Manetain, a brand that specializes in curly hair care products and accessories. The founders, Hinshra Manadad Habeeb and Yuba Mohammed Romin Aga, have come seeking a deal from our sharks. Let's see if they have what it takes to win over our sharks and secure an investment.
Hinshra and Yuba both have unique backgrounds that brought them together to start Manetain. Hinshra, who is from Kochi, Kerala, comes from a business background and has completed her B.Com degree. On the other hand, Yuba is a dentist from Mumbai. They both met through an online community called the curly girl community, where they got inspired to create a brand that caters to people with curly hair.
The idea for Manetain came from a book they read that discussed how to maintain curly hair. They realized that it was difficult to find affordable hair care products for curly hair in India, so they decided to create their own brand. Manetain offers a one-stop solution for all hair types and provides hair care and accessories that are affordable and effective.
With over 60% of women having curly, coiled, or messy hair, Manetain has a wide audience to cater to. The curly hair industry in India is estimated to be around 250-300 crore rupees, and Manetain has already established a strong presence with a community of over 20,000 people.
The founders are seeking an investment of 75 lakhs for a 2.5% equity stake in the company. They have a strong sales record with last month's sales at 12 lakhs rupees and FY 21-22 sales at 1 crore rupees. Their average monthly sales are at 10 lakhs rupees, and they have a gross profit margin of 70 to 75% for all hair products and up to 75% for some accessories. The sales split is 60% from their own website, 30% from marketplaces, and 10% from offline retail.
Our sharks are intrigued by the Manetain pitch and the potential for the brand. Aman, one of our sharks, offers 75 lakhs rupees for a 10% equity stake at a valuation of 7.5 crore rupees. The pitchers counteroffer with 75 lakhs rupees for a 7.5% equity stake. After some negotiation, Aman agrees to the counteroffer, and the deal is finalized for 75 lakhs rupees in exchange for a 10% equity stake at a valuation of 7.5 crore rupees.
The founders of Manetain have secured their investment and are excited to continue growing their brand. They have a strong online presence and a loyal community, and with the investment, they can expand their reach and create more effective products for their customers. The sharks are looking forward to seeing the growth of Manetain and the impact it can have on the curly hair industry in India.
In conclusion, Manetain is a unique brand that caters to a niche audience with a strong potential for growth. With their effective and affordable hair care products and accessories, they have already established a strong presence in the market. The investment from Aman will help the brand expand and reach even more customers, and we are excited to see what the future holds for Manetain.
ALIPPO LEARNINGS:
Here are some key learnings that businesses can implement to help them grow:
- Understanding your audience: One of the keys to success for Manetain was understanding their audience and their specific needs. By catering to a niche audience with effective and affordable hair care products, they were able to establish a loyal following. Businesses should take the time to research and understand their target audience to better tailor their products or services.
- Building a strong online presence: Manetain leveraged their online community and social media to build a strong online presence. Businesses should focus on building their online presence through social media, SEO, and other digital marketing strategies to reach a wider audience.
- Creating a unique brand: Manetain was able to stand out in the market by offering a unique brand that catered to a specific audience. Businesses should focus on creating a unique brand that differentiates them from their competitors and resonates with their target audience.
- Providing excellent customer service: Manetain was able to build a loyal following by providing excellent customer service and engaging with their customers. Businesses should prioritize providing excellent customer service and engaging with their customers to build loyalty and brand advocacy.
- Continuously innovating and improving: Manetain's success can be attributed to their continuous innovation and improvement of their products. Businesses should focus on continuously innovating and improving their products or services to stay competitive and meet the changing needs of their customers.
