Shark Tank Honey Veda
In this episode of Shark Tank India Honey Veda, a brand that makes beeswax, honey, and other related products without harming bee hives present the pitch. Will the founder get a deal from the sharks? To know about the deal read till the end.
|Company name||Honey Veda|
|Founders||Kashyap Joshi and Hardik Joshi|
|Ask||₹75 lakhs for 7.5% equity|
Honey Veda Founder
Kashyap Joshi and Hardik Joshi are from Gujarat.
Hardik was in the corporate sector for nine long years. As a social activity, he chose beekeeping which was generally organized by his company. From there he researched 3 years about beekeeping and when he gathered confidence he left the job and started to work with beekeeping.
Kashyap is his elder brother and has experience in pharmaceutical distribution for 15 years. He is the director of the company.
About the company Honey Veda
Honeybees are a boon for mother earth. Without pollination by honeybees, 70% of the harvesting could be affected. People generally destroy hives with fire or smoke. There is 20% honey and 80% hives, consisting of baby bees and non-born honeybees. To solve these problems they have started Honey Veda.
Honey Veda is a brand that makes beeswax, honey, and other related products without harming bee hives. They have expertise in the B2B market. They have trained 200-plus farmers and tribal people about honey bee cultivation. Their vision is to make Honey Veda, the number-one company in the market.
Their hero product is ajwain honey. Their export product is mustard honey and this can replace jam in the future.
Ask by the Owners Honey Veda
Pitchers asked for 75 lakhs rupees in exchange for 7.5% equity in the company.
Honey Veda Sales And Revenue
This business is a seasonal business of 9 to 10 months. In FY20-21 the sales were 35 lakhs rupees, in FY 21-22 the sales were 51 lakhs rupees, in FY 22-23 to till date it is 53 lakhs rupees. In 53 lakhs sales, 40 lakhs counts for B2B honey-selling, 9 lakhs count for honey bees, and 4 lakhs for retails. They have a plan of actions if they receive funding:
- Increase 600 colonies to 1500 colonies.
- Achieve economies of scale.
- Rationalize costing.
- Improve margin.
- The B2B gross margin is 25%.
Sharl Tank Ravel
Offers and counter offers
Anupam and Vineeta offer 50 lakhs for 20% equity and 25 lakhs rupees debt at 12% interest.
Pitchers counter offer 50 lakhs for 15% equity and 25 lakhs rupees debt with a bit low interest.
Honey Veda Final deal
The deal was finalized with Anupam and Vineeta for 50 lakhs rupees in exchange for 20% equity in the company and 25 lakhs rupees debt at 12% interest.