India’s startup ecosystem has become a global leader in innovation: Mayank Arya

Adgully has been turning the spotlight on the entrepreneurs who fought against all odds to bring their dreams to fruition in our special series – START-UP STARS. We at Adgully wholeheartedly support the ‘Vocal for Local’ movement and have been featuring numerous local/ homegrown businesses, brands, and Apps in the country launched in the last few years.

In conversation with Adgully, Mayank Arya, Co-Founder and CEO of Yes Madam, speaks about the inception of Yes Madam, the vision to revolutionize the beauty and wellness industry, how authenticity, transparency, and customer relationships has shaped the brand’s journey, and much more.

What was the vision behind setting up Yes Madam? What key challenges did you face during its early stages?

Will power is the core of every great journey. At Yes Madam, true strength lies in the unwavering belief to push forward, no matter the odds. It’s this relentless drive that has turned our vision into reality and fueled our growth. When passion meets purpose, there are no limits.

The inception of Yes Madam was never just a rookie decision. It was the love of two brothers for their wives that made it all happen and today we are here. One fine day, our wives were getting home salon services and later they experienced severe skin issues that led to tap into the concerns females face in the beauty and salon industry, which is transparency and hygiene.

The vision behind Yes Madam was never just about providing salon services; it was about revolutionizing the beauty and wellness industry. We sought to address long-standing issues of trust, safety, hygiene, and transparency that customers frequently faced. We aimed to build a platform that delivered professional-grade beauty services right to people’s doorsteps, merging the convenience of at-home care with the expertise of salon-quality services. By doing so, we didn’t just offer luxury, we made it an essential part of everyday life.

Today, we have created an ecosystem that empowers individuals by providing them with easy access to premium services anytime, anywhere. Our ambition is to become the go-to platform for millions of users across India, driving a new movement where beauty and wellness are seamlessly woven into daily routines.

Like every entrepreneurial journey, our early days were filled with challenges, particularly in earning the trust of customers in a fragmented market. However, we believed that the solution required more than operational excellence – it needed community involvement. We initiated grassroots marketing, personally interacting with women near bus stops and schools, educating them about our services, mono-dose products, and transparent pricing. These one-on-one interactions were the building blocks of the trust that now forms the foundation of Yes Madam.

Despite the obstacles, our unwavering focus on authenticity, transparency, and customer relationships has shaped our journey and positioned Yes Madam as a game-changer in the beauty and wellness space. From the challenges of onboarding service partners to now leading a thriving community, we’ve come a long way.

What defines us today is the same thing that powered us from the start – a relentless commitment to elevating customer experiences by 10X, ensuring trust, and building a business model that is nothing short of revolutionary.

How would you describe the current access to funding and investment for startups in India? How did Yes Madam navigate this aspect during its growth?

Access to funding and investment for startups in India, particularly in 2024, is undoubtedly challenging. With a global shift towards risk aversion and higher interest rates, funding opportunities have become more selective. However, the entrepreneurial landscape is still rich with opportunities like incubators, accelerators, crowdfunding, angel investors, and venture capital pools, which continue to provide essential support for startups looking to scale.

At Yes Madam, we have always taken a different route. From day one, we’ve been a bootstrapped, self-funded business, driven by our commitment to innovation and customer satisfaction. While we had interest from several investors, circumstances didn’t align as they were too selective and sought full-funneled growth, but our determination never slowed us down. Instead, we reinvested our growing revenue back into the business, fueling operational enhancements, premium service integrations, and product innovation to elevate the customer experience at every level.

Our appearance on ‘Shark Tank Season 3’ was truly a game-changer. Securing a 4-Shark deal from leaders like Aman Gupta, Ritesh Agarwal, Vineeta Singh, and Piyush Bansal reaffirmed our vision and boosted our confidence exponentially. Today, we remain proud to be a bootstrapped company with the ambition to consistently evolve, adding meaningful value to the lives of millions. Our focus is not just on growth, but on building an industry-leading brand that sets new standards in beauty and wellness through innovation, trust, and transparency.

Could you shed some light on how government initiatives have impacted startups in India and how Yes Madam has benefited from these initiatives?

India’s startup ecosystem has become a global leader in innovation, now standing as the third-largest in the world. This revolutionary growth is driven by the Government of India’s visionary initiatives like Startup India, which have transformed the landscape through a combination of regulatory reforms and infrastructure support. With over 123,900 DPIIT-recognized startups by March 2024, and 53 key regulatory reforms enacted since 2016, the entrepreneurial landscape is stronger than ever.

