Say Goodbye to Bad Hair Days: Manetain's Hair Care Solutions for All Hair Types

Manetain is a startup founded by Hinshra Manadad Habeeb and Yuba Mohammed Romin Aga. Hinshra is from Kochi, Kerala, and has a background in business. She completed her B.Com degree and is currently involved in her family business as well as her own business. Yuba is a dentist from Mumbai.

Manetain is a brand that offers hair care and hair accessories for all types of hair, with a focus on helping people maintain their curly, coiled, and messy hair. The founders noticed that it was difficult and expensive to import hair products from the UK and US, so they decided to create their own products locally in India. The company was founded in 2018 and has since grown to have over 20,000 people in their community.

VISION OF THE STARTUP

The aim of the startup Manetain is to provide affordable and high-quality hair care products and accessories specifically designed for people with curly, coiled, and messy hair. The founders, Hinshra Manadad Habeeb and Yuba Mohammed Romin Aga, noticed that it was difficult and expensive to import hair products from the UK and US, so they decided to create their own brand that would cater to the Indian market.

Manetain's goal is to be a one-stop solution for hair care and hair accessories for all types of hair. They aim to help people who are struggling to maintain their curly hair by providing them with the right products and knowledge on how to manage their hair. By doing so, they hope to contribute to the growth of the curly hair industry in India, which is currently worth around 250-300 crore rupees.

TARGET MARKET

The target market of Manetain is women who have curly, coiled, or messy hair and struggle with managing their hair. According to the information provided, around 60% of women have such hair types. Manetain aims to provide a one-stop solution for hair care and hair accessories for all types of hair.

The founders of Manetain identified that importing hair products from the UK and US was expensive for Indian consumers. Therefore, they started the company to make similar international products locally in India. This suggests that Manetain is targeting Indian consumers who are looking for high-quality hair care products at an affordable price.

Additionally, the fact that the founders met each other through an online community called "curly girl community" suggests that Manetain is targeting an online-savvy audience. The company's online operations are handled by one of the founders, indicating a strong focus on e-commerce. The availability of Manetain's products on their own website and marketplaces further supports this notion.

Finally, the curly hair industry in India is estimated to be around 250-300 crore rupees, indicating that there is a significant market for Manetain's products. This suggests that the company is targeting a large and growing market of Indian women who are looking for effective hair care solutions.

SALES AND REVENUE

Manetain's sales in the last month were 12 lakhs rupees. Additionally, in the fiscal year 2021-22, the company's sales amounted to 1 crore rupees, with an average monthly sales figure of 10 lakhs rupees.

The startup's gross profit margin for hair products is between 70-75%, and it can go up to 75% for some accessories. The average cost of their products is in the range of 1200 to 1600 rupees.

Regarding the cost of goods sold (COGS) and other expenses, the COGS is approximately 3 lakhs rupees, courier costs are 70000 rupees, Razor Pay and Shopify cost 40000 rupees, agencies cost around 1.6 lakh rupees, salaries cost 40000 rupees, and marketing costs 3.9 lakh rupees.

In terms of sales channels, 60% of Manetain's sales come from its own website, 30% from marketplaces, and 10% from offline retail.

Manetain's sales have been steadily increasing, with an average monthly sales figure of 10 lakhs rupees. The company's focus on hair care and hair accessories for all types of hair, along with its gross profit margin, suggests that the brand has been successful in attracting customers who are looking for high-quality and diverse hair care options. Additionally, the sales split across different channels indicates that Manetain has been able to successfully utilize multiple sales channels to reach its target customers.

FUNDING IN SHARK TANKS INDIA

During their pitch, the owners of Manetain asked for 75 lakhs (7.5 million) rupees in exchange for 2.5% equity in the company.

One of the sharks, Aman, made an offer of 75 lakhs rupees for a higher equity stake of 10% at a valuation of 7.5 crore rupees (75 million rupees). The owners of Manetain countered with a proposal for the same amount of investment but with a lower equity stake of 7.5%. After some negotiations, a final deal was reached with Aman for 75 lakhs rupees in exchange for 10% equity at a valuation of 7.5 crore rupees.

This funding will allow Manetain to expand their product line and reach a wider audience. With their focus on helping people maintain curly, coiled, and messy hair, Manetain has the potential to become a leading brand in the hair care industry in India. The success of their pitch on Shark Tank India demonstrates the potential for innovative startups to secure funding and grow their businesses.