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Consumer Staples
As part of its series "Chai pe Charcha," BrandWagon sat down with Akanksha Vishnoi, a key figure at YesMadam, a pioneering tech-enabled home salon and spa services platform in India. This conversation provides a deep dive into the challenges, innovations, and market strategies of YesMadam, a brand that has been revolutionizing the beauty and wellness sector since its inception in 2016.
YesMadam is a startup founded by brothers Aditya and Mayank Arya, with Akanksha Vishnoi being a crucial part of the team. The company's mission began after their wives experienced severe allergic reactions due to the use of expired or counterfeit products during a home salon service. This incident propelled the founders to create a platform that offers safe, affordable, and hygienic salon services at customers' homes, ensuring quality control through single-use products and a unique time-based pricing model.
YesMadam's approach to disrupting the traditional salon market has been through its tech-enabled platform and an asset-light franchise model. The company operates with a strong focus on customer-centricity, employing over 3,000 beauty professionals across more than 50 cities in India. Their services have attracted more than 1 million customers, making them one of the leading home salon services in the country.
YesMadam has shown remarkable growth, with a significant increase in revenue. In the financial year 2022-2023, the company reported a revenue of approximately Rs 28.3 crore ($3.53 million). It is projected to reach Rs 100 crore by the end of the financial year 2024-2025, showcasing a robust expansion trajectory.
The company's revenue growth can be attributed to its multi-channel income streams, which include commissions on services, selling products to beauty professionals, and providing training. This diversified model has helped YesMadam maintain financial stability and competitiveness in the market.
YesMadam operates in a competitive market where other key players include Urban Company (formerly UrbanClap) and Housejoy. However, YesMadam has carved out a niche by focusing on quality, transparency, and affordability. Its use of single-use products and transparent pricing has attracted customers looking for reliable and safe services.
Akanksha Vishnoi and the YesMadam team made a notable appearance on Shark Tank India Season 3, where they pitched their innovative model to potential investors. The appearance not only highlighted YesMadam's unique offerings but also underscored the challenges faced by the company in its early days.
YesMadam has raised a total of approximately $181,000 through an angel funding round, further solidifying its financial foundation and setting it up for future expansions.
The journey for YesMadam was not without its challenges. The company faced significant cash burn and financial setbacks during the COVID-19 pandemic. However, under the leadership of its founders, YesMadam successfully pivoted by focusing on manufacturing its own products and acquiring white-labelled products, which significantly improved profit margins.
YesMadam's vision for the future includes expanding its services to more cities and enhancing its AI-driven offerings. With a planned expansion to over 300 cities and a target of serving 100 million customers daily, YesMadam is poised to become a household name in the beauty and wellness sector.
YesMadam's story is a testament to innovation and resilience in the face of adversity. With its strong leadership and customer-centric approach, the brand continues to disrupt the salon service industry, offering a model that is not only affordable but also ensures safety and quality. As YesMadam prepares to roll out its Yes Madam 2.0 version with advanced AI-driven experiences, it is set to redefine the standards of home salon services in India and beyond.
