HooVu fresh established in Bengaluru, Karnataka, in 2019 by sisters Yeshoda and Rhea Karuturi, HooVu Fresh specializes in providing fresh traditional flowers that have a 15-day shelf life. They use sophisticated methods to manage germs and moisture to attain this lifetime.
Company Name: HooVu Fresh
Founder: Yeshoda Karuturi and Rhea Karuturi
Idea: Flowers
Product: Fresh conventional flowers with a 15-day shelf life are the company’s specialty.
Highlights
• Extended Shelf Life: By employing cutting-edge moisture and bacterial management methods, flowers can remain fresh for up to 15 days.
• Minimal Wastage: Through creative packaging, flower waste is decreased from 40% to 2%.
• Vast Selection: Provides daily horoscopes, panchang (Hindu calendar), agarbatti (incense sticks), and traditional flowers (marigold, jasmine, etc.).
• High Volume: More than two million orders were filled in eight Indian cities.
• Farmer Partnerships: Works with more than 500 farmers to source flowers.
• B2C and B2B: Sells flowers on websites like BigBasket, BlinkIt, and Zepto and provides them to more than 300 temples.
• Robust Sales Growth: As of August 2022, monthly sales reached ₹1 crore, with yearly revenue projections of ₹10 crore.
Pitch Details
Ask: ₹80 lakhs for 1% equity, valuing the company at ₹80 crores.
Deal: After negotiations Aman Gupta and Peyush Bansal of ₹1 crore for 2% equity, valuing HooVu Fresh at ₹50 crores.
Investors: The investment came from Aman Gupta, and Peyush Bansal.
Conclusion
HooVu Fresh is unique in the Indian market because of its creative method of prolonging the shelf life of traditional flowers. The company’s potential for development and scalability is highlighted by the ₹50 crore valuation at which Aman Gupta and Peyush Bansal invested. By the end of 2023, HooVu Fresh wants to reach ₹10 crores in revenue with plans to improve backend operations, branding, and marketing.
