Hoovu Fresh Shark Tank India Review, Looking for fresh, beautiful flowers to brighten up your day? Look no further than Hoovu Fresh, a brand that specializes in providing the freshest and most beautiful flowers for all occasions. Hoovu Fresh was featured in Shark Tank India, where it showcased its commitment to quality and sustainability.
Hoovu Fresh sources its flowers from the best farms in India, ensuring that they are of the highest quality and last longer than any other flower in the market. With its commitment to sustainability and fair trade, customers can feel good knowing that they’re supporting ethical practices while enjoying beautiful blooms.
Read a Detailed Case Study about Fresh Flower Business in India
To try Hoovu Fresh for yourself, visit their website to place an order and have fresh, beautiful flowers delivered straight to your doorstep. Alternatively, you can visit one of their retail locations to see their flowers in person and speak with their knowledgeable staff. Trust Hoovu Fresh to provide you with the freshest and most beautiful flowers for any occasion.
Entrepreneur Name – Yeshoda & Rhea Karuturi
About the Entrepreneur – Hoovu Fresh was founded by two sisters, Yeshodha Karuturi and Rhea Karuturi, who are from Bangalore.
Yeshoda holds a master’s degree in accounting and a bachelor’s degree in business administration from Washington University, while Rhea graduated from Stanford University with a degree in computer science and journalism.
LinkedIn Profiles
| Yeshoda | https://www.linkedin.com/in/yeshoda-karuturi/ |
| Rhea Karuturi | https://www.linkedin.com/in/rhea-karuturi/ |
| Brand Name– | Hoovu Fresh |
| Brand Website- | https://hoovufresh.com/ |
| Business Category– | Flowers |
| Company Valuation– | ₹50 Crores |
| Equity Asked– | ₹80 Lakhs for 1% Equity |
| Deal Closed– | Yes |
| Final Shark Tank Deal– | ₹1 Crore for 2 % Equity |
| Target City/Country- | India |
| Total Addressable Market- | ₹2.5 Lakhs Crores |
| Product/Services– | Fresh Flowers |
About the Product –
“Hoovu” means “fool” In Kannada. However, the pitchers explained that despite differences in our Puja practices, the feeling of divinity and holiness remains the same.
However, preparing for Puja can be chaotic, with rushing to the market to buy flowers, often going to waste. The Indian flower industry is worth 2.5 lakh crores, but the main challenge is maintaining the freshness of the flowers.
Hoovu Fresh has developed in-house techniques and machinery that can extend the shelf life of flowers from 2 days to 15 days by controlling their moisture and bacterial content. They also flush the packaging with chemical gas to preserve the quality of the flowers.
The company’s founders work with 60 women employees who make garlands daily. They are currently present in eight cities, having sold over 2 million flowers and partnering with over 300 temples and 500 farmers.
Their goal is to ensure that Hoovu flowers are present in every puja and provide a pleasant experience. Yashoda serves as CEO and handles the company’s finances and day-to-day operations, while Riya is the CTO responsible for marketing and technology.
They view their business as a channel rather than a competitor, seeking to provide local vendors with high-quality flowers to enhance the customer experience.
Conclusion –
Yeshoda & Rhea Karuturi asked for ₹80 Lakhs for 1% Equity, and Namita and Vineeta proposed a deal offering ₹40 lakh rupees for 4% equity and ₹40 lakh rupees as debt with a 12% interest rate. The company previously raised ₹3.5 crore rupees with a ₹50 crore rupee valuation.
Anupam withdrew from the agreement and advised the founders to focus on technology that improves shelf life. Piyush and Aman presented a proposal of ₹1 crore rupees for 2% equity with a ₹50 crore rupee valuation.
Namitha and Vinita later modified their offer to ₹50 lakh rupees for 1% equity and ₹30 lakh rupees at a 12% interest rate. The founders closed the deal with Aman and Piyush at ₹1 crore rupees for 2% equity of the company.
Hoovu Fresh Shark Tank India Review