Apps
Hoora
SEASON 3 : Episode 18
BRAND
Hoora
COMPANY NAME
HOORA TECHNOLOGIES PRIVATE LIMITED
FOUNDERS
Yashwant Budhwani, Harsh Somani
ORIGNAL ASK
50 lakhs for 2% equity at the valuation of Rs. 25 crores
DEAL
No Deal
With the Hoora App, customers gain access to a suite of convenient car and bike care services right at their doorstep. Through the simple tap of a button, they can effortlessly schedule their next autocare appointment, enjoying the convenience of a washing center brought directly to them. From waterless exterior and interior cleaning to specialized services like car wash and coating, exterior and interior pressure washing, and even bike cleaning and coating, Hoora offers a comprehensive range of options. Their commitment to cost-effectiveness is matched only by their dedication to innovation, as they leverage cutting-edge technology and a forward-thinking business model to deliver these services seamlessly.
Founders & their story
- Yashwant Budhwani
- Harsh Somani
Founders Yashwant and Harsh met at a Y incubator platform. Focusing on deep cleaning. Starting price Rs 99. Minimum order value Rs 200. Average order value = Rs 400. Wet and dry vacuum cleaner. Pressure washer, power source, patent filed. Average time taken = 1 hour. Time taken for deep cleaning = 3 hours. Initial investment = 3 lakhs for 2 kits. Earnings to service partners – with Hoora 35k to 40k a month, without hoora = 15k-20k a month. Price per kit = 80k. Onboarding fee = 80k one time (for service partners). Proprietary power source. Indian car wash services market size = 3k – 4k crores. Total amount raised 66.5 lakhs.
About the company
Hoora offers cost-effective autocare solutions with the convenience of doorstep service, driven by their innovative technology and business model. Their signature bag-pack integrates high-powered tools and a self-contained power source, enabling waterless or pressure-wash cleaning, a departure from conventional methods reliant on cleaning vans or resource-intensive car wash centers. Through their mobile app, customers can effortlessly book and schedule professional services on demand. Hoora Green embodies a commitment to genuine sustainability. Their range of environmentally friendly services, including waterless car cleaning and pressure wash options, conserves up to 70% of water compared to traditional washing centers. They aspire to contribute to a sustainable future, empowering generations to come. The current take rate per service is X%. The current number of monthly services is 2000.
Revenue
The monthly sales amount to 31 lakhs, with a quarter-on-quarter growth rate of 100%. Sales for Q1 of FY 23-24 were 40 lakhs, and projected sales for Q2 are anticipated to reach 90 lakhs. The EBITDA stands at -5%, while the gross margin is 60%. August 2023 marked a profitability milestone. Currently, the monthly gross profit from services amounts to 1.2 lakhs.
Founders’ Ask
50 lakhs for 2% equity at the valuation of Rs. 25 crores.
No Deal
Reasons for no deal
Anupam: The founders need to focus their energy on a real problem like saving water.
Amit: He considers it difficult for the company to make money.
Namita: Business difficult to scale.
Vineeta: Scalability is a concern.
Aman: Market and model is not yet defined.