Biography of Akash Mehta: Founder & CEO of Homestrap- Entrepreneur
Biography of Akash Mehta:
Akash Mehta and his wife, Priyanka Mehta, founded Homestrap
in Indore after experiencing the challenges of organizing their home following
the birth of their first child. They realized that many families face similar
struggles when it comes to keeping their living spaces tidy and organized. This
shared experience inspired them to create a brand dedicated to making home
organization easier for everyone.
The Birth of an Idea
The couple recognized a common problem: cluttered wardrobes
and the difficulty of finding everyday items. To address this issue, they
envisioned a range of products designed specifically for organizing clothing
and accessories. Their goal was to develop practical solutions that would help
families save time and reduce stress in their daily routines.
Introducing Homestrap Products
Homestrap offers a variety of innovative products to help
keep wardrobes neat and accessible. Their lineup includes saree organizers,
shirt stackers, clothes organizers, jewelry organizers, shoe organizers, and
hanging shelves. Each product is designed with user convenience in mind,
allowing for easy organization and retrieval of items.
Mission of Homestrap
The mission of Homestrap is simple: to help individuals and
families maintain organized, clutter-free wardrobes. By providing smart
solutions for everyday organizing challenges, Akash and Priyanka aim to enhance
the daily lives of their customers, making it easier for them to find what they
need when they need it.
Quality at the Core
Homestrap emphasizes quality in all its products. The
founders believe that durable, well-made organizers can significantly improve
the user experience. By using high-quality materials, Homestrap ensures that
their products can withstand daily use, providing a long-term solution for home
organization.
A Growing Business Model
Homestrap operates through a digital-first business model,
selling its products on e-commerce platforms like Flipkart and Amazon, as well
as through their own website. This approach allows them to reach a wide
audience while catering to the increasing demand for home organization
solutions in India.
Target Market
The brand’s target market includes busy professionals,
homemakers, and families seeking efficient solutions for organizing their
homes. Homestrap’s affordable products are designed for those who value
practicality and innovation, making them accessible to a diverse range of
customers.
Impressive Sales Growth
Homestrap has seen remarkable growth in sales over the
years. Starting with ₹2.13 crore in the financial year 2016-17, sales surged to
₹7 crore in 2017-18, then to ₹9 crore the following year. By 2021-22, the
company reached ₹19.2 crore in sales, and for the current year, projected sales
are expected to hit ₹22 crore, demonstrating the brand's expanding market
presence.
Biography of Akash Mehta: Founder & CEO of Homestrap- Entrepreneur/age/net worth/investor/startup/address clutter in homes, focusing on practical orga
Financial Health
The company maintains a gross margin of 55%, managing its
costs effectively to ensure profitability. With a focus on efficient expense
management, Homestrap's EBITDA stands at 3%, reflecting the founders'
commitment to maintaining a sustainable business model while delivering quality
products.
The Shark Tank Experience
In March 2023, Akash and Priyanka pitched Homestrap on Shark
Tank India, seeking ₹70 lakhs for 1% equity, valuing the company at ₹70 crore.
After negotiations, they secured an investment of ₹50 lakhs for 7% equity and
₹20 lakhs in debt at 10% interest from investor Anupam Mittal, valuing the deal
at ₹7.14 crore.
Innovative Solutions
Homestrap’s products are designed to simplify the
organization of household items, addressing the common “Great Indian Cupboard”
challenge. The solutions they provide are straightforward and user-friendly,
making it easy for anyone, even children, to manage their storage effectively.
Commitment to Customer Satisfaction
Homestrap's focus on customer satisfaction is evident in
their product development process. The founders regularly seek feedback to
improve their offerings and ensure they meet the evolving needs of their
customers. This dedication helps build a loyal customer base and enhances the
brand’s reputation.
Expanding Horizons
As Homestrap continues to grow, Akash and Priyanka are
committed to innovating and expanding their product range. They aim to
introduce new solutions that cater to the diverse needs of their customers,
ensuring that their brand remains synonymous with effective home organization.
A Vision for the Future
With a strong foundation and a clear vision, Homestrap is
poised to become a leading player in the home organizing market in India. Akash
and Priyanka’s entrepreneurial journey reflects their passion for improving
everyday life through practical solutions, and they are determined to make a
lasting impact in the industry.
Making Lives Easier
Through their dedication and innovative approach, Akash and
Priyanka Mehta are transforming how people organize their homes. Homestrap not
only addresses the challenges of clutter but also empowers individuals to
create more functional and enjoyable living spaces. Their journey is a
testament to the power of identifying a problem and turning it into a
successful venture.
A timeline for the story of Akash and Priyanka Mehta and
Homestrap:
2016: Akash and Priyanka experience challenges in home
organization after the birth of their child.
2016-2017: Homestrap is founded to address clutter in homes,
focusing on practical organization solutions.
2017-2018: Sales grow to ₹7 crore, reflecting increasing
demand for home organization products.
2018-2019: Sales increase to ₹9 crore, establishing the
brand’s presence in the market.
2021-2022: Homestrap reaches ₹19.2 crore in sales, showing
significant growth.
March 2023: They pitch on Shark Tank India, seeking ₹70
lakhs for 1% equity.
March 2023: They secure ₹50 lakhs for 7% equity and ₹20
lakhs in debt from Anupam Mittal.
2023: The brand continues to expand its product range and
innovate solutions for home organization.
2024: Homestrap aims to become a leading player in the
Indian home organizing market.
