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
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
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 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
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
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 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%
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
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
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
Paradyes won a good deal and got amazing traction but Yushika Jolly couldn’t escape the trolls after the episode was aired
“I have been called rude, smug, manipulative, greedy, bitch and unprofessional, " Yushika Jolly wrote on LinkedIn