- Entrepreneurs: Yeshoda Karuturi & Rhea Karuturi
- Business: Flowers Delivery
- Ask: ₹80 Lakh for 1% equity
- Valuation: ₹80 Cr
- Result: ₹3 crore for 2% Equity
- Sharks: Aman Gupta and Peyush Bansal
Hoovu began with the dream of the Karuturi sisters. They believed in the power of fresh flowers for worship and decided to turn their idea into reality. They worked with local flower growers and used both online platforms and physical stores to sell their flowers. Their hard work paid off, and by January 2023, they had delivered over two million orders in eight different Indian cities.
Their Shark Tank Pitch
When the Karuturi sisters appeared on Shark Tank, they asked for 80 lakhs in exchange for 1% of their company, valuing it at 80 crores. They explained the huge market opportunity in India’s flower industry, worth 2.5 lakh crores. They also talked about how Hoovu was different from other flower sellers and showed off their product quality and happy customers.
The sharks were interested but had questions about the company’s high value and whether it could grow even more. They asked about sales, profit margins, growth rate, and what Hoovu planned to do in the future. The sisters shared impressive numbers: 20 crores in sales the previous year, with 40% profit margin and 10% net profit. They were growing at 100% each year, and 70% of their customers came back. They also had plans to expand to more cities and introduce new products like flower jewelry and art.
Making a Deal
After some negotiation, four sharks offered one crore for 2% of the company, which the sisters accepted. These investors brought their knowledge and resources to help Hoovu grow.
How is Hoovu doing after Shark Tank?
Our research shows that Hoovu is doing great. Their Deal with sharks closed and as of September 2023, They have over 22,000 followers on Instagram and have expanded their product range on their website. They also write informative blogs about festivals, which they share on social media to reach more people. This clever marketing strategy has helped them become even more popular.
Image source: Hoovu Fresh instagram
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