- Founder: Akash Kumar Agarwal & Ashish Agarwal
- Business: Spices Brand
- Ask: ₹ 1 Crores for 0.5% Equity
- Valuation: ₹200 Cr.
- Result: ₹ 1 Crores for 1.25% Equity
- Sharks: Aman Gupta
- Episode: Season 2 Episode 28
Zoff Shark Tank India Pitch:
Zoff, a dynamic Direct-to-Consumer (D2C) startup operating in the Indian spice industry, made a memorable appearance on Shark Tank India. The enterprising minds behind this venture are Akash Kumar and Ashish Agarwal, who hail from the city of Raipur in Chhattisgarh. During their engaging pitch on the show, they offered a glimpse into the vast landscape of the Indian spice market, revealing its staggering worth of ₹80,000 crores, with a significant 70% of it remaining unorganized. They had Shilpa Shetty as their brand ambassador since the beginning to build trust in their brand.
What truly set Zoff apart from the conventional players in this market was their unwavering commitment to quality and cleanliness. They boldly pointed out that many unorganized spice vendors resort to mixing their products with undesirable additives like dust, chemicals, straw, and, incredibly, even cow dung, compromising the integrity of the spices. In stark contrast, Zoff Masala proudly boasts a sophisticated 7-stage cleaning system, ensuring that their spices are of the highest quality and free from contaminants.
Zoff Financials and Valuation:
Zoff’s ambitious ask during their pitch was INR 1 crore in exchange for a 0.5% equity stake, effectively valuing their company at a staggering INR 200 crores. This valuation was backed by their impressive financial performance, with Zoff reporting an annual revenue of INR 60 crores in the previous fiscal year. Their projections for the current fiscal year are equally promising, with expectations of generating INR 65-70 crores in revenue.
They started in 2008 and are now available through their own website and all mainstream marketplaces. They are also present in 10,000 offline stores. The company have had a 400% growth in 3 years from their online business. Their last month’s online sales were ₹4.5 Crores, with 2.5 Crores offline, bringing the total turnover to 7 Crores. They spent 20 Crore on their plant where around 200 people work to keep the operations going. Zoff founders have invested around 60 Crores in the business. They project to make 5 Crores in profit this year.
Zoff Shark Tank India Negotiatoins:
Anupam comments that the founders are only there for marketing and not for investment given that they have 50 Crore in loans, and their valuation does not make any sense. Entrepreneurs say that they are here for expertise. Anupam puts out a conditional offer at ₹1 Crore for 2% of the company with the condition to convert ₹18 Crore loan to equity. Aman offers the same as Anupam but with no condition. Vineeta gives an offer of ₹50 lakh for 0.75% equity and ₹50 lakh as debt. Anupam goes out because he says the entrepreneurs seem confused.
Namita goes out because the company doesn’t have a primary person as a CEO, so she says that the brothers are overlapping each other in the conversation. Amit says that it’s critical to appoint a CEO and offers ₹1 Crore for 1.5% of the company. After some discussion, founders come back with a counteroffer at ₹1 Crore for 0.75% for everyone. Aman gives the last offer at ₹1 Crore for 1.25%, which they accept in a heartbeat.
How is Zoff doing after Shark Tank India?
Our research into the company reveals that the deal with Shark Aman Gupta closed, and the business is going great. Post Shark Tank, they have expanded their product line to include seasonings, dry fruits, and immunities, etc. According to their website, they have a turnover of over 700 Crores and are growing. They are available on their website and through all mainstream marketplaces.
Here are other companies from Season 2 Episode 28!
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Update coming soon!
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