Yes Madam Secures Rs 1.5 Crore Funding on Shark Tank India
Yes Madam, a platform revolutionizing the beauty and wellness industry in India, recently secured Rs 1.5 crore funding on Shark Tank India, marking a significant milestone in its journey towards transforming salon services.
Founders and Their Vision
The dynamic team behind Yes Madam comprises Arpit, Akansha, Mayank, and Aditya, bringing together diverse expertise from engineering, law, and the Merchant Navy. Their shared vision is to address the challenges plaguing the traditional salon industry by offering convenient, transparent, and high-quality beauty and spa services.
Addressing Industry Challenges
Yes Madam aims to tackle various industry challenges, including difficulties in appointment scheduling, untrained professionals, and the use of counterfeit products. By providing a tech-enabled platform for booking salon services at home, the startup ensures that customers receive services from trained professionals using authentic, one-time use products.
Market Size and Opportunity
With the beauty salon market in India valued at thousands of crores, Yes Madam sees immense opportunity to carve a niche for itself by setting new benchmarks in service quality and customer satisfaction. Despite competition from established players like Urban Company, Yes Madam distinguishes itself by prioritizing transparency and customer choice in product selection.
Shark Tank India Pitch
During their appearance on Shark Tank India, the founders initially sought Rs 1.5 crore in exchange for 0.5% equity, valuing the company at Rs 300 crore. After negotiations, investors Aman Gupta, Piyush Bansal, Ritesh Agarwal, and Vineeta Singh agreed to invest Rs 1.5 crore for a 2% equity stake, along with a 2% royalty until the investment is recouped, at a revised valuation of Rs 75 crore.
Future Plans
With the funding secured, Yes Madam plans to expand its presence across India, aiming to become the nation’s largest salon tech company with a robust online and offline presence. The startup is committed to enhancing the professional and personal lives of its partners, thereby creating a sustainable ecosystem that benefits all stakeholders.
Yes Madam’s success on Shark Tank India underscores its potential to disrupt the beauty and wellness industry, offering convenience, transparency, and quality to customers while empowering beauty professionals across the country.