HoneyVeda Shark Tank Pitch:
HoneyVeda, a prominent Indian company showcased on Shark Tank India Season 2, specializes in offering pure, raw, and natural honey sourced through sustainable beekeeping methods. The founders emphasized their eco-friendly approach that facilitates easy honey extraction while ensuring the well-being of bee populations. Their product range includes various flavors like Himalayan Forest, Ajwain, Fennel, and Eucalyptus (Nilgiri), all 100% pure without any additives or heating processes. They have trained over 200 farmers & tribals in Beekeeping.
Their business circle is around 9-10 months a year. In their first financial year, HoneyVeda made ₹35 Lakhs in revenue. This was followed by ₹51 Lakhs in FY21-22 and they have made ₹53 Lakhs so far in FY22-23. Most of their sales come from B2B sales of Honey, They also made ₹9 Lakhs from Bees itself. They are hoping to increase their Bee colonies with the new investment from their sharks. They are currently making 20% margins. Their net profit for this year will be at ₹40 Lakhs.
HoneyVeda Shark Tank Negotiations & Funding:
Aman goes out of the deal because he is simply not interested in the product. Namita comments that the company has not yet figured out what they wanted and they are doing too many things therefore she also steps out of the negotiations. Peyush added that it’s too early for an investment therefore he also goes out of the deal.
Anupam and Vineeta came together to offer ₹50 Lakhs for 20% of the company and ₹25 Lakhs as debt for 12% interest. The founders take a moment to think and come back to counter at 15% for ₹50 Lakh and interest-free debt. Sharks declined that counter but the founders accepted the initial offer and they shook hands on that. This gave their company a valuation of ₹2.5 Crores.
Who are the founders of HoneyVeda?
Kashyap Joshi & Hardik Joshi founded HoneyVeda. They are from Gujrat. Hardik has worked for 9 years in a corporation and started working with bees as a campaign in his company called Purpose for life.
How is HoneyVeda doing after Shark Tank India?
Our research in the company revealed that their Shark Tank India deal with Vineeta and Anupam closed after the show. While their products are still available for purchase on Amazon, it seems like they have shifted there focus mainly on B2B sales and the company is no longer promoting their products directly to consumers. it is important to note that this is also the strategy Anupam wanted the Brand to switch into to make something bigger.
While the financials of the company are not yet available, we will update this information as soon as more information comes to light.
Source: Instagram @honeyveda.in
Here are other companies from Season 2 Episode 22.
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