Table of Contents
Rahul Dua New Shark Tank India Anchor
Rahul dua the new anchor welcomes the viewers to the brand new season of Shark tank India season 2.
|Company Name||Hoovu Fresh Flowers|
|Founders||Yeshodha Karuturi and Rhea Karuturi|
|Ask||₹80 lakhs for 1% equity|
About the Hoovu Fresh Flowers Founder
Yeshodha Karuturi and Rhea Karuturi are the two sisters as well as the founders of Hoovu fresh. They hail from Bangalore. Yashoda has completed a master’s in accounting and a bachelor’s in business administration from Washington University and Rhea has completed graduation from Stanford University in computer science and journalism.
About the Hoovu Fresh Flowers
In Kannada, the meaning of Hoovu is a fool. They explained that our Puja practices may be different but the divine and holy feeling is the same. The preparation of this beautiful process can be really chaotic. Rushing to market, buying flowers, and finally, the flowers get wasted. The Indian market size of the flower industry is 2.5 lakh crores. But there is no company for these flowers as the main problem is the freshness of flowers. Hoovu fresh is the solution to this problem. By using in-house techniques and machinery the shelf life of flowers has increased from 2 days to 15 days. On a broader level, they control the moisture level and bacterial content of the flowers. During packaging, they flush the packet with chemical gas to retain the quality of the flowers.
Founders work with 60 women employees who make garlands on a daily basis. Currently, they are present in eight cities and have sold more than 2 million flowers. They are associated with more than 300 temples and 500 farmers. Their vision is very simple to keep the presence of Hoovu in every puja and provide a pleasant experience. Yashoda is CEO of the company and looks after the finance and day-to-day operations of the company. Riya works as CTO and looks after the marketing and tech part of the company. They look at their business as a channel not as a competition. They want to provide the local vendors with good quality flowers so that the local vendors can also provide a good experience to their customers.
Ask by the pitchers of Hoovu Fresh Flowers
The founders make an ask of ₹80 lakhs for 1% equity of their company at the valuation of ₹80 crores.
All information about Hoovu Fresh Flowers
Initially, they started to sell a rs 10 packet. Later they saw the scope of premium packages in the market and the wastage production in their company was reduced from 40% to 2 or 3%. Their August 2022 sales is about 1 crore. They mainly sell their product through quick commerce websites like Big basket, Zepto, etc. They also supply products to the temples. According to them, currently, there is no competition in the market. They started managing seasonal changes of flowers without falling any shortage of flowers, managing price fluctuations, and working with 500 farmers is the biggest moat of their company. Their profit in August 2022 is ₹15 lakhs. Their monthly sales were around 1.1 crores in August, 50 lakhs in July, and 45 lakhs in June 2022. Their average sales is 60 to 65 lakhs. Their FY 2022-23 projected sales are 10 crores. Their FY 2021 to 22 sales are 5 crores.
Shark Tank India Season 1 Products
Namitha and Vinita gave an offer of 40 lahks for 4% equity of the company and 40 lacs debt at 12% interest. Previously they raised 3.5 crores of money at a valuation of 50 crores.
Anupam stepped out of the deal and gave advice to the founders to stick to the technology of improving shelf life.
Piyush and Aman gave an offer of 1 crore for 2% equity of the company at the valuation of 50 crores
Namitha and Vinita revised their offer and change it to 50 lacs for one percent equity and 30 lacs at 12% interest
Final Deal of Hoovu fresh flowers
The founders closed the deal with Aman and Piyush at 1 crore rupees for 2% equity of the company.