HooVu Fresh, a flower delivery business specializing in fresh flowers and incense (Agarbatti) on subscription, was featured on Shark Tank India Season 2 Episode 1. The company, founded by Rhea Karuturi and Yeshoda Karuturi in Bengaluru, Karnataka, in 2019, is known for its partnership with local farmers and its unique packaging techniques that extend the shelf life of flowers to 15 days.
As of January 2023, HooVu Fresh is available in Bengaluru, Hyderabad, and Mumbai, with its products listed in various supermarket chains, including Big Basket, Jio Mart, Haiko, and Ratnadeep.
During their Shark Tank appearance, the founders sought ₹80 lakhs for a 1% equity stake at an ₹80 crore valuation. The business offers flowers priced between ₹40 to ₹100 and provides delivery related to Pooja ceremonies, along with screensavers and Agarbatti.
The outcome of their pitch and any subsequent investment details have not yet been disclosed.
| Company Name | HooVu Fresh |
| Founder | Rhea Karuturi and Yeshoda Karuturi |
| Founded | 2019 |
| Business | A Fresh Take on Traditional Flowers |
| Asked For | ₹80 Lakhs for 1% equity |
| Final Deal | ₹1 Crores for 2% equity |
| Shark | Aman Gupta and Peyush Bansal |
| Episode (Shark Tank India) | S2 E1 |
| Air Date | Jan 2, 2023 |
| Business Status | In Business |
| Website | Visit Now |
| Headquarters | Bengaluru, Karnataka, India |
| Lifetime Worth (Sales) | ₹20 Crores *estimated |
| Go To Amazon | Buy Now |
| Watch On | Amazon Prime |
Another Shark Tank Pitch
Who Is The Founder Of HooVu Fresh?
HooVu Fresh was co-founded by Yeshoda Karuturi and Rhea Karuturi, who are sisters.
Yeshoda Karuturi
- Role: Co-Founder & CEO
- Background: Yeshoda is an accountant with part-time experience at companies such as Techstars and Blume Ventures. She founded the Sahayagya Foundation in April 2021.
Rhea Karuturi
Background: Rhea holds a Bachelor of Science degree from Stanford University. She joined HooVu Fresh to work alongside her sister in the flower delivery business.
Role: Co-Founder & CTO
How Was The Shark Tank Pitch Of HooVu?
Rhea and Yeshoda Karuturi of HooVu Fresh appeared on Shark Tank India and sought ₹80 lakhs for 1% equity in their company, which was valued at ₹80 crores.
Key Points from the Pitch:
The flower industry in India is valued at ₹2.5 lakh crores but lacks major brands. HooVu Fresh claims a 15-day shelf life for their flowers, achieved through advanced moisture and bacteria control.
The company operates in 8 cities, has fulfilled over 2 million orders, and works with 300+ temples and 500 flower farmers. Their flowers are sold through various e-commerce platforms like Big Basket and Zepto.
Initially, they sold flowers in packs of 10, but now offer premium packs of 40 to 100. Their monthly sales figures have seen growth, with ₹1 crore in August 2022, ₹50 lakhs in July, and ₹45 lakhs in June. They project ₹10 crores in total sales by the end of 2023 and reported ₹5 crores in sales for the financial year 2022.
Offers from Sharks:
- Namita Thapar and Vineeta Singh offered ₹40 lakhs for 4% equity and ₹40 lakhs debt at 12% interest at a ₹10 crores valuation. They later revised their offer to ₹50 lakhs for 1% equity plus ₹30 lakhs debt at 12% interest at a ₹50 crores valuation.
- Aman Gupta and Peyush Bansal offered ₹1 crore for 2% equity at a ₹50 crores valuation.
Rhea and Yeshoda accepted the offer from Aman and Peyush.
Finalize: Aman Gupta and Peyush Bansal invested ₹1 Crores in “HooVu Fresh” for 2% equity.
HooVu Fresh Shark Tank India Update
HooVu Fresh secured a deal on Shark Tank India, with Aman Gupta and Peyush Bansal investing in the flower business at a valuation of ₹50 crores.
Aman Gupta will focus on marketing and branding, while Peyush Bansal will manage backend operations, including manufacturing processes. Both sharks aim to boost the company’s sales and help achieve its projected ₹10 crores in sales by the end of 2023.
The pitch received a positive reception on Twitter, with many users finding the business idea compelling and innovative.
HooVu Fresh tweeted from its official account:
Thank you so much, Sharks, for investing in our pitches! We at #Hoovu look forward to working with you with your encouragement and support! #SharkTankIndia season 2 is streaming now on Sony LIV and Sony Entertainment Television.
hoovufresh
What Is HooVu Fresh Net Worth?
HooVu Fresh sought investment on Shark Tank India at a valuation of ₹80 crores, but the deal was finalized at ₹50 crores. The company is currently valued at ₹50 crores, though the exact net worth is not yet available.
As the first major brand in India focusing on the flower industry, HooVu Fresh has positioned itself uniquely in the market. The company sells its products at what it considers a premium price, despite being priced competitively. Their flowers are also available on Amazon.
The startup has garnered attention from major media publications, including YourStory and The Hindu. The company is headquartered in Bangalore, Karnataka, and employs a team of 60 people.
Yes, HooVu Fresh is still in business as of April 2024.
