Hoovu Fresh Has raised INR 1 crore for the equity of 2 per cent from Shark Tank India season 2. Aman Gupta and Peyush Bansal invested in this Bengaluru-based startup. Both Rhea and Yashoda visited Shark Tank India and pitched Shark their fresh flower business. For 1% equity, they asked the sharks for 80 lakhs for the valuation of INR 80 crores. But they finally got INR 1 crore for the equity of 2 per cent from Peyush and Aman.
Although they said India’s flower market is worth 2.5 lakh crores, there are only a few well-known brands in this sector. Their floral products have a fifteen-day shelf life.
About Hoovu Fresh
Rhea and Yeshoda Karuturi established this Bengaluru-based firm in 2019. With its distinctive packaging strategies, the flower shop Hoovu Fresh provides customers with fresh flowers. They deliver flowers of all kinds in connection with Pooja.
In addition to flowers, it sells screensavers, AGARBATTI, and other things. Everyday flowers have a shelf life of two to three days, but this company says the shelf life of its flowers is fifteen days.
Their flower prices range from INR 40 to INR 100. These flowers are available in-person or online at retailers like Big Basket, Haiko, Amazon, Milk Basket, etc. They claimed that even though India’s flower market is valued at 2.5 lakh crores, few major companies are present. Their blooms have a 15-day shelf life. Currently operating in 8 Indian locations, the business has already completed more than 2 million orders as of January 2023. For flowers, they collaborate with 500 flower farms and more than 300 temples.
They hit INR 1 crore in sales in the first month of August 2022. They sell their flowers on various online marketplaces, including Zepto, Big Basket, and others.
They recently began providing flowers to the temple. At the moment, there is no rival. Their sales in July and August totalled 1.1 crores, 50 lakhs in July, and 45 lakhs in June. Their monthly average sales range from 60 to 65 lakhs.
They anticipate completing 10 crores of total sales by the end of 2023. 5 Crores is the total amount of sales for the 2022 fiscal year.
Wanted to see, a list of startups who pitched in Shark Tank Season 1 & 2, Know more at Shark Tank Archives – WEXT India Ventures
Problem Solved by Hoovu Fresh
Normal flowers have a shelf life of two to three days, but this company says the shelf life of its flowers is fifteen days. The shelf life of the flowers has dramatically increased by this Shark Tank India startup.
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