What Happened to Spice Story After Shark Tank India?

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What is Spice Story?

Spice Story is a sauce company based in India.

Who is the Founder of Spice Story?

Soumyadeep Mukherjee, Vibhor Rastogi & Gayatri Gogate are the founders of the company Spice Story. Vibhor is the chef. Soumyadeep has worked for 20+ years in distribution. Gayatri looks after the branding of the company.

Equity Split of Spice Story

Soumyadeep Mukherjee38%
Gayatri Gogate12%
Vibhor Rastogi4%
Ex Co-Founders21%

How much money did they ask for Spice Story?

They came to Shark Tank India seeking ₹70 Lakhs for 2% equity in the company. Which gives the company a valuation of ₹35 Crores.

Spice Story Before Shark Tank India?

They started Spice Story in 2019. You can buy Spice Story sauce from their brand website. It’s available in different marketplaces. They are also available in 1700+ retail stores.

If you go to their website, you’ll find different types of chutneys, like blockbuster chutneys, street food chutneys, hot chutneys, and traditional chutneys.

The sharks tried all the chutneys and they really liked it.

What are the Annual Sales of Spice Story?

Fiscal YearAnnual Sales
2019 – 2020₹1.5 Crores
2020 – 2021₹2.5 Crores
2021 – 2022₹4.1 Crores
2022 – 2023₹9 Crores Projected

How much money did they raise for Spice Story?

Soumyadeep has invested ₹65 Lakhs of his own money. He also raised 2 rounds from investors.

TimeMoney RaisedValuation
2021₹1.7 Crores₹10.6 Crores
2022₹3 Crores₹23 Crores

Currently, they are not making a profit. Every time they are selling a product, they are losing money. The sharks were very bothered by this. Why on earth would someone lose money every time they sell a product? That too, for 3 years.

The answer to that question was, they were still acquiring new customers in the market. The EBITDA loss is 12%. The sharks were really surprised by this.

The pandemic hit their business and slowed down their progress a lot. They had to shut down the growth because of the pandemic because no one was out there buying stuff.

Which shark gave Spice Story an offer?

Aman Gupta was out because he thought there were execution issues in the company. That’s why he didn’t give any offer.

Anupam Mittal was out because he had issues with the equity split of the company. He didn’t like the fact that the chef only has 4% of the company, whereas he’s the maker of the product. Also, he didn’t like the fact that the founders had only 55% equity in their hands. This means they won’t be able to dilute much share in the future if needed.

Vineeta Singh was out because she didn’t want to invest in a business that was making a loss with every sale.

Namita Thapar offered ₹70 Lakhs for 5% equity in the business. Which gives the company a valuation of ₹14 Crores.

Peyush Bansal was out because he didn’t have confidence in the team. And they don’t have enough money in their bank account to survive another year if they don’t raise money.

Company NameSpice Story
FounderSoumyadeep Mukherjee, Vibhor Rastogi & Gayatri Gogate
Asked Amount₹70 Lakhs for 2%
Final Deal₹70 Lakhs for 5%
SharkNamita Thapar
Company Net Worth₹14 Crores
Company Websitespicestoryworld.com
Company StatusIn Business

What deal did Spice Story get in Shark Tank India?

The founders took Namita’s deal.

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