When Priyal Bhartia shared one of her favorite childhood snacks with her friend Nadine Habayeb, they instantly knew that they had to introduce it to the US snack market. This is when Bohana was born. Bohana is a snack alternative to popcorn that is packed with protein, amino acids, and antioxidants. Bohana is made by popping the seeds of the giant water lily that is found in India. Under heat, the water lily seed (also known as Makhana), pops just like popcorn only it does not leave a kernel behind.
Each seed is harvested in Bihar, India and allows Priyal and Nadine to provide fair wages and steady income to Indian farmers. Bohana sources the highest quality of water lily seeds and offers three different flavors: Himalayan pink salt, white cheddar, and soulful spice. This vegan, kosher, non-GMO snack is comparable in price to other snack foods but is a much healthier option. Bohana is the first company to bring this traditional Indian snack to the US and is hoping to find a partner willing to invest $200,000 in exchange for 10% equity who will help them expand and sell their product across the United States.
Is this snack poppin’? #SharkTank
— Shark Tank (@ABCSharkTank) March 21, 2020
The Sharks like the taste of the products and the added nutritional value that most snacks do not have. Lori Greiner commented that she wishes it had fiber and then she would be more interested. Nadine assures Lori that they are able to build the nutrient profile of the product to incorporate fiber into their recipe. Although the Sharks like the product and are impressed with Nadine’s pitch, they are concerned about trying to educate the market. Nadine shares that in every live demo they have given of the product, they have sold out of the product immediately because people love it. She feels that is the best way to get in front of people and have them expand their snacking profile.
Barbara Corcoran is the only Shark to make Bohana an offer initially. Barbara offered to invest $200,000 in exchange for 30% equity in the company. Kevin O’Leary encourages Nadine to take Barbara’s offer because he feels that Barbara would be a great partner for them. Barbara states that she doesn’t need Kevin’s help or want his endorsement, which makes him mad so he decides to undercut Barbara’s offer. Kevin then offered to give Bohana the $200,000 as a loan which they could pay back at 9% interest over 3 years in exchange for 8% equity. Because Bohana values their equity, they decided to go with Kevin’s offered and accepted his loan and terms.
— Lori Greiner (@LoriGreiner) March 21, 2020
Do you think that Nadine made a wise choice in partnering with Kevin when he was going to pass on investing with them? Do you think that he will be as effective of a partner as Barbara would have been since she really liked the product and their company? If you were Bohana, which Shark would you have chosen? Start the conversation in the comments below.