Mayank Sisodia made an appearance on Shark Tank India Season 3, where he divulged insights into his startup, The Honest Home Company, and its primary objective which revolves around reducing plastic bottles for everyday household items. During his pitch, he candidly shared that despite facing more than 80 venture capitalists in attempts to secure funding, he unfortunately did not succeed. He also revealed that he encountered scepticism from others who ridiculed him for his sales background, doubting his ability to build a successful brand.
|The Honest Home Company
|₹1 crore for 2% equity
|₹1 crore for 3% equity with royalty
Mayank's professional journey began at Parle Products Private Limited, followed by a stint at Hindustan Unilever, and eventually, he joined Kapiva Ayurveda. According to his account, he played a pivotal role in elevating Kapiva from generating zero to achieving a remarkable 1 crore monthly revenue within just one year. This success story underscored his determination and entrepreneurial acumen despite initial setbacks.
All About the Pitch
During his pitch on Shark Tank India, Mayank Sisodia shared comprehensive details with the sharks. He showcased his innovative floor cleaner, which distinguishes itself by being in powder form and can be easily mixed with water for use. Also, the affordability of the products is a USP here. While the average floor cleaner typically costs around 225 Rs per liter, Mayank emphasized that their product can be prepared at a significantly lower cost, priced at 70 Rs per liter.
In terms of investment, Mayank proposed a deal of INR 1 Crore for a 2% equity stake, valuing the company at INR 50 crores. There was positive feedback on the packaging design. However, the low profit margin of 4% raised issues for the sharks, despite good sales of ₹14 crores in FY 2022-23 with a 33% customer repeat rate.
Vineeta expressed interest in a 4% equity offer with royalty, while Anupam joined the deal with her. However, Amit preferred going alone with a lower offer. Finally, Mayank Sisodia went with Amit Jain’s deal of ₹1 crore with 3% equity and royalty
Takeaways from the Pitch
Mayank Sisodia's pitch on Shark Tank India Season 3 provides insights into various skills and attributes:
1. Resilience and Determination: Mayank faced scepticism and criticism but demonstrated resilience by persevering despite setbacks, showcasing determination to prove himself in the business world.
2. Entrepreneurial Acumen: Mayank's success at Kapiva Ayurveda, elevating revenue from zero to 1 crore monthly within a year, highlights his entrepreneurial acumen and ability to drive business growth.
3. Innovative Product Presentation: His presentation of an innovative floor cleaner in powder form showcased creativity and a unique approach to household products, setting his business apart.
4. Cost-Efficiency Focus: Mayank emphasized the cost-effectiveness of his product, showcasing a keen understanding of market dynamics and the importance of affordability as a unique selling proposition (USP).
5. Effective Communication: Mayank effectively communicated the value proposition of his product, highlighting its benefits and cost advantages. This is crucial in gaining investor interest and consumer trust.
6. Financial Literacy: Proposing a deal of INR 1 Crore for a 2% equity stake, valuing the company at INR 50 crores, demonstrates Mayank's financial literacy and strategic thinking in terms of company valuation and investment.
7. Adaptability: Choosing Amit Jain's deal of ₹1 crore with 3% equity and royalty shows Mayank's adaptability and willingness to negotiate to secure a suitable investment deal.
In summary, Mayank Sisodia exhibited a combination of resilience, creativity, business acumen, and effective communication during his pitch, ultimately securing a deal that aligned with his business goals.