Colour Me Mad - Your foot doctor
Initial Ask – Rs. 40 lacs for 10% equity at a valuation of Rs. 4 Cr.
About the Company
The company manufactures personalised Orthopedic Insoles, which is made in regard to to the foot size and shape of the person.
The company is making the insoles within 10 minutes for every customer. All the shoes are made out of cork, which is the best material for your feet. Moreover, the insole is attached using a velcro, which allows the user to detach the velcro and wash the insoles, therefore allowing greater hygiene.
The company is not yet selling only insoles, they have been selling shoes along with insoles.
Past performance of the Company
Current year sales is around Rs. 8 lacs.
Industry Overview
The footwear industry is completely based on standard sizing, and therefore, 40% of Indians, who have flatfeet face the pain in their feet everyday.
The only way to solve the problem of pain in the feet, is to make the insoles customised for the user, and no other company has done this. However, this will be very problematic in terms of distribution and scale. Moreover, the high number of designs that are needed to please the consumers, along with the customisation of the insoles, the product involves a lot of complications and thus increase the number of problems for the business.
Offers made, and the one accepted:
Namita offered a very steep offer, Rs. 40 lacs for 25% equity. This is countered at 20% for Rs. 40 lacs. However, Namita stuck at 25%, and it was taken.