Shark Tank Midnight Angels
In this episode of Shark Tank India Midnight Angels, plus size nightwear brand presents the pitch. Will the founder get a deal from the sharks? To know about the deal read till the end.
| Company name | Midnight Angels |
| Founders | Parina Chugh and Puniya Chugh |
| Ask | ₹ 75 lakhs for 6% equity |
Midnight Angels Founder
Parina Chugh and Puniya Chugh. They are their own sisters. They are from Gurgaon. Their father had a business in Guwahati. Due to the GST factor, the business was not running and their family was in a bad position to survive. Then two sisters thought of starting a brand of loungewear as the products they are manufacturing were not there at that time. So from there they didn’t look back and started in the year 2017.
About the company Midnight Angels
Nowadays we need an airport look, gym look, date look etc. So why make your night look boring? That’s why the company was founded. Midnight Angles is such a loungewear brand that manufactures night dresses and one can wear those dresses going outside too. They started the business with 1500 rupees. The designs were liked so much by the audience that the sales were 80000 rupees in 2 days after launching. They have a thousand-plus product featured on their website. Their products are mainly loungewear and travel wear. They have catered to 100+ celebrities and 25000+ customers.
Ask by the Owner of Midnight Angels
Pitchers asked 75 lakhs rupees for 6% equity in the company.
Midnight Angels Sales And Revenue
In the financial year 21-22 the sales were 1.8 crore rupees and this year they have made sales of 1 crore rupees and the projected sales this year is 4 crore rupees. Last month the sales were 20 lakhs rupees. They are spending 4.5 lakhs rupees for marketing per month on average. 100% of sales are from their own website. The COGS is around 650 rupees at an average. The gross margin is 83%. The net profit is 20%. The repeat rate is a bit low and it is 15%.
Offers and counter offers
Anupma and Peyush together offer 25 lakhs for 20% and 50 lakhs debt at 12% interest.
The pitcher’s counteroffer was 75 lakhs for 15% equity.
Midnight Angels Final deal
The pitcher didn’t accept the deal was no deal was finalized with the company.