What Happened to Homestrap After Shark Tank India?
Organizing clothes in the wardrobe is a challenge in itself. How often do you open the wardrobe and all the clothes fall on you? I know, many of you can relate to this.
Who is the Founder of Homestrap?
To solve this problem, Homestrap was born. Akash Mehta & Priyanka Mehta are the founders of the Homestrap brand. Akash & Priyanka are husband and wife. After having their 1st child, they realized the necessity of organizing their stuff. They started the brand in 2016.
Homestrap will help you organize the everyday household things at your house. To organize they have a couple of products in their portfolio.
Homestrap offers,
- Clothes organizer
- Shirt stacker
- Saree organizer
- Jewellery organizer
- Shoe organizer
The average selling price of these products is ₹505. Their EBITDA is 3%.
What are the Annual Sales of Homestrap?
| Fiscal Year | Annual Sales |
| 2016 – 2017 | ₹2.13 Crores |
| 2017 – 2018 | ₹7 Crores |
| 2018 – 2019 | ₹9 Crores |
| 2019 – 2020 | ₹12 Crores |
| 2020 – 2021 | ₹19 Crores |
| 2021 – 2022 | ₹17.2 Crores |
How to get Homestrap?
You can order Homestrap products from their brand website. They are available on Amazon also. Till now they’ve served 15 Lakh customers.
How much money did they ask for Homestrap?
They came to Shark Tank India seeking ₹70 Lakhs for 1% equity in the company. Which gives the company a valuation of ₹70 Crores.
Unit Economics of Homestrap
| COGS & GST | 45% |
| Commission & Weight Handling | 31% |
| Amazon Marketing | 7% |
| Rental & Salary | 8% |
| Other Expenses | 6% |
| EBITDA | 3% |
Which shark gave Homestrap an offer?
Aman Gupta was out because the EBITDA was too small to play with at the moment according to him.
Peyush Bansal was out because he couldn’t add any value to this business.
Namita Thapar didn’t like the finesse of the product. That’s why she was out.
Vineeta Singh was out because she thought building a brand on this type of product could be difficult.
Anupam Mittal was interested in the business. He offered them ₹50 Lakhs for 10% equity and ₹20 Lakhs debt at 10% interest. He has a huge database of newly married couples. He thought this product could be a perfect fit for that segment.
| Offer 1 |
| Anupam Mittal – ₹50 Lakhs for 10% & ₹20 Lakhs debt at 10% interest |
The founders gave a counteroffer of ₹50 Lakhs for 5%.
Anupam revised his offer and took off the debt part. The new offer was ₹70 Lakhs for 10%.
| Company Name | Homestrap |
| Founder | Akash Mehta & Priyanka Mehta |
| Asked Amount | ₹70 Lakhs for 1% |
| Final Deal | ₹50 Lakhs for 7% & ₹20 Lakhs debt at 10% interest |
| Shark | Anupam Mittal |
| Company Net Worth | ₹7.14 Crores |
| Company Website | www.homestrap.com |
| Company Status | In Business |
What deal did Homestrap get in Shark Tank India?
Finally, they agreed on ₹50 Lakhs for 7% & ₹20 Lakhs debt at 10% interest. Which gives the company a valuation of ₹7.14 Crores.
