Beehive Smart - IoT enabled hardware platform startup

Currently focusing on the home automation segment.

Click here to request the pitch deck.

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

Hardware

  • Electronics designed innovatively to fit enclosure in a normal sized Power Strip – gives us a cost advantage versus competition
  • Designed to fit in existing, standard switch boards at homes and offices – aesthetically designed products
  • Unlike most currently available products, our Power Strips, Plugs and Switch Boxes have a manual override option

Software

  • USP: Offline option i.e. the devices can be controlled by the mobile app even without the internet (being at home)
  • Great UI and UX for ease of use

Value proposition and product features

Value proposition

Convert your current appliances into smart appliances starting at just Rs.2199

Features

  • Just plug & Play
  • Use mobile app to control devices even when offline
  • Individual control for each appliance
  • Schedule on/off time for the appliances
  • 4 Universal Sockets - connects all type of appliances
  • Wi-Fi & Cloud based Smart Access on Android & iOS
  • Over the Air Firmware Update
  • Sharable to Multiple Users
  • Surge Protection
  • Overload protection

Use cases

  • In banks/offices: to switch off the false alarm from remote location using tablet or smartphone: No manual operation required.
  • In Hospitals: to control and monitor the critical equipment from the nurse desk using tablet or smartphone.
  • For switching/scheduling all electrical sprinklers in the fields, temperature controller for small industry, farms, from the home location itself. (
  • At IT Offices where power of each and every workstation can be controlled from the reception desk.
  • At homes: Connecting appliances like Television, Set-top boxes, electric cooker, electric kettle and can be controlled individually

Attractively priced

Power Strip

Cost of production + packaging per unit Rs.700

Priced at Rs.2199

Power Socket

Cost of production + packaging per unit Rs.600

Priced at Rs.1,999

Switch Box

Cost of production + packaging per unit Rs.900

Priced at Rs.4,199

Competitive advantage

Beehive products are significantly better designed (also allowing for lower cost of production) and more feature rich

  • Current Power Strip competitors have lesser number of sockets and lack support for iOS
  • For B2C product, while our products are aesthetically designed, competitive products are very industrial looking
  • Our products can be used offline via mobile, competitive products cannot be

Current status and GTM plans

  • Power Strip (power extension cord), Plug and Switch Board module are market ready
  • For the next 6 months focusing on the Power Strip for the B2C segment in the Delhi NCR market (as it is a plug & play product which helps consumers try an IoT Home Automation product at a pocket-friendly price i.e. Rs.2199 per power strip)
  • Raised a Friends & Family round to achieve sales of ~ 2,000 units in CY 2018 (at a run rate of 400-500 units by Dec 2018)
  • With the Power Strip sales demonstrating product-market fit, we plan to raise a  follow-on round to achieve the following:
    1. Take the Power Strip to markets beyond Delhi NCR
    2. 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

  • Focus on 20 relevant electrical shops from where we will sell these 2,000 units – strategy is to offer high margins for displaying our sales material prominently and selling
  • High-quality collaterals to attract customer attention at markets near these target shops

Team

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.

Fund raising

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

Click here to request the 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.

Click this link to register - http://istart.rajasthan.gov.in/vc-score

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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