Categories CleanTech StartUp

The Honest Home Company Shark Tank India Review

The Honest Home Company Shark Tank India

Founder Location:- Dhampur UP

About the Founder of The Honest Home Company

Mayank faced as many as 80 Rejections from the VCs, as they find him best suited for Sales and Distribution less likely to be branding guy, also since he is earning more from Offline platforms as compared to his website

The founder hails from Dhampur, UP, and has a journey shaped by simplicity and honesty. His academic path weaves through Dhampur for intermediate, Punjab University for graduation, and an MBA from Jaipuria Institute of Management, Lucknow. Despite not attending prestigious institutions, he champions a fundamental principle — honesty.

His corporate stint post-MBA was seasoned by a detour into an ayurveda startup. Rooted in an agricultural family, he imbibes the ethos of giving back to the Earth what one takes. For him, honesty is the bedrock of his brand, recognizing that customers expect transparency.

His focus is an eco-conscious one, emphasizing a plastic-free environment. This commitment extends to the use of plastic-free bottles and packaging. In echoing the dangers of plastic, he advocates for a sustainable approach — a philosophy deeply ingrained in his agricultural heritage.

In a world often dominated by complexity, his story stands as a testament to the power of simplicity, honesty, and a commitment to a healthier planet.

The Honest Home Company Brand Information

The Honest Home Company, founded in 2019, is a brand that specializes in daily-use home and kitchen cleaning products. Their product line includes foil papers, kitchen towels, sponge wipes, powder hand wash liquid, floor cleaners, and dishwashers, all packaged in eco-friendly, plastic-free materials.

Honest home company shark tank deal

Setting themselves apart, they take pride in their commitment to sustainability without compromising honesty. They emphasize that their dedication to eco-friendly practices is genuine and not a ploy to deceive customers. This transparency is reflected in the integrity of their products.

Moreover, The Honest Home Company stands out in the market by offering these sustainably packaged items at competitive prices. Their approach aligns with the belief that eco-friendly choices should be accessible to all.

In a world where greenwashing can be prevalent, The Honest Home Company aims to provide a trustworthy option for consumers seeking genuine sustainability in their everyday products.

product range honest home company from shark tank

Current Business of The Honest Home Company

They invested initially ₹2.25 Cr and generated an annual revenue of ₹14 Crores. 

Financials of honest home company

Demand from Sharks by The Honest Home Company Founder

To further expand The Honest Home Company, Mayank asked rupees ₹1 Crores for 2% Equity at the company valuation of ₹50 Crores

Shark tank review of Honest home company

Fun Facts

The name “ The Honest Home Company” is similar to the brand name “The Honest Home” of the famous American actress and businesswoman Jessica Alba. The founder Mayank stated that he was not familiar with the brand name of the American businesswoman Jessica Alba till she sued him for the trademark. Mayank won in the case and In India now “The Honest Home Home Company” trademark belongs to him.

What is the law for the brand name trademark in India?

The honest home company logo

The Honest Home Company USP

The Honest Home Company stands out from other brands by redefining how household products like hand wash and floor cleaners are packaged. In contrast to the conventional plastic bottles that need replacement, The Honest Home Company offers these products in powder form.

Here’s the unique approach:

  1. Sustainable Packaging: The powder form allows customers to reuse their existing bottles, eliminating the need for constant replacements. This move aligns with the brand’s commitment to a plastic-free environment.
  2. Customer Engagement: Users simply need to mix the powder with the required amount of water in their existing bottles, creating a ready-to-use floor cleaner or hand wash. This innovative approach encourages customer engagement in the product preparation process.
  3. Affordability: This unconventional packaging also impacts the pricing. While other brands sell floor cleaners at ₹225 per litre, The Honest Home Company provides its powder-based floor cleaner for just ₹70 per litre. This affordability becomes a distinctive selling proposition (USP) for the brand.

In essence, The Honest Home Company not only offers an eco-friendly solution but also provides an economical alternative, making sustainability accessible without compromising on quality.

The Honest Home Company Finances

USP of honest home company of shark tank india

Mayank has started his business offline but as for the last year, his business contribution was 45% Online and 55% Offline.

Sales data of the honest home company

However, for this year, to be more specific, in the last 6 months, the sales split into 45% offline, 24% marketplaces, 30% quick commerce and 6 % other sources.

Expense of the honest home company of shark tank india

Honest Home Company Final Deal

the honest home company deal on shark tank india

Founder Mayank Sisodia initially invested ₹1.25 crore, retaining 80% equity. Three friends invested ₹1 crore for the remaining 20%. Seeking additional funding, Mayank offered 2% equity for ₹1 crore at a ₹50 crore valuation. Ultimately, he secured a deal with Shark Amit Jain, obtaining ₹1 crore for 3% equity and a 1% royalty until ₹1.5 crore is recouped, based on a company valuation of ₹33.33 crore.

This episode was aired on Sony TV, on 22nd January 2024.

Brand Name:- The Honest Home Company

Founder Name:- Mayank pratap Sisodiya 

The Honest Home Company: Bridging Honesty with Sustainability

  1. Founder’s Background:
    • Founder: Mayank Pratap Sisodiya from Dhampur, UP.
    • Educational journey: Intermediate in Dhampur, graduation from Punjab University, MBA from Jaipuria Institute of Management, Lucknow.
    • Corporate stint post-MBA and involvement in an Ayurveda startup.
  2. Brand Ethos:
    • Brand Focus: Emphasizes honesty as the foundation.
    • Environmental Commitment: Advocates a plastic-free environment, especially in packaging.
    • Product Range: Daily-use home and kitchen cleaning products, including foil papers, kitchen towels, sponge wipes, and more.
  3. About The Brand:
    • Inception: Established in 2019.
    • Philosophy: Stresses on providing sustainable and eco-friendly products without compromising on competitive pricing.
  4. Financials:
    • Initial Investment: Invested ₹2.25 Cr.
    • Revenue Generation: Achieved an annual revenue of ₹14 Crores.
  5. Founder’s Ask:
    • Funding Request: Seeks ₹1 Crore for 2% Equity at a company valuation of ₹50 Crores.
  6. Legal Tussle and Fun Facts:
    • Trademark Dispute: Similarity with Jessica Alba’s brand, “The Honest Home.”
    • Outcome: Mayank wins the case, securing the trademark in India.
  7. Unique Selling Proposition (USP):
    • Innovative Packaging: Powder form for products like hand wash and floor cleaner, reducing the need for new plastic bottles.
    • Pricing Advantage: Floor cleaner priced at ₹70 per litre compared to market competitors at ₹225 per litre.
  8. Sales Distribution:
    • Previous Year: 45% Offline, 55% Online.
    • Current Year (Last 6 Months): 45% Offline, 24% Marketplaces, 30% Quick Commerce, 6% Other Sources.
  9. Equity Structure and Deal with Shark Amit Jain:
    • Equity Distribution: Founder Mayank Sisodia holds 80%, and three friends own 20%.
    • Deal with Shark: Finalized a ₹1 Crore investment for 3% equity + 1% Royalty until ₹1.5 Crores is recouped at a company valuation of ₹33.33 Crores.

Conclusion: Mayank Sisodia’s Honest Home Company not only brings eco-consciousness to everyday cleaning products but also secured a strategic deal with Shark Amit Jain, reinforcing its commitment to sustainability and market growth.

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