equity at a valuation of INR 65 crores. Aman did not change his offer of 65 lakhs at 3% equity with Vineeta and Anupam.
Jolly and Siddharth believed they wanted a strategy to scale and needed someone who had already done it. So, they countered with INR 65 lakhs for 2% equity at a valuation of INR 32.5 crores. They only wanted Vineeta and Aman in the deal.
|Founders||Siddharth Raghuvanshi & Yushika Jolly|
|Profitability||Business is profitable|
|Shark Tank Episode||Season 2 – Episode 20|
|Asked For||INR 65 lakhs for 1% equity|
|Deal||INR 65 lakhs for 2% equity|
|Sharks Invested||Vineeta Singh & Aman Gupta|
|Valuation Given||32.5 crores|
Paradyes accepted the deal of INR 65 lakh for 2% equity at a valuation of 100 crores from Aman and Vineeta. Anupam and Peyush were sour about the deal, and Anupam also had a little altercation with Aman.
However, Namita kept trying to control the situation and genuinely seemed happy for both founders that they got the deal.
Frequently Asked Questions About Paradyes
After their appearance on Shark Tank India Season 2, people were trying to find more information about Paradyes. Here are some of the frequently asked questions about them.
1. Who Is The Founder of Paradyes?
Siddharth Raghuvanshi & Yushika Jolly are the founders of Paradyes.
2. Is Paradyes profitable?
Paradyes is profitable. Their average growth rate is 27.5%. Their average order value is INR 1100 with a gross margin of 70%-75%. Their customer acquisition cost is 200-250, and after including salaries and overheads, they’re left with 19% net profit.
3. Why did other sharks not invest in Paradyes?
Namita was the first to get out of the deal as she believed she had no expertise in this market. When Jolly and Siddharth asked 65 lakhs for 2% equity and only wanted Aman & Vineeta, Anupam called himself out of the deal.
He said he started questioning their integrity and manner of dealing. Anupam also felt that they were trying to be over-smart.
Peyush also believed both of them had created a bad situation there. He demanded – either say yes, or he was out of the deal instantly. However, Parayes decided to flock with Vineeta and Aman, which left Peyush bitter.
4. What happened to Paradyes after Shark Tank?
The controversy on the show had positive impacts on Paradyes’s business. Their sales on their website and other marketplaces doubled. They observed 20 times traffic on their website, and their Instagram page added over 9000 followers in just 2 days after the episode was aired.
Yushika took to her LinkedIn account to address the hate she kept receiving on social media after the episode was aired. However, her business is doing better than ever.