Food & Drinks
Honeyveda
SEASON 2 : Episode 22
BRAND
Honeyveda
COMPANY NAME
HARISONS VENTURE PRIVATE LIMITED
FOUNDERS
Hardik Joshi, Kashyap Joshi
ORIGNAL ASK
75 lakhs for 7.5% equity at the valuation of 10 crore
DEAL
50 lakhs for 20% equity at the valuation of 2.5 crore & Rs. 25 lakhs debt @12% interest.
We all understand that the pollination process has been benefiting farmers in getting good yields for centuries. And the killing of honeybees affects the yield, the food chain as well as the human life.
Honeyveda is a brand born to protect unborn honeybees & to save them from dying or losing their home after their hive is destroyed& to help farmers to increase their yield by placing the bee boxes in their farms.
It is a brand that delivers bee products like honey & beeswax to its customers without killing the bees. Their product range includes Ajwain honey, coriander honey, fennel honey, etc. And their hero product is Ajwain Honey.
HoneyVeda sells pure “Hive to Home” honey through a natural process that helps crops, farmers, and honey bees do well. Their honey is naturally ripened, raw and unprocessed. There are NO chemicals used AT ANY STAGE in the process!
Founders & Their Story
- Kashyap Joshi, A pharmaceutical distributor by profession who is also working as a director in Honeyveda.
- Hardik Joshi
While Hardik was working in a corporate organization, he participated in a campaign named ‘Purposeful Life’ where he chose beekeeping as a part of the programme. From the campaign, he learned the importance of honeybees & their contribution to our agriculture & farmers.
That’s when he realized his passion & love for honeybees &decided to launch Honeyveda after research of three years during his job.
About The Company
The company was started with a clear goal in mind in 2016, aims to bring natural honey back into our daily lives. They hope to do this by making an ecosystem where bees have a healthy place to make honey, farmers get a better crop yield, and honey bees pollinate crops. And everyone gets raw honey that is pure.
The company is involved in beekeeping, which is a scientific way of handling honeybees. Without killing the bees, they increase their pollution through breeding & harvest honey & other bee products.
The brand works on the concept beehive-to-bottle. They have achieved expertise as a bulk supplier in the B2B vertical currently. Now they want the Honeyveda to become a reliable D2C brand. They have trained more than 200 farmers &tribal people in beekeeping.
Revenues
Mustard honey comprises more than 80% of their exports.In FY 20-21, the sales were Rs. 35 lakhs, in FY 21-22, it was Rs. 51 lakhs and in FY 22-23 to date, it is Rs. 53 lakhs.
Out of the Rs. 53 lakhs revenue generated in this year, Rs. 40 lakhs are from B2B honey, more than 9 lakhs are from supplying honeybees & around 4 lakhs in retail. Their B2B gross margin is 20%.
Their plan is to increase the colonies from 600 to 1500 to rationalise costing which then leads to increase in Margins.
Founder’s Ask
75 lakhs for 7.5% equity at the valuation of 10 crore
Offers
Anupam &Vineeta’s offer was 50 lakhs for 20% equity at the valuation of 2.5 crore & Rs. 25 lakhs debt @12% interest.
Counter Offers By Founder
50 lakhs for 15% equity at the valuation of 3.33 crore & Rs. 25 lakhs debt with lower interest to which the sharks denied.
Final Deal
50 lakhs for 20% equity at the valuation of 2.5 crore & Rs. 25 lakhs debt @12% interest.
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