Semi-Permanent Hair Color Brand Paradyes Impress the Sharks, Raise Rs 65 Lakh for 2 pc Equity
Semi-Permanent Hair Color Brand Paradyes Impress the Sharks, Raise Rs 65 Lakh for 2 pc Equity

Founded in 2021 by Yushika Jolly, Paradyes is a semi-permanent hair color brand. She introduced the brand by identifying a gap in the market. Banking on her family business of dyes and intermediates, she teamed up with professionals and began R&D to formulate hair colors in their lab.

On returning from London, Yushika set up a lab in Ankleshwar with the help of her brother, who had a background in chemical engineering. He also brought in R & D experts on board. Once things were in place, she began experimenting with formulations and colors.

The brand founder recently made an appearance on Shark Tank India Season 2, the sharks were impressed by the brand’s marketing, branding as well as packaging. Moreover, the brand’s USP of being made of herbal extracts, and being environment friendly worked in its favor.

The brand’s ask was Rs 65 lakh for 1 percent equity. The pitch was followed by a heated discussion. While Peyush Bansal (Lenskart) offered the same amount and equity asked, Vineeta Singh (SUGAR) and Anupam Mittal (Shaadi.com) offered Rs 65 lakh from 4 percent equity.

Aman Gupta (boAt) offered Rs 65 lakh for 5 percent.

However, the brand founder wanted Vineeta and Aman on board the counter offer being Rs 65 lakh for 3 percent equity. In the end, the pitchers' duo ended with Vineeta and Aman's offer of Rs 65 lakh for 2 percent equity. 
Along with providing the most vibrant colors, the brand is in the early stages of practicing 100 percent sustainability within its brand and product.

"We believed the brands created by the sharks we chose had comparable target markets (TGs) and could help us with consumer insights. I believe it is important for keyboard warriors to realize and accept the notion that If the sharks can have their choices, so can entrepreneurs. We decided to stay silent during the shark fight because we knew that everyone wished the best for us," said Yushika in a recent LinkedIn post.

Moreover, the brand has further taken up steps to minimize wastage and be eco-friendly. The brands’ hair dyes come in glass jars with tin caps, and brushes made of 60 percent bamboo fiber. 
 

Stay on top – Get the daily news from Indian Retailer in your inbox
Also Worth Reading