Biography of Manali Sanghvi: Founder & CEO of Hexafun -Entrepreneur
Hexafun’s Shark Tank India Journey: A Tale of Challenges and Lessons
The Entrepreneurial Journey of Manali Sanghvi
Manali Sanghvi, an experienced branding and marketing
professional, is the founder of Hexafun, a company that brings a quirky and fun
approach to fashion accessories. Before starting her entrepreneurial journey,
she worked as an Account Director at Elmwood Brand Consultancy and Holmes &
Marchant, managing major FMCG brands like Sunsilk, Clear, Lifebuoy, and Tang.
With over a decade of experience in advertising and brand strategy, she decided
to start her own venture, Hexafun, in October 2021.
The Vision Behind Hexafun
Hexafun was created with the idea of bringing joy to
everyday fashion. The brand offers printed handkerchiefs, socks, stylish
stoles, and luggage covers, all made from 100% sustainable fabric. The goal was
to make functional products more fashionable while promoting sustainability.
With a focus on quirky designs, the company aimed to carve a niche in the
Indian market.
The Decision to Pitch on Shark Tank India
After two years of building Hexafun, Manali and her team
decided to present their business on Shark Tank India Season 4. They sought ₹90
lakhs in exchange for 1% equity, hoping to gain not just financial backing but
also valuable mentorship from the sharks. Their pitch included personalized
handkerchiefs for the investors, a small gesture meant to showcase their
brand’s personal touch.
Hexafun’s Financial Journey
Manali and her team presented their financials to the panel,
highlighting their revenue growth over three years. In 2021-22, Hexafun
generated ₹64 lakhs in revenue but faced a loss of ₹16 lakhs. The following
year, revenue grew to ₹1.35 crores, though losses increased to ₹64 lakhs. By
2023-24, the company reached ₹3.2 crores in revenue but suffered a significant
loss of ₹2.2 crores. These figures raised concerns among the sharks about the
company's profitability and sustainability.
The Sharks’ Initial Impressions
The sharks were not particularly impressed with Hexafun’s
offerings. While they acknowledged the creativity behind the products, they
felt the company was struggling to establish a clear market fit. Anupam Mittal,
one of the investors, was particularly vocal about his concerns regarding the
quality and pricing of the products.
Namita Thapar’s Critique on Branding
Namita Thapar was quick to notice an issue with the
personalized handkerchief given to her—it had a typo. She pointed out that
presenting a flawed product on a platform like Shark Tank was unprofessional.
She also questioned the brand name, stating that it lacked clarity and did not
effectively communicate the company's purpose. She compared it to Zerodha,
which combines "zero" (nothing) and "rodha" (barrier) in
Sanskrit, making it meaningful and easy to understand.
Aman Gupta’s Skepticism on Product Demand
Aman Gupta, co-founder of boAt, questioned the need for
handkerchiefs in today’s market. He believed it was an outdated product
category and was skeptical about its demand. “Why try to revive a dying
category?” he asked. His doubts were reinforced when he saw the company’s
financial losses over the years.
The Issue of High Expenses and Losses
The sharks were alarmed by Hexafun’s increasing losses
despite its revenue growth. Over the years, the founders had invested nearly ₹4
crores of their own money and raised an additional ₹2 crores from friends and
family. This raised concerns about financial mismanagement and whether the
business model was sustainable in the long run.
Kunal Bahl’s Advice on Business Reassessment
Kunal Bahl, co-founder of Snapdeal, suggested that Hexafun
needed a major restructuring. He shared his own experience, stating that every
startup reaches a “point of reckoning” where they must rethink their entire
approach. He encouraged the founders to reassess their product range, pricing
strategy, and market positioning before moving forward.
Anupam Mittal’s Harsh Quality Check
Anupam Mittal scrutinized the quality of Hexafun’s products.
He picked up an accessories bag with loose threads and pointed out that it
looked poorly made. He also questioned the practicality of their luggage
covers, arguing that someone who buys a ₹5,000 suitcase would not want to cover
it with a ₹3,000 fabric cover. His concerns highlighted the need for better
quality control and market research.
The Struggle to Explain the Brand Name
When Manali tried to explain the meaning behind Hexafun,
Aman Gupta interrupted, saying, “Puri zindagi explain hi karte reh jaoge”
(You'll spend your whole life explaining it). This reflected a key branding
issue—if a name requires too much explanation, it may not be effective in
capturing consumer attention.
Biography of Manali Sanghvi: Founder & CEO of Hexafun -Entrepreneur# startup#age#net worth#investor#shark tank#Hexafun story#Manali Sanghvi story
The Final Verdict: No Investment
After discussing various aspects of the business, all five
sharks decided to pass on investing in Hexafun. They believed the company
needed a clearer strategy, better product differentiation, and stronger
financial management before seeking external funding. Though the rejection was
disappointing, the founders left with valuable feedback.
The Lessons from Shark Tank
Despite not securing an investment, Hexafun’s pitch provided
important learning opportunities. The feedback from experienced entrepreneurs
highlighted the need for better branding, financial control, and a sharper
focus on product-market fit. These insights could help Manali and her team
refine their strategy moving forward.
The Road Ahead for Hexafun
The journey for Hexafun doesn’t end with Shark Tank. Many
businesses that faced rejection on the show later went on to succeed by
implementing the feedback they received. If Hexafun re-evaluates its product
offerings, improves its branding, and finds ways to reduce losses, it could
still carve a niche in the market.
Shark Tank India’s Impact on Startups
Shark Tank India continues to be a platform where
entrepreneurs receive not just funding but also critical business insights. The
episode featuring Hexafun highlighted the importance of strong branding,
product-market fit, and financial discipline. While Manali and her team walked
away without a deal, their experience serves as a lesson for many aspiring
entrepreneurs on the challenges of running a successful startup.
Timeline for story
October 2021 – Manali Sanghvi founded Hexafun.
2021-22 – Hexafun generated ₹64 lakhs in revenue with a ₹16
lakh loss.
2022-23 – Revenue grew to ₹1.35 crores, losses increased to
₹64 lakhs.
2023-24 – Revenue reached ₹3.2 crores, losses surged to ₹2.2
crores.
2024 – Pitched on Shark Tank India Season 4, seeking ₹90
lakhs for 1% equity.
2024 – Sharks criticized branding, product quality, and
financial losses.
2024 – No investment secured, but received valuable business
feedback.
