Spice Story Shark Tank Pitch:
Spice Story, established in 2019 by Soumyadeep Mukherjee, Vibhor Rastogi, and Gayatri Gogate, specializes in offering an array of flavorful chutneys. Their goal is to spread the essence of street flavors across India, reaching customers through their website and major platforms like SwiggyInstamart, Zomato, Big Basket, Flipkart, and Amazon. Their products are accessible in 1700 stores spanning five cities, showcasing the brand’s rapid growth and outreach. During their appearance on Shark Tank India Season 2, Spice Story sought an investment of INR 70 lakhs in exchange for a 2% equity stake.
The company’s sales exhibited significant growth year after year: from 1.5 crore rupees in 2019-2020 to 2.5 crore rupees in 2020-2021. They also saw a substantial rise to 4.1 crores in FY 2021-2022. Their recent monthly sales amounted to 57 lakhs rupees with net of ₹32 Lakh, projecting a robust anticipated sales figure of Rs. 9 crores. Spice Story’s founders infused 65 lakhs of their own capital into the business and secured two rounds of investments. In 2021, they raised 1.7 crore rupees at a pre-money valuation of 10.6 crores, followed by a 2022 raise of 3 crores at a pre-money valuation of 23 crores, indicating their growth trajectory and investor confidence.
Spice Story Shark Tank Negotiations & Funding:
Aman commented on the execution strategy of the founders. He goes out of the deal citing they didn’t meet his expectations. Anupam goes out given that Chef doesn’t have much equity, and the founders do not have much equity left with them. Vineeta didn’t like how every product lost money and went out of negotiations.
Peyush and Namita were interested but didn’t like how high the company’s last valuation was. They asked if the founders are willing to do a down round. Given those reasons, Namita offers ₹70 Lakh for 5% of the company which gives them ₹14 Crore valuation. Peyush didn’t like how the company didn’t had long runway so he stepped out of the deal. Namita still stuck with her offer. The founders take a moment to think and comes back to Accept that offer and they shook hands on that.
Who are the founders of Spice Story?
Soumyadeep Mukherjee, Vibhor Rastogi, and Gayatri Gogate founded Spice Story in 2019. Soumyadeep has worked in 5 countries around the world in distribution. Gayatri and Soumyadeep worked in the same company. Soumyadeep who is also the CEO of the company has 38% of the company, Gayatai has 12% and Vibhor has 4%. They also have 2 Ex-Cofounders who have 21% of the company.
How is Spice Story doing After Shark Tank India?
Our research in the company revealed that their Shark Tank India deal with Namita did not close after the show aired. Soumyadeep Shared on a Podcast called The Story Beneath that, He loved his experience of Shark Tank. Spice Story shared on their socials that they got an abundance of love, messages, queries and orders after the show aired.
As of December 2023, The company is still in business. Seems like they were able to secure funding from elsewhere as they mentioned they only had runway until December last year at the time of pitch. While the financials of the company are not yet available to the public, we will update this article as soon as more information comes to light.
Source: Instagram @Spicestoryworld
Here are other companies from Season 2 Episode 19.
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