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Starting a business is not an easy task, especially when you have financial challenges to deal with. This was the situation of the Chugh sisters, Parina and Puniya, who founded Midnight Angels in the year 2017. Their father's business was struggling due to the GST factor, and they needed to find a way to support their family. Thus, they started a loungewear brand that manufactures night dresses and other comfortable clothes that can be worn outside as well.
Midnight Angels is a loungewear brand that provides comfortable yet fashionable clothes for women. The USP of the brand is the versatility of the clothing; the night dresses can be worn outside too, making them a perfect fit for airport looks, gym looks, date looks, and more.
The brand started with only 1500 rupees and quickly gained popularity, with 80,000 rupees in sales in just two days. Midnight Angels has a thousand-plus product featured on their website and has catered to 100+ celebrities and 25000+ customers.
Midnight Angels has a unique selling point that sets it apart from its competitors. The brand offers loungewear that is not just comfortable but also fashionable. The clothes are designed to be versatile, making them a perfect fit for different occasions and activities. The brand's night dresses are not only comfortable to sleep in but can also be worn outside, making them a popular choice among women who prioritize comfort and style.
Midnight Angels operates as an online store, with 100% of their sales coming from their own website. The company spends around 4.5 lakhs rupees per month on average for marketing.
Their products are mainly loungewear and travel wear, which are comfortable yet stylish, making them popular among customers who prioritize comfort and fashion. The COGS is around 650 rupees at an average, and the gross margin is 83%. The net profit is 20%, with a low repeat rate of 15%.
Midnight Angels caters to women who prioritize comfort and fashion. Their clothes are suitable for women of all ages who prefer to wear comfortable clothes but do not want to compromise on style. The company's products are versatile, making them a perfect fit for different occasions and activities.
The owners of Midnight Angels pitched for 75 lakhs rupees for 6% equity in the company.
The pitch received offers from Anupma and Peyush, who offered 25 lakhs for 20% equity and 50 lakhs debt at 12% interest.
However, the owners of Midnight Angels countered with 75 lakhs for 15% equity, which was not accepted by the investors. Thus, no deal was finalized with the company.
Midnight Angels is a unique loungewear brand that caters to women who prioritize comfort and fashion. The company's success story is an inspiration for aspiring entrepreneurs who want to start a business from scratch.
Although the owners did not finalize any deal on Shark Tank India, their success story is a testament to the fact that with determination, hard work, and creativity, anyone can turn their dreams into a successful reality.
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