Bohana has been making a splash in the health food market since appearing on season 11 of Shark Tank. The brand, which offers a nutritious alternative to popcorn, has experienced significant growth since March 2020! Although there’s two founders, Nadine Habayeb came alone but bagged a deal with Kevin O’Leary and the business is now worth an estimated $3 million.
Bhartia and Habayeb, the dynamic duo behind Bohana, come from diverse backgrounds but share a passion for healthy snacking. Bhartia, originally from India, discovered the benefits of Ayurveda and the water lily seed during her childhood. Habayeb, who hails from the Middle East, was raised in a family that valued health and wellness.
Together, the founders launched Bohana in 2017, determined to bring the ancient superfood to an untapped market. The brand quickly gained traction with its innovative popped water lily seed snacks, which are gluten-free, low in calories, high in protein, and packed with antioxidants and minerals.
Pitching on Shark Tank
Bohana’s appearance on Shark Tank proved to be a game-changer. Nadine Habayeb entered the tank seeking $200,000 for a 10% equity stake. Barbara and Kevin O’Leary competed for a deal but Nadine went with Kevin’s offer: a $200,000 loan with 9% interest over 3 years, in exchange for 8% equity.
O’Leary expressed enthusiasm about the deal in an interview with Forbes, stating that he wanted to invest as soon as he tasted the product. However, it appears the deal with Kevin never closed once the cameras stopped filming. Potentially the founders didn’t want to give up the equity after a surge in sales.
Bohana After Shark Tank
Bohana has come a long way since Shark Tank. The brand has expanded its product lineup to include a variety of flavors such as Wild White Cheddar and Hickory BBQ, available at prices ranging from $19.99 to $29.99. The company is now in over 250 retail locations.
In 2020, Bohana experienced a staggering 500% growth and continues to attract media attention. BuzzFeed described the brand as “pretty darn delicious,” while VegNews and Snackist both included Bohana in their lists of top plant-based snack choices.
Although some customers have noted the price point as a downside, many are willing to pay a premium for a healthier alternative. In January 2023, the founders sold the business to Boon Distribution for an undisclosed price. Boon Distribution is a family-owned company based in Texas.
As Bohana starts its next chapter, Priyal and Nadine have moved on to new ventures. At some point in the future, they will probably start another food related business.