Hexafun Fails to Impress on Shark Tank India

Hexafun, a lifestyle accessories brand, made an appearance on the latest episode of Shark Tank India. Founders Harshit and Manali aimed to secure ₹1 crore for 4% equity, which would place the business valuation at ₹25 crore. Unfortunately, the panel of sharks turned down their pitch, pointing out concerns regarding quality, pricing, branding, and overall business viability.

About Hexafun’s Offerings

Hexafun primarily focuses on selling handkerchiefs, socks, and various accessories. However, the brand’s pricing, which exceeds that of competitors like Jockey, attracted negative feedback. Prior to their presentation, the founders presented the sharks with custom handkerchiefs, but this backfired when Namita Thapar noticed a typographical error. She commented, “While I appreciate the effort, I cannot wear something that has a spelling mistake. You’re spreading yourself too thin by attempting too much simultaneously.”

Concerns About the Brand Name

Namita expressed further reservations about the brand name, Hexafun. She explained her view, stating, “Take the example of Zerodha – ‘zero’ means nothing, while ‘rodha’ in Sanskrit translates to ‘hurdle’. It’s a clever name that relates directly to the business. However, your brand name is complex and hard to grasp.”

Challenges in the Pitch

As Manali tried to defend the choice of name, Aman Gupta interrupted, saying, “You will spend your entire life explaining it.” Aman further doubted the emphasis on handkerchiefs, labelling it a “dying category.” He raised questions concerning the financial sustainability of Hexafun, inquiring, “I would be surprised if you reveal that you are profitable.”

The founders confessed to burning through more than ₹6 crore over the past five years, which included ₹4 crore of their own savings and an additional ₹2 crore from friends and family.

Advice from the Sharks

Kunal Bahl advised Harshit and Manali to reconsider their business strategy entirely. He mentioned, “Every start-up reaches a critical juncture where regrouping is essential,” sharing his personal experiences from a decade ago.

Anupam Mittal delivered the most intense feedback. He pointed out the visible loose threads on their product, stating, “This displays such low quality.” He mocked their suitcase cover by asking, “Who would purchase a ₹5000 suitcase to carry ₹3000 clothes?”