Gurugram-based hair extension and wigs brand Hair Originals has raised about $30 million from marquee investors after appearing in the popular business reality show Shark Tank India.
Speaking about the fundraise, Jitendra Sharma, Founder, Hair Originals shares that since the startup is dealing with a very unique product — human hair extensions — the funding received can provide validation for the idea.
Hair Originals will use the fresh capital to ramp up its supply chain and production capacity. Apart from that, it will educate people via different forms of marketing, especially those suffering from hair loss.
Jitendra Sharma, Founder, Hair Originals
“Since we come from a tech background we also want to use a part of this funding to develop the AR/VR or using artificial intelligence so that people can see how they are going to look,” he says.
Jitendra mentions that Hair Originals operates in about 20 cities in the country. Within the next 15 months, it plans to reach 50 cities and hopes to fulfil a revenue target of Rs 100 crore.
He adds that the startup’s objective is to eventually make the entire process online. It currently has two board product categories — DIY hair extensions which can be bought from their online store and permanent hair extension that requires the assistance of a salon or a stylist.
“We are onboarding many salon partners in different cities so that any consumer sitting in any city in India can buy the products and get free installations,” he says.
Commenting on the sourcing and manufacturing part of the process, Jitendra shares that the company sources hair from the southern part of India, primarily temples. In terms of manufacturing units, Hair Originals started with Indore and has opened another manufacturing capacity in Gurgaon. It now wishes to move towards other smaller cities as well.
Lastly, in terms of future roadmaps, he says that apart from focusing on India market, Hair Originals plans to soon launch its business in the US.
Edited by Affirunisa Kankudti