Honest Home Company's founder Mayank Pratap Sisodia's Honesty Wins Hearts and Deal on Shark Tank India
In the world of entrepreneurship, where fancy degrees often overshadow the genuine passion and integrity of a person. Mayank Pratap Sisodia stands out as a man of honesty and sustainability. He is from the small town of Dhampur in the Bijnaur district of Uttar Pradesh. Mayank's journey from a farmer's family to the founder of "The Honest Home Company" is nothing short of inspiring. He was recently seen in the Shark Tank season 3 episode.
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Mayank had no premium degrees and entrepreneurial education but he has his honesty which is the first priority of the customer. He belongs to a farmer's family, where he learnt about giving back to Earth. His product is made to help to save the mother earth from plastic packaging. The honest home company has given the solution of such products which focus on making plastic-free cleaning and paper products for everyday use.
He says he works on sustainability and his products are eco-friendly. The responsibility towards the environment eventually led him to found his company, with a mission to combat plastic pollution through eco-friendly alternatives.
Mayank Pratap Singh’s Education and Career
He completed his schooling in Dhampur. After that, he earned his graduation degree from Punjab University. He also attended the Jaipuria Institute of Management in Lucknow to earn an MBA.
He worked as a sales officer at Parle Product Limited. After this, he worked for Hindustan Unilever for over seven years, where he received three promotions and great work experience. Additionally, he joined an Ayurvedic start-up and expanded their product distribution throughout North India.
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Entrepreneurial Journey
While at work, he noticed that many businesses were offering high-quality organic items, but they were packaged in plastic, which was neither environmentally friendly nor sustainable. This gave him the idea to launch a product that could deal with this issue and reduce the use of plastic packaging. This idea gave birth to “The Honest Home Company” in 2019.
The company has made products which focus on making plastic-free cleaning and paper products for everyday use. The initial investment made by the Company was 2.25 crore – one crore from three friends, and the remaining was his own. Now the annual revenue is 14 crores. He has 80% ownership and his three friends hold 20% of the business.
But the journey was not so easy, he faced numerous challenges along the way, including initial rejection from over 80 venture capitalists who deemed his market too commoditized. They told him to find a co-founder who studied at a premium institute and had experience. But Mayank remained steadfast in his vision. When his Company started, it focused on some major products like food paper, kitchen towels, wrapping paper, facial tissue etc. Later they added other products like hand wash, toilet cleaner, floor cleaner etc.
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Armed with resilience and determination, he persevered, leveraging his experience in sales and distribution to carve a niche for his company in both offline and online markets. The COVID-19 pandemic served as a wake-up call for Mayank, highlighting the importance of expanding his online presence. When he recognised the need to adapt to changing consumer behaviours, he swiftly pivoted towards enhancing his Company's digital footprint, with plans to tap into various online platforms.
Mayank says his Company has had great control of the offline market from starting, but now he is also focusing on the online market as it is the need of the customer. They had 55% sales offline and the rest 45% online in 2022. Mayank is using different ways to sell its products online and increase its online availability.
The Honest Home Company grab the attention of four Sharks in Shark Tank India
Mayank's journey reached a pivotal moment when he appeared on the hit reality show "Shark Tank India," seeking investment to fuel his company's growth. Despite facing scepticism from potential investors, Mayank's unwavering belief in his product and his refusal to compromise on his principles caught the attention of the sharks. He asked for 1 crore rupees for 2 per cent equity from sharks at the valuation of 50 crore.
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In a dramatic turn of events, multiple sharks vied for a stake in Mayank's Company, each offering lucrative deals. Vineeta offered him 1 crore for 4% equity plus 1% royalty until she recoups 1.5 crores. Amit offered him the same as Vineeta. Anupam offered 1 crore for 3% equity plus 1% royalty until 2 crores is recouped.
Amit matched Anupam's offer and also Vineeta and Amit offered the same offer together. Amit agreed to go alone by reducing royalty from 2% to 1.5%. However, it was Amit's offer that ultimately resonated with Mayank.
The growth seen by the Company is great at 181% (shown in graph). Looking ahead, Mayank envisions exponential growth for The Honest Home Company, with plans to expand into new cities and online platforms. His dedication to sustainability, coupled with his business acumen, positions him as a formidable force in the eco-friendly consumer goods market.
In a world dominated by profit margins and cutthroat competition, Mayank Pratap Sisodia serves as a refreshing reminder that success can be achieved without compromising on integrity or environmental responsibility. As he continues to pave the way for a greener, more sustainable future, Mayank's journey stands as a testament to the power of honesty, grit, and unwavering determination.
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Written By Manvi