Beehive Smart - IoT enabled hardware platform startup
Currently focusing on the home automation segment.
Beehive smart power strip and plug points fit into existing plug points and convert appliances like washing machines, toasters, geysers, music systems, and fans & lights into connected devices which can be controlled via the mobile app.
Great hardware supported by great software
Value proposition and product features
Convert your current appliances into smart appliances starting at just Rs.2199
Cost of production + packaging per unit Rs.700
Priced at Rs.2199
Cost of production + packaging per unit Rs.600
Priced at Rs.1,999
Cost of production + packaging per unit Rs.900
Priced at Rs.4,199
Beehive products are significantly better designed (also allowing for lower cost of production) and more feature rich
Current status and GTM plans
Introduce other products like Power Socket for higher current appliances and Switch Box (which requires an electrician to fix into the existing switch boards)
For the next 12 months focusing on B2C sales of Power Strip, while building the pipeline for bulk sales to business (offices/ banks)
Go to market plans
Target is to sell ~ 2,000 power strips and generate revenues of ~ Rs.45 lacs in 2018
Bipin Koli (Co- Founder & CEO)
An alumnus from IIT Kharagpur in Computer Science, he has worked as Senior Fellow in CSIR-CSIO Chandigarh for close to 2 years with total Research experience of 6+ years.
Gaurav Verma (Co- Founder & Head Business Op and Dev)
Worked as a Scientist in the field of Electronics at CSIR-CSIO Chandigarh for 2 years with total experience of 5+ years.
Vikas Goyal (Co- Founder & Head, Product Development)
Having a degree in Electronics and Communication Engineering, he has worked as research fellow in CSIR-CSIO Chandigarh for 1 year with total experience of 4+ years
Shubham Saxena (Co- Founder & Head, Marketing Op)
He worked as a Research Fellow in CDAC-Pune for 1 year as well as CSIR-CSIO Chandigarh for the next year with total experience of 4+ years
Equity split equally between founders. All founders are full-time in the venture.
Beehive was bootstrapped by the founders . Subsequently, they have previously closed a small family & friends round.
By June, Beehive will be ready for raising follow-on capital of Rs.2.5 cr. This will last 18-24 month, taking the venture to meet growth plans till 2019. This round of funding will also take the company to self-sustainability, with additional funding required only to accelerate the pace of growth, and to target international markets.
Request their investor pitch deck
Beehive is part of Qrate - a unique fundraising assistance program by the Government of Rajasthan. The program is free for startups and is open to startups across India.
The Qrate program follows the ‘Assess-Improve-Access’ model wherein startups are first provided a detailed assessment report and Applyifi scorecard, based on which startups undergo customized and group skill-building and mentoring programs. Once ready, startups are connected to investors and potential customers. Startups that graduate from the program will also get fast-tracked to pitch for grants and investments from the Government of Rajasthan.
All participating startups are given the iStart and QRate cards, which provides them access to several benefits and offers from partners. All startups start with the basic iStart card but move up the ladder – bronze, silver, gold, platinum and signature cards – as their scores improve. Depending on their Qrate score, Startups are eligible for a tiered structure of online and offline benefits, including via partners.
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