Programs like the Atal Innovation Mission (AIM) and the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme have been instrumental in providing capital support, incubation, and global exposure for startups across sectors. These initiatives not only foster innovation, but have also solidified India’s position as a dynamic hub for bold, industry-leading ventures.

At Yes Madam, although we remain a bootstrapped startup, these policies have provided us with the inspiration and framework to thrive. Our entrepreneurial journey, anchored by a commitment to trust, transparency, and customer satisfaction, has propelled us to achieve an ARR of Rs 100 crore, a testament to the impact of an entrepreneurial mindset, and our relentless pursuit of innovation, while setting new benchmarks in the beauty and wellness space.

Could you walk us through the research and development process at Yes Madam? How does it distinguish itself from competitors in the market?

At Yes Madam, our R&D efforts are not only revolutionary, but also form the backbone of our mission to reshape the salon, beauty, and wellness industry. Our approach to innovation goes far beyond conventional product development, incorporating a blend of advanced technology, customer insights, and market trends to deliver path-breaking solutions.

We consistently leverage cutting-edge technology and data analytics to fine-tune our service offerings, ensuring they meet the evolving needs of our customers. At Yes Madam, real-time feedback from clients fuels our decision-making process, allowing us to stay agile and responsive to market demands. This customer-centric approach ensures that every service we introduce is tailored to enhance user experience.

Our R&D is future-driven, pioneering categories that are both innovative and unique. We are the first one to introduce Korean facials in the At-Home Salon sector while leading the Salon market with Korean technology-inspired hair wash techniques and advanced multi-step beauty treatments. These services aren’t just trends; they represent the future of beauty care, giving customers access to luxurious, science-backed treatments from the comfort of their homes and our advanced tech salon. This not only sets us apart, but also strengthens our position as an industry leader.

Ultimately, our R&D is about more than just developing new services – it’s about shaping the future of the beauty and wellness space. We’re constantly pushing boundaries, redefining industry standards, and staying ahead of the curve to deliver unparalleled value to our customers. Our commitment to innovation keeps Yes Madam at the forefront of the industry, empowering us to lead with purpose and vision.

What key strategies have you implemented to ensure sustainable growth and innovation at Yes Madam?

At Yes Madam, sustainable growth and innovation are not just goals – they are the core pillars that drive our entrepreneurial vision. We have carefully designed our strategies to ensure that we remain ahead of the curve while delivering value to both customers and service partners. Here’s how we achieve this:

• Revolutionary Customer Empowerment: Our model allows customers full flexibility by letting them bring their own products. This personalized approach not only builds trust, but also empowers customers to have full control over their beauty and wellness experiences. It reflects our commitment to offering more than just convenience; we provide a fully customized and empowering experience.
• Transparent, Trust-Building Pricing: At Yes Madam, we’ve implemented a transparent pricing structure that clearly separates the costs of products and services. This strategy builds long-term trust, ensuring our clients feel secure in knowing exactly what they’re paying for. This clarity fosters loyalty and keeps us ahead in a competitive market.
• Commitment to Hygiene and Quality: With a focus on one-time-use products, our services emphasize hygiene by using branded, single-use, mono-dose products. This guarantees a premium and sanitized experience, which is essential in today’s wellness landscape, distinguishing Yes Madam as a leader in maintaining the highest service standards.
• Service Partner Empowerment with a Revolutionary Financial Model: Yes Madam is proud to offer industry-leading financial support to our service partners, with an 8% commission structure that will soon move to 0%. By maximizing our partners’ earning potential, we empower them to deliver higher-quality services, enhancing customer satisfaction and contributing to the overall ecosystem’s growth. This visionary approach ensures our entire value chain thrives sustainably.
• Continuous Innovation and Market Responsiveness: We consistently explore new ways to innovate, from pioneering new beauty services to adopting cutting-edge technologies. By staying agile and responsive to market trends, Yes Madam continues to evolve, ensuring we remain at the forefront of the beauty and wellness industry.

Given the intense competition in the beauty and wellness space, how does Yes Madam maintain its competitive edge?

At Yes Madam, our success stems from a relentless commitment to redefining beauty and wellness through a customer-first approach. From the outset, we aimed to revolutionize the industry by placing control directly in the hands of our customers, empowering them with the flexibility to choose their own products. This approach not only personalizes their experience, but also positions Yes Madam as a brand that values choice, transparency, and trust – key pillars that have shaped our unique value proposition.

