Hoovu Fresh Has Secured 1 Crore Investment from Shark Tank India

Hoovu Fresh, Rhea and Yeshoda Karuturi founded a flower shop in Bangalore in 2019. Known as Hoovu Fresh, the shop stands out for its unique packaging techniques that ensure customers receive fresh flowers. Specializing in providing flowers for religious ceremonies such as Pooja, the shop also offers a variety of other items like screensavers and AGARBATTI. While most everyday flowers last for only two to three days, Hoovu Fresh claims that their carefully selected flowers can stay fresh for up to fifteen days.

Click here to visite official website: Hoovu Fresh

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Apart from selling fresh flowers, they also offer screensavers, AGARBATTI, and other items. While regular flowers typically last only two to three days, this company assures that their flowers can remain fresh for up to fifteen days. The prices of their flowers vary from INR 40 to INR 100. These floral products can be purchased either in-store or online through platforms like Big Basket, Haiko, Amazon, Milk Basket, and more. Despite India’s flourishing flower market valued at 2.5 lakh crores, only a few major players dominate the industry.

Their blooms come with a guarantee of a 15-day shelf life. Currently, they operate in eight different locations across India and have successfully fulfilled over 2 million orders by January 2023. Collaborating with 500 flower farms and over 300 temples for their flower supply, the business achieved sales of INR 1 crore in the initial month of August 2022. They distribute their flowers through various online marketplaces, including Zepto, Big Basket, and others.

In a recent development, they have expanded their services to provide flowers to temples, where they currently face no direct competition. Their sales figures for July and August reached 1.1 crores, with July accounting for 50 lakhs and June for 45 lakhs. On average, their monthly sales range from 60 to 65 lakhs. Looking ahead, they aim to achieve total sales of 10 crores by the end of 2023, following their 5 crore sales mark in the previous fiscal year of 2022.

The Karuturi sisters went on the TV show Shark Tank to ask for 80 lakhs in exchange for 1% of their company, which they valued at 80 crores. They talked about their business and explained that the flower industry in India is worth 2.5 lakh crores and highlighted what makes Hoovu different from other flower sellers. They also showed the sharks their product quality and happy customers.

The sharks were interested but had questions about why the company was valued so high and whether it could continue to grow. They asked about the company’s sales, profit margins, growth rate, and future plans. The sisters shared impressive numbers: the company had made 20 crores in sales the previous year with a 40% profit margin and 10% net profit. They were growing at 100% each year, and 70% of their customers were returning. The sisters also mentioned that they planned to expand to more cities and introduce new products like flower jewelry and art.

Following discussions, four sharks decided to offer one crore in exchange for a 2% stake in the company, which the sisters agreed to. These investors brought valuable expertise and resources to support Hoovu’s expansion and development.

Based on our findings, it’s clear that Hoovu is excelling. Their agreement with the sharks has been finalized, and as of September 2024, they’ve amassed a following of over 24,000 on Instagram. Additionally, they have broadened their range of products available on their website. Furthermore, they regularly publish informative blogs about festivals, which they share on social media to connect with a larger audience. This savvy marketing approach has significantly boosted their popularity.