Yes, you read it right. Midnight Angels with PC started with just ₹1500 investment, and within just two days of its launch, it sold ₹80k nightsuits.
This brand started off with a BANG, also the story behind its beginning is interesting too, it’s full of emotion, courage, and strength.
Let us explore this brand in detail and check out how the founders managed to achieve ₹80k in sales in just 2 days of their launch.
Midnight Angels By PC Story and Owners
Punya and Parina Chugh, who are real sisters are the founders of Midnight Angels by PC. 6 years back when GST was introduced, their father’s business was affected badly. They were facing huge financial crises, almost all, of their money, was depleted and they were on the verge of going bankrupt.
That is when Punya and Parina decided to take a risk of starting their own business because they had nothing to lose. They always had the vision of starting their own brand because back then when they started, it was difficult to find good designs for +size nightwear and Lounge wear.
So, they started out by buying a few quirky print fabrics and got them stitched into nightwear for plus-size women. Then they clicked pictures and posted them in a Facebook group called Shopvati.
To their shock next day, they received 700 inquiries and they sold all their stock in just 2 days for a whopping ₹80k. After this, there was no looking back for them.
This is how they saved their family from financial crises, not only that, but they also reinvested their money in their father’s bussiness. All the judges were totally impressed with this and Anupam expressed his admiration by telling them that “Tum dono ko Dil Se Salaam.”
Midnight Angels By PC Review
They started off by selling night suits and now they have expanded to loungewear and travel wear categories. Although their target customers are women, they also have a collection of kids as well as men. Apart from selling clothes, they also have a range of quirky totes on their website.
Their fresh, young, quirky, and stylish prints and styles are comfortable and make the wearer stand out. This brand has something in store for every hipster, lady, diva, woman, and goddess out there.
One of the reasons behind their instant success is that their materials are super soft. The idea behind it is that people should not feel like coming out of it.
100+ celebrities have worn their clothes and they have catered to more than 25K customers.
Their vision is to be the world’s number 1 loungewear brand.
Aman pointed out that the name Midnight Angels by PC could create challenges for them to grow in Loungewear and Travelwear categories. To this, the founders replied that they too thought about it, but they know how to capture the market, and when they started out their goal was survival and not to make it a big brand.
When they made the pitch in Shark Tank India, their last 3 months’ sales were flat, so Anupam questioned them how will they increase their revenue with flat sales. To this, they replied that they will buckle up on promotion and marketing.
They wanted the sharks to invest in their business so that they can increase their inventory because currently all their profits are directed toward marketing. Aman asked them if they increase inventory, then they will have added pressure of selling them. To this, the sisters replied that they know how to sell stuff and liquidize their inventory, so they won’t get stuck.
Midnight Angels By PC Shark Tank India
The founders had asked for ₹75 lakhs for 6% equity.
Their COGS is ₹650
Their average order value is ₹2,500
The gross margin is 83%
Their profit is 20%
The biggest problem for them is their repeat customer which is 15%. Peyush explained that the reason is, since they are not selling basics, people will buy 1 or 2 look maximum.
Namita was inspired by the positive attitude of the founders but pointed out that their designs are easy to copy and that is why it would be difficult to scale and she backed out.
Vineeta explained that she is scared to invest because of the competition from the cheap and unorganized players, along with the fact that people don’t spend much on the brand of clothes that they are anyways not going to show to others.
Aman too was not keen on investing.
Anupam and Peyush gave an offer of ₹25 lakh for 20% equity and 50 Lakh debt at 12% interest.
Counteroffer was ₹75 lakhs for 15% equity, which they both did not accept and the deal did not materialize.
Where Can You Find Them
Get 35% OFF on their products through their Shark Tank sale
India which is a predominantly patriarchal society is undergoing a massive transformation when we see entrepreneurs like Parina and Punya Chugh investing in their father’s business.
Such strong and courageous women are an inspiration for all Indian women, by showing us that daughters too have the capacity to bring their families out of financial crises.
Team D4commerce would also like to give “Dil Se Salaam” to such amazing women entrepreneurs.
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