Biography of Shweta Poddar: Founder & CEO of CandidMen- Entrepreneur
Biography of Shweta Poddar:
Journey of CandidMen & Shweta Poddar
CandidMen is a fashion rental platform founded by Shweta
Poddar. The business primarily focuses on providing men with premium designer
wear at affordable rental prices. Launched in 2017, CandidMen is based in
Bengaluru, India, and has gained attention for offering men’s fashion like
tuxedos, suits, kurta-pajamas, and sherwanis on a rental basis, allowing
customers to wear high-end clothing without the hefty price tag.
The Journey of CandidMen’s Founders
Shweta Poddar, the founder, has a background in computer
science from Vellore Institute of Technology and has worked in roles like
business consulting and as an engineer at Akamai Technologies before diving
into the world of entrepreneurship. Along with her co-founder Rishabh, she saw
the opportunity to disrupt the traditional fashion industry by providing men
with designer wear on rent, catering to customers who sought quality clothing
for short-term use.
The Idea Behind CandidMen
CandidMen was born out of the realization that designer
clothes are often bought for one-time use but don’t get repeated often enough
to justify the cost. The platform enables customers to rent high-end fashion
pieces at a fraction of the price, which they can return after use. This
solution not only caters to the need for affordability but also promotes
sustainability by encouraging the sharing of fashion items instead of constant
buying.
CandidMen's Pitch on Shark Tank India
The Poddar siblings appeared on season 3 of Shark Tank
India, where they pitched their business idea to the Sharks. They asked for INR
60 lakhs for a 2% equity stake in the company, placing the valuation of their
brand at INR 30 crores. The pitch was aimed at showcasing how their business
was solving a real problem for customers, allowing them to rent designer wear
for as little as INR 899 for a minimum of four days.
The Sharks' Reaction and Questions
During the pitch, the Sharks showed keen interest in
understanding the business model, pricing strategy, and the logistics behind
CandidMen. Amit Jain, Vineeta Singh, Namita Thapar, Anupam Mittal, and Aman
Gupta asked the founders several questions about customer demographics,
inventory management, and pricing. Vineeta questioned how they handled the
stigma surrounding rented clothes, while Namita inquired about their
competitive advantage over purchasing new clothes.
The Business Growth and Sales
The founders shared that their business had grown
significantly and was generating around INR 50 lakhs in monthly revenue. They
revealed that 80% of their business now comes from offline stores, with only
20% coming through online channels. CandidMen’s stores are located in key
cities like Delhi, Hyderabad, and Bengaluru, helping the brand expand its
footprint. This shift from an online-only business to a hybrid model has helped
them scale quickly.
Addressing Operational Challenges
One of the critical aspects discussed was how CandidMen
manages its operations, particularly inventory and clothing sizes. Shweta
explained that they handle 50% of their designs in-house, while the rest are
sourced from wholesalers. This blend of custom design and wholesale sourcing
allows them to offer a diverse range of clothing at competitive prices, while
maintaining high standards of quality control.
Biography of Shweta Poddar: Founder & CEO of CandidMen- Entrepreneur/fashion rentals for men/designer wear for rent, catering to men’s formal/age/i
Market Differentiation and Customer Experience
The founders also emphasized how CandidMen differentiates
itself in the rental market. They have worked hard to create a hassle-free
experience for customers, including services like dry cleaning, ironing, and
maintenance of the rented clothes. They also highlighted their unique approach
to managing clothing items, ensuring that each piece remains in excellent
condition even after multiple rentals, with a unit’s lifecycle typically
lasting about 1.5 years.
The Sharks’ Offer and Negotiation
After hearing the pitch, the Sharks were impressed but had
differing opinions. Amit Jain and Vineeta Singh both expressed interest in
investing, but at a lower valuation than initially proposed. In the end, they
made a joint offer of INR 60 lakhs for 5% equity, which was a significant
reduction from the original 2% equity the founders had sought. Additionally, a
provision was included that 2% of the equity would be clawed back if the
business achieved a profit of INR 2 crore within the next year.
A Turning Point for CandidMen
This offer from Amit Jain and Vineeta Singh marked a turning
point for CandidMen. With their combined experience in business and investment,
the Sharks promised to help the founders scale the business further. The deal
was particularly attractive due to their expertise in growing companies and
taking them to new markets.
The Success After the Deal
After securing the investment, CandidMen moved forward with
ambitious plans to expand its footprint. The company planned to open more
offline stores to tap into a larger audience. The presence of Amit Jain and
Vineeta Singh as investors brought much-needed credibility and resources to
help propel the business to new heights.
CandidMen's Profitability and Business Model
One key takeaway from their appearance on Shark Tank India
was CandidMen's strong financial performance. The brand operates profitably,
with a healthy EBITDA margin of 35%. This is a testament to their solid
business model, which combines high-quality rental services with a sustainable
approach to fashion. Their growth trajectory looks promising, especially with
the backing of their investors.
Impact on the Indian Fashion Rental Market
CandidMen’s success has had a positive impact on the Indian
fashion rental market, which has traditionally been dominated by women’s
fashion. By focusing on the male demographic, they have carved a niche and are
helping break the stigma around renting clothes. They are changing consumer
behavior by encouraging customers to rent instead of buy, which also aligns
with the growing global trend towards sustainability in fashion.
CandidMen's Future Prospects
Looking ahead, CandidMen has ambitious plans to expand
beyond its current cities and grow its market share in the fashion rental
industry. With strong financial backing and a proven business model, they are
poised for success. The founders are focused on balancing profitability with
customer satisfaction, ensuring that their offerings remain both affordable and
top-quality.
Conclusion: A Successful Shark Tank Journey
CandidMen’s journey on Shark Tank India has been a
remarkable one. They entered the show with a clear vision and a solid business
plan, securing a deal that has the potential to take the brand to new heights.
With their focus on men’s fashion, sustainability, and providing affordable
designer wear, CandidMen is set to redefine the way Indians think about fashion
and rentals.
A timeline for the journey of CandidMen:
2017: CandidMen was founded by Shweta and Rishabh Poddar in
Bengaluru, India, focusing on fashion rentals for men.
Early Years: The platform grew by offering premium designer
wear for rent, catering to men’s formal and ethnic fashion needs.
Shark Tank India Season 3 (2023): CandidMen appeared on the
show, pitching for INR 60 lakhs for a 2% equity stake.
Sharks’ Offer: Amit Jain and Vineeta Singh offered INR 60
lakhs for 5% equity, which the founders accepted.
Post-Shark Tank (2023): CandidMen expanded its offline
presence, opening stores in Delhi, Hyderabad, and Bengaluru.
2024: The company generates INR 50 lakhs in monthly revenue,
with a profitable business model and a growing market share in India’s fashion
rental industry.
