Men’s Clothing
Rental Wear
Season 3 Episode 28
| Brand | Candid Men |
| Company Name | CANDID MEN COMPANIES |
| Founders | Shweta Poddar, Rishabh Poddar |
| Original Ask | 60 lakhs for 2% equity at the valuation of Rs. 30 crores |
| Deal | 60 lakhs for 3% equity at the valuation of Rs. 20 crores and 3% royalty until 1.2 crores is recouped |
About the Product
Introducing Candid Men, where affordable luxury meets uncompromised quality. They specialize in expertly curated designer wear suitable for any occasion, ensuring every piece is meticulously maintained through thorough dry cleaning and sanitization after each use. At Candid Men, customers have the freedom to rent by style, with options ranging from elegant Jodhpuri suits to sophisticated blazers and accessories, as well as traditional sherwanis. Additionally, their rental offerings cater to a diverse array of occasions, including graduations, office parties, weddings, pre-wedding photoshoots, and ethnic days. With Candid Men, customers can confidently elevate their style without breaking the bank, knowing that each garment is carefully selected and maintained to the highest standards. Experience the convenience and affordability of luxury fashion with Candid Men.
Founders & their story
- Shweta Poddar
- Rishabh Poddar
Candid Men is a men’s only fashion rental platform that offers rental prices ranging from 10-15% of the Maximum Retail Price (MRP). They provide a variety of categories including Jodhpuri, Kurta Pajama, Sherwani, Suit, and Tuxedo. Customers have collectively saved 60 crores with Candid Men, which promotes fashion rental as a sustainable alternative to fashion pollution. Established in 2017 in Bengaluru, they have since expanded their services to Hyderabad and Delhi. Their design process comprises in-house designs contributing to 50% of their inventory, while the remaining designs are sourced from wholesalers. Rental prices vary from 899 to 6000 rupees with a minimum rental period of 4 days. Customers are responsible for pick-up and drop-off charges. On average, the rental price amounts to 30-35% of the wholesale price.
Initially operating solely online until 2018 in Bengaluru, they have now transitioned to an offline-heavy model, with 80% of operations conducted offline and 20% online. A recent expansion includes the opening of a new showroom in Delhi. As a bootstrapped venture, Candid Men aims for a 3X increase in sales year on year. The company invests approximately 60 lakhs in capital expenditure per store. On average, a unit of clothing is rented out eight times before being phased out.
About the company
CandidMen offers a flawless solution for men seeking designer wear at reasonable rental rates. They provide a diverse range of premium-quality products suitable for various occasions, including tuxedos, suits, kurta-pajamas, and sherwanis. With a commitment to sustainability, they aim to minimize environmental impact while ensuring affordability. Their rental process is seamless, handling everything from dry cleaning and ironing to maintenance, which saves customers both time and money. CandidMen’s approach to sustainable fashion includes free dry-cleaning and ironing services, coupled with a four-day rental period, making designer wear rental convenient and accessible.
Their mission is to revolutionize the perception of luxury fashion, driven by technology and creativity. They aim to debunk the notion that high street fashion is exclusively for the affluent, striving to make luxury fashion affordable and inclusive. CandidMen endeavours to curate a virtual closet of affordable luxury clothing, providing customers with their desired look and transforming their perception of luxury fashion. They invite individuals to join them on this transformative journey, where they aspire to evolve and deliver nothing short of perfection in luxury fashion.
Revenue
In the fiscal year 2022-2023, Candid Men reported annual sales of 2.1 crores, with a profit after tax of 60 lakhs. Their financial performance showcased a steady growth trajectory. For the fiscal year 2023-2024, Candid Men anticipates a significant increase in sales, projecting a total revenue of 6 crores. This growth is substantiated by their performance throughout the year, with notable sales figures recorded in specific months. For instance, in October 2023, sales amounted to 10 lakhs, followed by 21 lakhs in September and 28 lakhs in August. Moreover, their profitability is expected to soar in the fiscal year 2023-2024, with a projected profit of 2 crores. This signifies a substantial improvement compared to the previous fiscal year. Additionally, September 2023 witnessed a profit of 6 lakhs, indicative of their consistent financial performance.
Founders’ Ask
60 lakhs for 2% equity at the valuation of Rs. 30 crores.
Offers
Anupam, Namita and Vineeta’s offer: 60 lakhs for 3% equity at the valuation of Rs. 20 crores and 3% royalty until 1.2 crores is recouped.
Namita and Vineeta’s offer: 60 lakhs for 2% equity at the valuation of Rs. 30 crores and 3% royalty until 90 lakhs is recouped.
Founders’ Counteroffer
Offer 1: 60 lakhs for 2% equity at the valuation of Rs. 30 crores and 1% royalty until 90 lakhs is recouped.
Offer 2: 60 lakhs for 2% equity at the valuation of Rs. 30 crores and 3% royalty until 1.2 crores is recouped.
Offer 3: 60 lakhs for 2.4% equity at the valuation of Rs. 25 crores and 3% royalty until 1.2 crores is recouped.
Final Deal
Anupam, Namita and Vineeta: 60 lakhs for 3% equity at the valuation of Rs. 20 crores and 3% royalty until 1.2 crores is recouped.