Manetain has raised INR 75 lakhs from shark tank season 2. Aman invested in this startup. Pitchers made an ask for 75 lakhs for 2.5% equity in the company.
Aman gave an offer of 75 lakhs rupees for 10% equity at a valuation of 7.5 cr. rupees. Then pitcher’s counter offer was for 75 lakhs rupees for 7.5% equity.
And the deal was done with Aman’s same offer of 75 lakhs rupees in exchange for 10% equity at a valuation of 7.5 crore rupees.
Also Read Hood has raised INR 60 lakhs from shark tank season 2. Piyush and Aman invested in this startup. The pitchers asked for INR 1.2 crores for 0.2% equity of the company at a valuation of 600 crores.
Founder of the company is Hinshra Manadad Habeeb and Yuba Mohammed Romin. Hinshra Manadad Habeeb is 25 years old and from Kochi, Kerala. She has a degree of B.Com. She handles her own business and also engaged a bit with her family business due to some personal loss. Yuba Mohammed Romin Aga is a dentist and she is from Mumbai. They met each other through an online community called curly girl community.
They got an idea from a book that how to maintain curly hair. In Their company manufacturing operations are handled by Yuba and Online operations are handled by Hinshara.
Manetain was started in 2018 and they have now 20000 plus people in their community. Almost 60% of women have curly, coiled and messy hair in India also it is very difficult to maintain them. There are too many women who do not know their hair type or do not have any idea how to manage them. Manetain brings because it was very expensive to import hair products from the UK and the US. So, Manetain has started to make such international products in India. It is also a one-stop solution for hair care and hair accessories for all types of hair. They are available on their own website and marketplaces.
Manetain business statistics
In the year 2021-2022, sales were 1 crore rupees. Their average monthly sales are 10 lakhs rupees and last month the sales were 12 lakhs rupees. Their agencies cost around 1.6 lakh rupees, COGS costs around 3 lakhs rupees, Courier costs 70000 rupees, Razor Pay and Shopify costs 40000 rupees, Salaries cost 40000 rupees, and marketing costs 3.9 lakh rupees. For all hair products gross profit is 70 to 75% and for some accessories, it is up to 75%. The average cost of their products is 1200 to 1600 rupees. From its own website, the sales split is 60%, from marketplaces it is 30%, and from offline retail, it is 10%.
What problem maintain solve
As we all know that hair care products are very expensive In india especially when it comes to importing them from the UK and the US. And if you have curly hair then it’s way too difficult to maintain them. So it is a brand that helps women embrace their natural textured hair Manetain is a curly hair specialist brand. It aims to create a brand that develops premium-quality hair care products made in India. It was launched with silk and satin products in 2018. In 2021, they have introduced its first line of hair care products and the co-wash and conditioner.
Do Visit WEXT.in regularly for more details regarding Shark Tank India Season 2 updates. If you find this piece interesting, please forward it to your friends and leave feedback in the comment section.