Imagine getting a job at world's second $3 trillion company Microsoft. It is surely no less than dream for many, right? And once you land that job, its not often that an employee leaves Microsoft. But in the case of 29-year-old tech enthusiast Aabesh De, not only did he quit his six figure salaries job at Microsoft, he went on to build a startup that recently Rs 2.5 crore investment on Shark Tank.
In just eight days, 29-year-old Aabesh De "killed" his mother's beloved rose bush plant of years. It is at that time when the Microsoft techie made the decision to leave his high-paying job and start a houseplant health company called Flora.?
The 29-year-old tech enthusiast Aabesh De had been employed by Microsoft in Chicago. De, a self-described "serial plant killer," left his lucrative position at Microsoft to start the houseplant health startup Flora in August 2021. The startup creates an app and a soil meter to notify consumers about the condition of their indoor plants.?
After making an appearance on Shark Tank recently, the 29-year-old founder and CEO of Flora was able to close a $300,000 (roughly ?2.5 crore) deal. De claimed on the ABC program that the inspiration for Flora came to him after he accidentally killed one of his mother's favorite plants during the Covid pandemic.??
¡°My dear mother gave me her prized rose bush plant that she had for years," De said on?Shark Tank. ¡°And I ended up killing it in eight short days."
On Shark Tank (US), De stated that as of 2023, the company had generated $192,000 in lifetime gross sales and requested $300,000 in exchange for 10% of Flora. He declared, "We're not profitable just yet." We have incurred expenses totaling approximately $180,000 so far this year. Last year, we lost about $500,000.
De soon ran into a problem: three of the five judges in the episode had no personal interest in houseplants. Three people turned down offers: Robert Herjavec, Mark Cuban, and Kevin O'Leary. O'Leary said he was "blown away" by the presentation but wasn't interested in the business enough to invest, as per CNBC report.
Despite her love of plants, Barbara Corcoran expressed disapproval of Flora's business plan. "After purchasing [the soil meter], I would never opt for a subscription model," the woman declared. "That's a problem, I apologize, but I have to go."
Lori Greiner was left, but she wasn't even willing to publicly state what proportion of her would need to be involved. Regardless, De pushed her to do so, and she made an offer of $300,000 for 30% of Flora.
In your opinion, is $300,000 worth of equity worth 15% or 5% advisory shares? De enquired. If you think there's still too big of a gap, I'd be willing to talk about royalty of some kind.?
Judges responded to that, praising De as a skillful negotiator. Ultimately, $300,000 was agreed upon by Greiner and De in exchange for 15% equity, 5% advisory shares, and a $2 royalty on each unit sold until the investment was profitable.
Greiner said, "I like to invest in people who are smart as hell, and I think you're smart as hell." "You have an agreement."
Also Read:?Startups That Went On To Become Successful Despite Rejection On Shark Tank
During his pitch on?Shark Tank US, Aabesh De mentioned that Flora's $64 (about ?5,300) soil meter and app takes ¡°the guesswork out of plant care, by telling you exactly what moisture, temperature, light and other vitals your plans need."
The startup also offers perks such as 24x7 ¡°plant diagnosis" support, access to ¡°expert plant doctors" and the ability for one soil meter to support multiple houseplants.
Also Read:?Not Bill Gates, This Man Was The First?Employee?Of?Microsoft
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