- Entrepreneurs: Uttam Kumar and Priyank Jain
- Business: Food Products
- Ask: ₹75 lakhs for 6% equity
- Valuation: ₹12.5 Crore
- Result: ₹ 50 Lakhs for 18% Equity and ₹ 25 Lakhs debt @12% interest
- Sharks: Vineeta Singh
- Episode: Season 2 Episode 2
Shark Tank India Pitch
SoupX, a visionary startup, ventured onto the stage with a mission to revolutionize the way people approach their food choices.
The masterminds behind SoupX, Uttam Kumar and Priyank Jain, both engineers and fervent food enthusiasts, embarked on their entrepreneurial journey in 2021. Their inspiration stemmed from a profound experience during a food distribution drive amid the pandemic, where they recognized the growing demand for affordable and nutritious food alternatives.
SoupX made its debut on Shark Tank India Season 2 Episode 2, where it presented its groundbreaking concept to a panel of seasoned investors, or ‘sharks,’ including Anupam Mittal, Namita Thapar, Aman Gupta, Ashneer Grover, and Vineeta Singh.
Their ask was a bold one – Rs 75 lakh in exchange for a 6% equity stake in their company, valuing SoupX at an impressive Rs 12.5 crore. The entrepreneurs instantly captured the sharks’ attention with their fluent Hindi, unwavering confidence, and a product that boasted exceptional quality. Notably, they also shared their noble vision of empowering women and farmers through their business, underlining their commitment to social impact.
Shark Tank Negotiations
While SoupX managed to captivate the sharks with their compelling pitch, the negotiation process brought forth some critical questions. The investors expressed concerns regarding the valuation of the startup, its scalability, product differentiation, and the size of the target market.
In the midst of deliberation, Vineeta Singh, one of the prominent investors, made an offer that piqued the interest of the SoupX co-founders. Singh proposed Rs 50 lakh for an 18% equity stake in the company. Additionally, she offered a Rs 25 lakh loan with a 12% interest rate. While Singh appreciated the product and its potential, she felt that the initial valuation was too high.
After careful consideration, Uttam Kumar and Priyank Jain accepted Vineeta Singh’s offer, recognizing the value of gaining a mentor and partner who could contribute significantly to their business’s growth.
How Is SoupX Doing After Shark Tank?
The journey of SoupX from its impactful pitch on Shark Tank India to its present-day success is nothing short of remarkable.
Post-Shark Tank, SoupX secured the much-needed funding from an angel investor who was thoroughly impressed by their pitch. This additional capital injection provided the startup with the resources required to expand and enhance its offerings.
One of the significant milestones achieved by SoupX was the diversification of its product range. The startup introduced an array of new flavors and variants of soups, along with the addition of salads, sandwiches, and desserts to its menu. Furthermore, SoupX ventured into the realm of vegan and gluten-free soups with the launch of ‘SoupX Vibe,’ catering to a broader audience with diverse dietary preferences.
In terms of distribution, SoupX experienced substantial growth. The startup expanded its reach across India, making its products available on popular platforms such as Swiggy, Zomato, Amazon, BigBasket, Nature’s Basket, and through its official website. Furthermore, SoupX adopted eco-friendly packaging practices, ensuring the delivery of its products to over 100 cities in India.
SoupX cultivated a robust online presence, amassing over 200,000 followers on Instagram.
Here are the more companies from Season 2 Episode 2.
Image source: SoupX Instagram
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