Our transparent pricing model has been a game-changer in building lasting relationships with our customers. By clearly separating product and service charges, we’ve created an environment of trust where clients know exactly what they’re paying for. This level of honesty is rare in our industry and has been instrumental in fostering loyalty, as customers appreciate our commitment to delivering both quality and clarity. At the same time, our dedication to hygiene and safety remains unmatched, with a focus on using one-time-use, branded products for each service – an assurance of premium quality that sets us apart in a health-conscious market.

Equally important is our commitment to service partner empowerment. By offering the lowest commission rates in the industry and moving towards a 0% commission model, we ensure that our partners thrive financially, which, in turn, drives better service quality and customer satisfaction. Our forward-thinking approach doesn’t stop here – we are constantly innovating, integrating cutting-edge technology and advanced beauty treatments to stay ahead in this rapidly evolving space. Our vision is to not just lead the industry today, but to continue shaping its future through relentless innovation and unwavering dedication to customer satisfaction.

What advice would you give to aspiring entrepreneurs looking to enter your sector?

“Manzil toh mil hi jaayegi, Gumrah to woh hain jo ghar se nikle hi nahi (One will definitely reach the destination with sincere will, lost are those who didn’t dare to step out of their comfort).”

Entering the beauty and salon sector as an entrepreneur is both an exhilarating and challenging journey. From my experience, I can share some pivotal advice for those looking to carve their niche in this industry.

Thorough preparation is vital for aspiring entrepreneurs. Understand the intricacies of the beauty and wellness industry, assess market needs, and conduct comprehensive competitor analysis. This foundational research equips you with valuable insights that inform your strategies. A solid business plan is essential; it should articulate your vision, goals, and actionable steps to achieve them, serving as a roadmap to guide your decisions.

Entrepreneurship is a continuous learning journey. No one is born an entrepreneur; we evolve through experiences, successes, and failures. Embrace mistakes as opportunities for growth and foster an entrepreneurial mindset by welcoming feedback and constructive criticism. This adaptability is crucial for maintaining a competitive edge and driving innovation.

Building a culture of integrity and trust within your organization is paramount. Your brand’s reputation will rely on the relationships you cultivate with customers and service partners. Transparency and consistent quality will differentiate you in this crowded market.

Lastly, remain future-focused. The beauty and wellness industry is ever-evolving; staying ahead requires an unwavering commitment to innovation. Whether through adopting new technologies, exploring sustainable practices, or enhancing customer experiences, prioritize creating added value for your stakeholders.

By embodying these principles, you can position yourself to not only enter the market, but lead it. At Yes Madam, we strive to be a beacon of innovation and empowerment, and encourage you to embark on your journey with the same visionary spirit.

What are your future plans for expanding the company and driving innovation in the beauty and wellness industry?

At Yes Madam, our future plans are rooted in our vision to transform the beauty and wellness industry, while ensuring sustainable growth and innovation. Key strategies driving our expansion and innovation include:

• Launching Brick-and-Mortar Salons: We are thrilled to expand our presence with the launch of brick-and-mortar salon experiences. This strategic move allows us to create an omnichannel model that integrates and delivers a consistent, high-quality experience in both our online and offline services, offering customers the flexibility to enjoy Yes Madam’s professional services. Whether clients opt for the convenience of at-home beauty services or prefer visiting one of our salons, they will experience the same level of professionalism, safety, and quality that defines Yes Madam. This consistency strengthens our position as a trusted industry leader.
• Strategic Business Expansion into D2C: With skincare and beauty care products, we strategically plan business expansion into D2C (Direct-to-Customer industry). We would like to leverage our brand strength and our reach to cater to our customer’s needs with our wide range of products.
• Strengthening our Franchise with Sustainable Growth: We are committed to sustainable business growth by empowering our customers with holistic transparency and personalized services. We also boost service partner empowerment, providing them with the tools, training, and opportunities to grow alongside the brand. This not only enhances service quality, but also ensures our partners’ success is intertwined with Yes Madam’s growth.
• Driving Innovation and Future-Readiness: Yes Madam will continue to push the boundaries of innovation by adopting cutting-edge technology and introducing revolutionary beauty treatments across verticals. Our focus remains on staying agile and responsive to emerging market trends while delivering forward-thinking, customer-centric solutions.

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