Fruit-based food company Morikko Pure Foods is committed to providing natural fruit products free of preservatives. By offering healthier substitutes for conventionally sold packaged fruit items, the founders sought to transform the processed food sector. Their goal was to market premium fruit-based snacks devoid of chemicals to consumers who were concerned about their health.

Company Name: Morriko Pure Foods

Founder: Tanmay Shah, Bipin Shah, Kalyani Shah

Product: Healthy Food Snacks (Fruits Based)   

Highlights

• In response to the rising demand for healthier food options, Morikko Pure Foods sought to offer fruit-based products that were nutrient-dense, chemical-free, and free of preservatives.
• Strong competitors like Paper Boat, Happilo, and Raw Pressery already dominate the market for healthy snacks and beverages, making it challenging for Morikko to develop a unique selling proposition (USP).
• The founders asked for ₹1 crore for 3% equity, valuing the company at ₹33.33 crore, which the sharks found overpriced given their current market presence and revenue.
• Morikko Pure Foods operated on a direct-to-consumer (D2C) business strategy, selling through retail relationships with supermarkets and organic stores as well as e-commerce sites like Amazon and Flipkart.
• The sharks were particularly concerned about preserving a longer shelf life, effective distribution, and consistent product quality because their products were devoid of preservatives.
• There were concerns expressed over the pricing’s suitability for mass-market buyers.
• To guarantee product freshness and shelf-life, which remained an issue, the founders required a robust supply network.
• The startup left without a transaction when the sharks rejected their pitch because they were worried about scalability, differentiation, and valuation.
• The sharks were passionate about fruit-based snacks, but they were not convinced enough by the company plan and valuation to make an investment. They chose to back out of the agreement due to worries about scalability, differentiation, and competitiveness.

Pitch Details

Ask: ₹1 Crore for 3% equity.

Deal: No Deal

Conclusion

With the goal of offering wholesome, preservative-free fruit product options to the market, Morikko Pure Foods introduced a health-conscious brand. Although their dedication to using natural and high-quality products was admirable, the sharks weren’t sure that the brand could grow successfully in a cutthroat and cost-conscious market. There were questions about whether the company had the market presence and traction to support the high valuation of ₹33.33 crore. There were also issues with distinction, shelf life, and logistics that needed to be resolved. The sharks chose not to invest as a result of these considerations, and the founders departed without closing a transaction.

Significant findings

• Health-Focused Product Line
• Scalability Concerns
• Competitive Market Challenges
• Need for Stronger Market Traction
• High Valuation Barrie