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On Shark Tank season 11, Nadine Habayeb pitched Bohana water lily seeds, seeking $200,000 for 10% equity. The water lily snacks, sourced from Northern India, showed $120,000 in sales over 16 months. After Barbara Corcoran cited her Pipcorn success and offered $200,000 for 30% equity, Kevin O'Leary saw an opportunity. The tension rose as O'Leary turned to Habayeb and said,
"Are you ready for something wonderful? Here's an offer. I'll give you the $200,000 as a loan, okay, and I'll only take 8% equity, much less just to mess with Barbara because she said bad things to me…It's actually a better deal. Thirty is sheer greed. I hate greed. I can't stand that."
The Shark Tank negotiations concluded with Habayeb accepting O'Leary's offer of a $200,000 loan at 9% interest over 36 months plus 8% equity.
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Kevin O'Leary fights Barbara's offer in Shark Tank Bohana deal
Nadine Habayeb presented Bohana's innovative snack concept to the Sharks with strong market data. The sales figures reached $120,000 within 16 months of operation. The company's retail strategy included three flavor options: Himalayan Pink Salt, White Cheddar, and Spice.
Each package commanded premium pricing at twice the market rate of standard popcorn. Habayeb emphasized the snack's nutritional profile, manufacturing process, and market positioning during her detailed presentation.
The Sharks' tasting session revealed mixed responses to Bohana's product line. Mark Cuban questioned the marketing requirements for introducing consumers to this new snack category. Several Sharks expressed worry about the premium price point, as Bohana's products cost double the amount of traditional popcorn options.
Lori Greiner focused on the nutritional content, specifically mentioning the lack of fiber in the formula. The discussion shifted toward manufacturing costs, revealing a $14 production expense per unit with a $50 retail price point. This 38% profit margin caught the attention of multiple Sharks, though concerns about scalability remained prominent.
The Shark Tank investors noted Bohana's exclusive online sales model, which had proven successful but raised questions about retail expansion potential. Although the Shark Tank investors debated the sustainability of this strategy, the company's digital-first approach yielded positive results. Customer feedback data supported Habayeb's market assumptions, showing strong repeat purchase rates despite the premium pricing structure.
Barbara Corcoran anchored her interest in Bohana through her previous success with Pipcorn, another specialty snack company. She put forward a direct offer of $200,000 for 30% equity. Corcoran backed her valuation by citing market trends in specialty snacks and her experience scaling similar products.
When Kevin O'Leary suggested a partnership, Corcoran firmly declined, maintaining her original equity requirement. Shark Tank investor referenced her track record in the snack industry to justify the 30% stake.
He proposed a $200,000 investment package with two components: a loan carrying 9% interest over 36 months and an 8% equity stake. O'Leary directly addressed Barbara's 30% equity demand, saying, "30 is sheer greed." The loan structure provided Bohana operational flexibility while giving O'Leary secured returns through interest payments.
Final deal outcomes
Nadine Habayeb accepted O'Leary's hybrid offer after careful consideration. The agreement combined debt and equity elements: $200,000 total funding with 9% annual interest on the loan portion and 8% company ownership.
As per Shark Tank Blog, by March 2021, Bohana expanded its retail presence to 250 locations, including major retailers Amazon and Walmart. The company reported annual sales of $4 million during this period. There's also uncertainty regarding the deal's completion with O'Leary, as Mr. Wonderful hasn't mentioned it on his official website.
The brand is inactive across social media as well. They posted their last Instagram post back in February 23, 2023.
Shark Tank season 16 is airing on ABC network.
