Hair Originals, a direct-to-consumer (D2C) hair extensions brand, has successfully secured $5 million in a Series A funding round co-led by 12 Flags Consumer Holdings and Anicut Growth Fund, with participation from Lenskart’s Peyush Bansal. This investment brings the company’s total funding to $7.2 million to date. The fresh capital will be utilized to expand their ‘Try-at-Home’ services to 40 cities, establish 25-30 company-owned experience centers within the next 12 months, and bolster research and development (R&D) capabilities to create innovative, best-in-class products for a global audience.
Company Overview
Founded in 2018 by IIT graduates Jitendra Sharma and Piyush Wadhwani, Hair Originals offers premium, ethically sourced, 100% natural hair extensions designed to empower individuals to express their unique beauty. The company provides non-surgical solutions to enhance hair volume, length, and color without the use of damaging chemicals. Their products cater to a diverse clientele seeking high-quality hair enhancements.
Working Model and Revenue Generation
Hair Originals operates on a D2C model, selling its products directly to consumers through its online platform and experience centers. The company has also partnered with over 1,400 salons to broaden its reach. Revenue is generated through product sales, both online and offline, and by offering personalized services such as the ‘Try-at-Home’ initiative, which allows customers to experience products in the comfort of their homes.
Funding Background
The recent $5 million Series A funding round was co-led by 12 Flags Consumer Holdings, founded by former Reckitt Benckiser Global CEO Rakesh Kapoor, and Anicut Growth Fund. Lenskart co-founder and CEO Peyush Bansal also participated in this round. Previously, in December 2023, Hair Originals closed its pre-Series A funding round at $2.75 million, bringing the total funding to $7.2 million to date.
Founders’ Background
- Jitendra Sharma: An IIT graduate, Jitendra brings a wealth of knowledge in engineering and business development. His vision is to position India as the world’s leading hub for human hair products.
- Piyush Wadhwani: Also an IIT alumnus, Piyush has a strong background in technology and operations, contributing significantly to the company’s growth and innovation.
Products and Services
Hair Originals specializes in:
- Natural Hair Extensions: Ethically sourced, 100% natural human hair extensions that blend seamlessly with the user’s hair.
- DIY Wigs: Do-it-yourself wigs offering versatility and ease of use.
- Non-Surgical Solutions: Products designed to enhance hair volume, length, and color without surgical interventions or chemical treatments.
Background Story
Hair Originals gained significant attention after featuring on the first season of “Shark Tank India,” where it secured investments from prominent figures such as Peyush Bansal, BharatPe co-founder Ashneer Grover, and Anupam Mittal. This exposure propelled the brand into the spotlight, leading to rapid growth and expansion. The company’s commitment to quality and innovation has set new benchmarks in the hair makeover industry.
Future Plans
With the infusion of new capital, Hair Originals is set to expand its operations significantly. The company plans to introduce on-demand hair extension home services in 40 cities through its ‘Try-at-Home’ initiative, enhancing customer convenience and accessibility. Additionally, it aims to establish 25-30 company-owned experience centers within the next 12 months, providing personalized consultations and services to customers. To stay ahead in the industry, Hair Originals will also invest heavily in research and development, focusing on creating innovative, best-in-class products tailored for a global audience. Furthermore, the company is gearing up for international expansion, strengthening its presence in key markets such as North America through strategic partnerships with salon chains like Kurves Salon.
Industry Insights
India is the largest and only ethical source of human hair globally, exporting over 85% of raw human hair. However, countries like China capture the majority of the value-added market by selling hair extensions and wigs. Hair Originals aims to reverse this trend by building an omni-channel brand of premium hair extension products through a focus on supply chain and manufacturing within India.
Learnings for Startups and Entrepreneurs
- Leverage Unique Resources: Utilize local advantages, such as ethical sourcing, to create high-quality products.
- Direct-to-Consumer Model: Engaging directly with consumers can build brand loyalty and provide valuable market insights.
- Strategic Partnerships: Collaborating with industry leaders and investors can accelerate growth and open new opportunities.
- Innovation and R&D: Continuous investment in research and development is crucial for staying competitive and meeting evolving customer needs.
- Global Vision: Setting sights on international markets can significantly expand a company’s reach and impact.
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