Last updated on 23 January 2024.
Find out everything about Honest Home Company’s pitch on Shark Tank India, its founder Mayank Sisodia, and the latest updates about the company.!
The Honest Home Company on Shark Tank India
The first pitch and the first deal of season 3 happened honestly with Honest Home Company.
Here are the key details about their pitch on Shark Tank:
| Name | The Honest Home Company |
| Founder | Mayank Sisodia |
| Episode | Season 3 Episode 1 |
| Ask | ₹1 Crore for 2% Equity |
| Deal | ₹1 Crore for 3% Equity (with Royalty) |
| Shark | Amit Jain |
| Status | In-business |
The Honest Home Company makes everyday cleaning and paper products but without plastic packaging. This makes them eco-friendly and sustainable, but as well as they offer them at an affordable price.
The catalog includes items used in kitchen cleaning, food wrapping, and personal hygiene.
One of the most unique products is a Floor Cleaner, but that comes in powder form, packaged in a paper bag. This way, the cost of plastic bottles and unnecessary storage is solved, as well as the price is even lower.
This Honest Home Floor Cleaner is also available on Amazon (*Affiliate Link):
Or buy it by clicking here: https://amzn.to/48YiQOM
*Affiliate Link means that we get a certain percentage from the sale when you purchase through our link.
The founder was looking to get an investment of ₹1 crore. He was looking for both money and guidance to grow on e-commerce channels.
Aman was the first to comment on the good packaging design. However, Namita pointed out that the product still has some chemicals, so to say it is “Good for You” might be not completely honest. The low-profit margin of 4% was also a problem for the sharks.
But still, there were good sales. The business has generated about ₹14 crores in sales in FY 2022-23, that too with an impressive 33% customer repeat rate.
Vineeta was interested in 4% equity offer, with some royalty to recoup until the 1.5x multiple of the initial investment was reached. Anupam also joined hands with her. He even tried to bring all the sharks in, but Amit wanted to alone with a lower offer.
Watch a short promo of the pitch here:
Amit Jain invested ₹1 crore in The Honest Home Company on Shark Tank India for 3% equity, but 1% royalty. This means Amit will get 1% from sales directly until he recoups ₹1.5 crores.
About Mayank Sisodia
Mayank Sisodia is the founder of The Honest Home Company. He belongs to a farming family from a small town called Dhampur in UP. He studied MBA in Marketing from Jaipuria Institute of Management.
After gaining sales experience in big FMCG companies like Unilver and a Startup Kapiva Ayurveda, Mayank decided to go on his entrepreneurial journey. With an initial investment of ₹2.25 crores investment, he was able to get to a whooping revenue of ₹14 crores.
While he started by selling in local stores, he decided to quickly go online when the pandemic hit. Still, since the business was in the commodity space, he was unable to get any money from big VCs and got rejected about 80 times.
A fun fact mentioned on the pitch was that there is a bigger US company with the same name (The Honest Company), founded by actress Jessica Alba. This caused a dispute but Mayank got to keep the name in the end.
After Shark Tank Updates
Mayank wanted to reach annual sales of ₹100 crores by 2025, by expanding to more cities and getting listed in more quick-commerce platforms. Let’s see if that happens or not.
By the way, other businesses featured in this episode were Adil Qadri perfumes, and Conscious Chemist sunscreen.
Here is the official company’s vision: “The Honest Home Company’s commitment to transforming conventional products and moving in the direction of becoming more sustainable and eco-friendly sets us apart from other not-so-green products in the same category. Our mission is to create a waste-free future. The technology exists, it just takes the right company with the right mindset to make these products the new normal.”
Takeaways
So now you know about The Honest Home Company’s pitch on Shark Tank India. We wish him good luck!
And if you don’t know who I am? I am Ranish Chauhan a.k.a. Fulmino Fan, a Fan of the Shark Tank show.