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Shark Tank India Season 3: Sharks Looked Amazed By The Variety of Infused Honey Offered by "Honey Twigs”

Sharks Looked Amazed By The Variety of Infused Honey Offered by Honey Twigs
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5 Dariya News

5 Dariya News

5 Dariya News

09 Feb 2024

Honey Twigs was introduced on the Shark Tank India stage with exquisite ornamentation. After tasting this honey product, the shark judges are overjoyed. This review article will attempt to determine whether or not the large bottle of this product will be presented in a novel way, such as a chocolate-colored bottle, and whether or not the business pitcher will be able to make a profit on his venture.

With the industry expertise and the Shark Judge's professional guidance, everyone feels motivated to embark on their entrepreneurial path. Today, we will go into great detail on the business agreement, including the company's goals, target market, and financial statements.

Read more:- "Gud Gum" Produces Chewing Gum For "Perfora," A Sharks Firm

Honey Twigs Pitch to Sharks in Shark Tank India

Honey Twigs business has already raised money in two fundraising rounds. The first one was the Angel round, which brought in ₹50 lakhs at a valuation of ₹2.77 crore. Interestingly, this round ended in 2017. They raised ₹1.5 crores in a second funding round in 2020, valued at ₹12 crore. Prafull owns 5% of the company, having contributed ₹1 crore of his own funds, while Jigar and Paras hold 36% apiece. 

Even though he mentioned that he doesn't like honey, Aman said he enjoyed the items. He also thought he could collaborate effectively with the entrepreneurs, therefore he made an offer of ₹45 lakhs for 3% and the remaining amount as debt with a two-year period and 10% interest. Vineeta also wanted to invest, valuing the firm at ₹18.75 crores, with an offer of ₹75 lakhs for 4%. 

Together, Anupam and Ritesh presented the entrepreneurs with a Dream Deal that included 3% of the firm for ₹75 lakhs, which was precisely what they had requested. Peyush asked whether he could accept Ritesh and Anupam's invitation, and they said yes. Together, Aman and Vineeta made a second bid for 4% of the business, this time for ₹75 lakhs.

Read More: Ritesh Agarwal Net Worth

Sharks Invest in Honey Twigs Business Deal

The founders' requests were fulfilled by Anupam, Ritesh, and Peyush at that point. Aman and Vineeta joined at this point and changed their original offer of Rs 75 lakh for 3% equity. After a minute, the founders asked the Sharks if all five of them could pool Rs 1 Cr for 5% stock, but they weren't prepared, so Anupam, Ritesh, and Peyush locked in a deal for Rs 75 lakh for 3% equity.

Read more:- Shark Anupam Pilots The "Vecros" AI Drone

The financials of Honey Twigs on Shark Tank India

At ₹1.3 crores, Honey Twigs concluded their first fiscal year of FY20–21. They then saw a 100% growth rate, ending FY21–22 at ₹2.6 crores. The company's revenue for the most recent fiscal year, FY22–23, was ₹4 crores. In June 2023, they earned ₹55 lakhs, followed by ₹18 lakhs in July and ₹35 lakhs in each of August and September. Without finance, they expect to conclude this year with ₹6 crores in income, and if they raise the money, that number would rise to ₹9 crores. This year, they anticipate making a net profit of 3%.

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