Shark Tank India 2: Sharks fight to get a stake in hair colour brand Paradyes 

Shark Fight

The ninth episode of Shark Tank India 2 saw a shark fight taking place as they were vying to get a stake in Ahmedabad-based hair colour brand, Paradyes

Painting the pitch red

Paradyes painted their pitch red as they presented their semi-permanent hair colour brand. The sharks were impressed by the company’s marketing, content, branding and sales

Paradyes’ strong
number game

In FY22, they clocked Rs 3.5 crore and in FY23, they had a revenue of Rs 2.5 crore in the first two quarters

Paradyes’ ask

Paradyes co-founders Siddharth Raghuvanshi and Yushika Jolly asked for an investment of Rs 65 lakh for 1% equity at a valuation of Rs 65 crore

4 Sharks fight for a spot

Peyush Bansal was the first one to roll out an offer. He offered Rs 65 lakh for 5% equity. Vineeta Singh and Anupam Mittal offered Rs 65 lakh for 4% equity. Aman Gupta offered Rs 65 lakh for 5% equity

Vineeta’s dilemma

Siddharth and Yushika came back with a counter offer. Their ask was revised to Rs 65 lakh for 3% but on the condition that Vineeta comes on board with Aman instead of Anupam!

Peyush Bansal
gets desperate

Peyush Bansal tried to convince Paradyes co-founders saying that Vineeta’s company Sugar will be their direct competitor and there is a chance of them acquiring Paradyes in the long run. “I am changing the game,” he said and lowered the equity even more. From 3%, he came down to 1%

Co-founders firm resolve

Anupam, Vineet and Aman offered to come together for Rs 65 lakh but the co-founders refused to get all 3 of them on board. They wanted only Aman and Vineeta

Dirty game?

Hearing this, Anupam backed out and questioned the integrity of the founders. He said, “There is a dirty game going on here.” Peyush also backed out after he realised that the co-founders were determined to raise money only from Aman and Vineeta

An offer they
couldn’t refuse

Finally, Aman and Vineeta came on board for Rs 65 lakh for 2% equity at a valuation of Rs 32.5 crore. This was win-win for Paradyes as the company got a good valuation by diluting less equity

Dealing with trolls
despite the win

Paradyes won a good deal and got amazing traction but Yushika Jolly couldn’t escape the trolls after the episode was aired

Paradyes Founder
faces backlash

“I have been called rude, smug, manipulative, greedy, bitch and unprofessional, " Yushika Jolly wrote on LinkedIn

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Produced by: Bhavya Kaushal
Designed by: Mohsin

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