Originally founded in 2019 by Soumyadeep Mukherjee, Vibhor Rastogi, and Gayatri Gogate, Spice Story specialises in providing a variety of savoury chutneys. Their aim is to reach consumers via their website and main channels including Swiggy Instamart, Zomato, Big Basket, Flipkart, and Amazon, so distributing the core of street flavours across India. Their goods highlight the brand’s explosive expansion and reach since they are available in five cities’ worth of 1700 stores. Spice Story sought an INR 70 lakhs investment in return for a 2% equity share during their Shark Tank India Season 2 visit.
Year after year, the company’s sales showed notable rise: from 1.5 crore rupees in 2019-2020 to 2.5 crore rupees in 2020-2021. Additionally, noted was a significant increase to 4.1 crores in FY 2021-2022. Projecting a strong expected sales number of Rs. 9 crores, their recent monthly sales came to 57 lakhs rupees with net of ₹32 Lakh. Founders of Spice Story committed 65 lakhs of their own funds to the company and guaranteed two rounds of investment. Indicating their growth trajectory and investor trust, they raised 1.7 crore rupees at a pre-money valuation of 10.6 crores in 2021 and then a 3 crores fundraising at a pre-money valuation of 23 crores.
Company Name: Spice Story
Founder: Soumyadeep Mukherjee, Vibhor Rastogi, and Gayatri Gogate
Product: Desi Sauces
Highlights
1. Authentic Indian Flavours presents a range of regional chutneys influenced by street cuisine from all throughout India.
2. Made from natural materials, no artificial preservatives guarantee consumption with health consciousness.
3. Perfect for both home and business use, handy and ready-to-use bottled chutneys.
4. Diverse Range includes tastes including Schezwan Chutney from Delhi, Mumbai’s Thecha, Tangy Jhalmuri from Kolkata, and more.
5. Vegetarian & Gluten-Free Alternatives appropriate for a spectrum of dietary choices.
6. Strong branding and packaging attract modern consumers with their striking style.
7. Increasing market presence seen in retail locations, e-commerce sites such Amazon and Flipkart.
Pitch Details
Ask: ₹70 lakhs for 2% equity, valuing the company at ₹35 crores.
Deal: After negotiation Namita Thapar finished the deal at ₹70 Lakhs for 5% equity.
Investors: The investment came from Namita Thapar.
Conclusion
Ultimately, Spice Story effectively offered a distinctive and appealing product: a range of real Indian chutneys influenced by street food from many areas, providing convenience without sacrificing traditional tastes. Their emphasis on natural ingredients and avoidance of synthetic preservatives appealed to both health-conscious consumers and those looking for a taste of India’s varied gastronomic legacy since it connected with the sharks. The pitch appealed not only for its scalability and inventiveness but also for its possibility to flourish in the explosive market for packaged goods. Aiming to reach more homes all throughout the nation and provide the real street-food experience, Spice Story is positioned for future development with the funding from Namita Thapar.
Key Takeaways from the Episode
1. Innovate with tradition for market appeal.
2. Focus on accessibility for broader reach.
3. Align your valuation with market realities.
4. Collaborate with multiple investors for growth.
