Va Perfume is a night incense stick brand that claims to change the room’s environment with its aroma and put you into a romantic mood. They have multiple varieties of incense sticks, like Romance, Classic Love, Extreme Fun, etc.
More About Va Perfume
Va Perfume also manufactures devotional incense sticks that are sold in malls, medical stores, and cosmetic stores.
Amit worked in the rice industry for 15 years. He had to wound up that business in 2018 due to an export ban. His entire plant was export-oriented, and all his goods were mostly exported from Nigeria.
People use nighttime incense sticks in Nigeria. And the sales are solid there. They didn’t want to expand in India, so they shared their ingredients with Amit. Amit also tried some perfumes from Indonesia. Eventually, he liked the concept and decided to pursue this venture.
Va Perfume Shark Tank Pitch and Updates
Amit Hotchandani appeared on Shark Tank India Season 2 Episode 39 seeking INR 1 crore for 10% equity at a valuation of INR 10 crore.
The incense stick market size is INR 10,000 crore, which Amit wants to capture. The business had only been running for 7 months when Amit appeared on Shark Tank India. He had already invested INR 65-70 lakhs in Va Perfume. Their lifetime sales were INR 70 lakhs at an average of INR 10 lakhs a month.
The gross margin is 56%, while the net margin is 36%. To break it down, devotional sticks have a 40% margin, while night agarbatti has a 75% margin. Almost 70% of sales come from the devotional agarbatti. And night incense sticks only comprise 30% of sales.
Namita was the first to get out because she couldn’t connect or relate to the product. Amit was the second to get out of the deal because he felt this business was challenging to scale due to the fragmentation of the market. And there was no IP.
Peyush said he had no expertise in this field and got out. Aman couldn’t understand the business. He felt Amit was selling devotional and night incense sticks under the same brand. So, he was out too. Lastly, Anupam also got out of the deal because he felt he wouldn’t be able to make money from that deal.
|Company Name||Va Perfume Products|
|Profitability||Business is not profitable|
|Shark Tank Episode||Season 2 – Episode 39|
|Asked For||INR 1 crore for 10% equity|
Va Perfume did not get a deal on Shark Tank India Season 2.
Frequently Asked Questions About Va Perfume
After their appearance on Shark Tank India Season 2, people were trying to find more information about Va Perfume. Here are some of the frequently asked questions about them.
1. Who Is The Founder of Va Perfume?
Amit Hotchandani is the founder of Va Perfume.
2. Is Va Perfume profitable?
Va Perfume is not profitable.
3. Why Sharks did not invest in Va Perfume?
Namita couldn’t connect with the product. Peyush did not have the expertise. Amit believed there would be scalability issues, while Aman couldn’t understand the business. Anupam felt Amit wouldn’t be able to give back to the investors.
4. What happened to Va Perfume after Shark Tank?
Va Perfume did not get any investment in Shark Tank India. We have not received any updates from him since the episode was aired.