What Happened to HoneyVeda After Shark Tank India?

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Bee is a very important part of our society. Without bee pollination, 70% ~ 80% of crops will be affected.

When we collect honey from bee colonies, we tend to destroy the entire colony. But it’s not needed. Honey is stored in only 20% part of the colony.
While destroying the colony, we’re leaving the bees abandoned without a home. They either die or become homeless.

What is HoneyVeda?

HoneyVeda is a company that collects honey, and wax without destroying the colony or killing the bees. They have trained 200+ farmers till now. They are working as a B2B bulk supplier. They want to work in the D2C segment also.

Who is the Founder of HoneyVeda?

Hardik Joshi & Kashyap Joshi are the founders of HoneyVeda. They are brothers.

How much money did they ask for HoneyVeda?

They came to Shark Tank India seeking ₹75 Lakhs for 7.5% equity in the company. Which gives the company a valuation of ₹10 Crores. They want to make HoneyVeda the #1 honey brand in India.

HoneyVeda Before Shark Tank India?

Currently, they have 600 bee colonies, with the investment they get from Shark Tank India, they are planning to increase the colonies to 1,500. With 1,500 colonies, they’ll be able to reduce the cost and increase the margins.

Currently, they have margins of 20%, after having 1,500 colonies, they can have margins of 30%.

Hardik previously worked in the corporate industry for 9 years. He was doing beekeeping and his corporate job side by side for 3 years. After learning a lot of things in the beekeeping industry, he decided to make this his full-time business.

Kashyap works in pharma distribution. He is the director of the company.
HoneyVeda has pre-built boxes that contain bees. Each box has multiple frames inside. They keep a wax foundation sheet in the frames. The sheets are hexagonal.

Bees can live easily in the sheets. Each box contains one queen bee. The queen bee is slightly larger than normal bees.

HoneyVeda takes all the bee boxes on the farm and deploys them there. The bees do their magic and pollinate the crops. The farmers see an increase in production and HoneyVeda collects honey from the flowers. It’s a win-win situation for everyone.

HoneyVeda exports honey abroad also. Mustard honey is the hero product in that arena. Out of all the honey they export, 80% is mustard honey.

What are the Annual Sales of HoneyVeda?

Fiscal YearAnnual Sales
2020 – 2021₹35 Lakhs
2021 – 2022₹51 Lakhs
2022 – 2023₹53 Lakhs

Unit Economics of HoneyVeda

In ₹53 Lakhs, ₹40 Lakhs came from B2B honey sales, ₹9 Lakhs came from supplying honeybees to different farms, and ₹4 Lakhs came from different retail stores.

Which shark gave HoneyVeda an offer?

Aman Gupta doesn’t like honey. That’s why he was out.

Namita Thapar was out because she didn’t like the fact that HoneyVeda was trying to achieve 2/3 goals at the same time in a cluttered and unorganized market.

Peyush Bansal was out because he thought it was too early to invest.

Anupam Mittal & Vineeta Singh gave an offer. They offered ₹50 Lakhs for 20% and ₹25 Lakhs debt at 12% interest. Which gives the company a valuation of ₹2.5 Crores.

The founders gave a counteroffer of ₹50 Lakhs for 15% and they requested the sharks to lower the interest rate on the loan.

Company NameHoneyVeda
FoundersHardik Joshi & Kashyap Joshi
Asked Amount₹75 Lakhs for 7.5%
Final Deal₹50 Lakhs for 20% and ₹25 Lakhs debt at 12% interest
SharksAnupam Mittal & Vineeta Singh
Company Net Worth₹2.5 Crores
Company Websitehoneyveda.in
Company StatusIn Business

What deal did HoneyVeda get in Shark Tank India?

The sharks didn’t agree. The founders thought for a while and took the deal.

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