How is NUVEDO doing after Shark Tank India? -

Founders: Jashid Hameed and Prithvi Kini
Business: Mushroom
Ask: ₹50 Lakhs for 3% equity
Valuation/ Networth: ₹16.67 Crores
Funding: No Deal
Sharks: No Deal
Episode: Season 3 Episode 13

NUVEDO Shark Tank India Pitch:

NUVEDO is a company that exclusively sells 100% organic and chemical-free mushrooms. In India, NUVEDO is the only brand that handles end-to-end cultivation of mushrooms. Additionally, they produce supplements made from mushrooms that enhance energy levels. Their products are available through both online and offline channels.

Can you eat Raw Mushroom?

No.

NUVEDO Financials during Shark Tank India:

In FY 22-23, they had 25 lakhs in sales. In FY 23-24 (up until October), they have achieved 15 lakhs in sales and are expecting to close the year with 50 lakhs.

Who are founders of NUVEDO?

Nuveda is founded by Prithvi Kini and Jashid Hameed. Prithvi also a founded deeptech and Jashid is an IIM Gradutate.

NUVEDO Shark Tank India Negotiations & Funding:

Aman was the first shark to opt out due to the small market size for mushrooms in India. Radhika also chose to step aside from negotiations because she believes the target market size is very small. Peyush thinks that this is a very interesting business, especially in the supplement market, which is envisioned to grow in the upcoming market, but he chooses to step aside as it is too early to invest in this business.

Vineeta also believes it is not investable at this stage and opts out. Ritesh believes this business will only work if people become aware of mushrooms, and it will take a long time. He also steps aside from negotiations. The sharks advise them to promote supplements instead of growing mushroom kits.