Biography of Praveen Mishra: Founder and CEO of Tohands- Entrepreneur
Biography of Praveen Mishra:
Birth of Tohands and Its Vision
At just 22 years old, Praveen Mishra, the co-founder and CEO
of Tohands, embarked on an inspiring journey to revolutionize the way small
business owners manage their financial transactions. The idea for Tohands was
sparked after Mishra witnessed a small business owner in Bengaluru struggling
with managing sales and expenses using a regular calculator. This observation
led him to develop an innovative solution: the world's first "smart
calculator," designed specifically for shopkeepers. Tohands aims to empower
small businesses by offering a device that simplifies daily transactions,
making it more efficient and organized.
The Problem Small Business Owners Face
Many small business owners, especially in rural and
semi-urban areas, face difficulties in managing their finances. They often use
basic calculators to track their sales and expenses but end up writing down the
numbers manually and rechecking them later, which is time-consuming and prone
to errors. These challenges prompted Praveen Mishra and his team to create a
product that would automate this process, saving time and reducing errors,
while also providing a more organized way of handling financial transactions.
The Smart Calculator Idea
Praveen and his co-founders, Satyam Sahu and Shanmugam
Vadival, decided to build a device that not only performed basic calculations
but also recorded transactions in real-time. The Tohands smart calculator
includes features like two buttons for "credit" and "debit"
transactions, Wi-Fi support, and a companion mobile app. These features allow
shopkeepers to input data instantly and sync it with their mobile device,
creating an easy-to-use solution for managing daily financial records.
Challenges in Getting Started
While the idea seemed promising, Praveen initially thought
that creating a "smart" calculator might be a silly or unnecessary
invention. However, after spending time observing the struggles of shopkeepers
in real-world settings, he realized the immense value of such a device. With
the goal of improving the efficiency of daily business operations, Tohands
began to take shape, focusing on simplicity and practicality for its users.
The Entrepreneurial Journey
Tohands' journey was not without its challenges. The team
had to go through several iterations of the product before they arrived at the
version that could meet the real needs of small business owners. The first few
customers helped them refine the product, and the feedback they received was
invaluable. The Tohands team also learned a great deal about manufacturing and
distribution, which allowed them to scale their operations and move toward
launching the product in larger numbers.
Biography of Praveen Mishra: Founder and CEO of Tohands- Entrepreneur/age/net worth/investor/startup/smart calculator/shark tank/ Tohands story
Tohands on Shark Tank India
Tohands appeared on Shark Tank India Season 3, where they
pitched their product to a panel of investors. The founders demanded INR 55
lakhs for 1% equity in the company, valuing Tohands at INR 55 crores. The
panel, which included prominent investors such as Aman Gupta, Radhika Gupta,
and Varun Dua, was intrigued by the innovation behind the smart calculator and
asked several detailed questions about the product's features, market
potential, and business model.
The Sharks' Questions and Offers
During their pitch, the Tohands team demonstrated how the
smart calculator worked and addressed the Sharks' concerns about competition
and product differentiation. The Sharks were particularly interested in the
device’s ability to integrate with a mobile app and its potential to improve
financial management for small businesses. After some negotiations, the
founders received multiple offers from the Sharks. Ultimately, they accepted a
combined offer from Radhika Gupta and Varun Dua, who offered INR 60 lakhs for
2% equity at a valuation of INR 30 crores.
Post-Shark Tank Success
After appearing on Shark Tank India, Tohands gained
significant attention from both consumers and potential investors. The deal
with Radhika Gupta and Varun Dua provided the company with much-needed capital
to scale their operations. The partnership with the Sharks opened doors to
greater market exposure and gave the Tohands team the resources to focus on
growing the business.
Growth Plans for Tohands
Tohands’ immediate focus after the Shark Tank deal was to
expand its sales and marketing efforts, targeting small businesses across India
and beyond. With the funding and strategic advice from the Sharks, Tohands
aimed to place its smart calculator in 1 million shops over the next few years.
The device’s ability to simplify financial record-keeping made it an attractive
solution for small business owners who needed an easy-to-use tool to track
their sales and expenses efficiently.
The Company's Impact on Small Businesses
By offering a solution that addresses the unique challenges
of small business owners, Tohands has positioned itself as a valuable tool in
the digital transformation of India’s small business sector. The product not
only saves time but also improves the accuracy of financial records, which is
crucial for business owners when managing their cash flow and making informed
decisions. The smart calculator empowers business owners by simplifying their
financial tasks, enabling them to focus on growing their businesses rather than
spending hours on manual calculations.
Future Innovations and Features
Tohands plans to continually innovate and improve its
product. The next version of the smart calculator is expected to include new
features, such as the ability to track inventory on an item-wise basis,
providing shopkeepers with an even more comprehensive tool for managing their
business operations. With the backing of Radhika Gupta and Varun Dua, the
company is well-positioned to continue developing new features that meet the
evolving needs of small businesses.
Tohands’ Vision for the Future
Praveen Mishra and his team have a clear vision for the
future of Tohands. The company aims to empower millions of small businesses in
India and around the world by offering products that simplify business
operations and help entrepreneurs thrive. Tohands is committed to building
trust with its customers, focusing on long-term relationships that maximize
customer lifetime value. With its innovative approach and practical solutions,
Tohands is on track to become a key player in the digital tools space for small
businesses.
The Role of Education in Praveen’s Journey
Praveen’s journey as an entrepreneur is also shaped by his
dedication to education. He co-founded Skillgarh, a nonprofit that provides
skill development training to rural youth in India. This initiative aims to
bridge the skills gap in India, where many graduates are not equipped with
job-ready skills. Through Skillgarh, Praveen is helping young people access
better opportunities, contributing to India’s economic growth by creating a
more skilled workforce.
The Power of Innovation and Teamwork
Praveen’s success with Tohands is a testament to his belief
in the power of innovation and the importance of teamwork. He has built a
strong team of individuals who share his vision and are committed to making a
difference in the lives of small business owners. By focusing on building
products that solve real-world problems, Praveen and his team are creating
lasting value for their customers and contributing to the growth of the small
business sector in India.
A Bright Future for Tohands
With the support of investors and a growing customer base,
Tohands is poised for significant growth in the coming years. The smart
calculator has already proven to be a game-changer for small businesses, and as
the company expands its product offerings and market reach, it is set to become
a leading provider of digital tools for entrepreneurs. Tohands’ innovative
approach and commitment to making small business management easier and more
efficient will continue to drive its success.
A timeline for Tohands' journey:
2020 – Tohands Founding: Praveen Mishra co-founded Tohands
to create a smart calculator for small business owners to simplify financial
management.
2021-2022 – Product Development: Tohands refined its product
through several iterations, gathering feedback from early customers.
2023 – Shark Tank India Pitch: Tohands appeared on Shark
Tank India, seeking INR 55 Lakhs for 1% equity at a ₹55 Crore valuation.
2023 – Investment Secured: The founders accepted a combined
offer from Radhika Gupta and Varun Dua for INR 60 Lakhs for 2% equity at a ₹30
Crore valuation.
Post-Shark Tank Growth: With new funding, Tohands focused on
scaling operations, aiming to place its smart calculator in 1 million shops
across India.
2024: Tohands plans to innovate with new features, like
inventory tracking, to further empower small business owners globally.
