SoupX Bags A Hearty Deal With Shark Vineeta
1 year ago Rituka MThe pandemic made people realize the importance of health. This pushed people to jump on new health trends and diets that cost money. To eliminate the excessive money spent by people to change their eating habits, SoupX was born.
Priyank Jain & Uttam Kumar introduced this idea during a food distribution drive during Covid. When their immunity booster soup made from ashwagandha and other natural ingredients went viral, they identified this gap in the market. After months of research, they found out that the market lacks a healthy and affordable soup brand that can provide a complete meal replacement.
SoupX is India’s first personalized soup-based meal brand. With the availability of both hot and cold soups, the products are available on an on-demand or subscription basis. The soups are fresh, calorie-counting, and contain no artificial preservatives. They are chef & nutritionist tested and made from formulated recipes. SoupX began sales in Dec 2021 and currently has 99 varieties of soups.
The soups are primarily made from a base and currently, there are 14 bases. These chefs make DIY kits with a shelf life of 6 months which allows any novice chefs to recreate the recipes without high costs. With a growth rate of 16.7% and a gross margin of 45%, SoupX is available on swiggy, zomato, and their website. Their sales are split as 85% online and 15% through subscription & co-branding.
They seek an investment of 75 lahks for 6% equity @ a 12.5cr valuation. Vineeta offered them 50L for 20% equity and 25L in debt @12% interest for a 2.5cr valuation. Upon countering her offer, they asked for a 2.78cr valuation with 50L for 18% equity and 25L in debt @12% interest. SoupX and Vineeta met halfway and agreed to this offer.
Atmosphere Kombucha – A new way to heal your gut!
Found by Ariella Black & Rebekha Sood, this organic kombucha brand wowed the sharks immensely. Two American sisters brought up in India began this brand after their experiences with clients complaining of bloating & gas issues. Lack of good gut health leads to several health issues, and people tend to not focus on it. Realizing the need for a healthy product in this market, Atmosphere Kombucha was born. It is made by fermenting green tea with bacteria and yeast. Atmosphere has a variety of flavors of products that are 100% natural. Currently, they are available across Starbucks and Blue Tokai outlets, and also on their website. They also employ a 100% women workforce with currently 14 women working. Their product costs Rs. 220 per bottle.
They seek an investment of 75L for 3% equity @ a 25 crore valuation. In FY22-23, they already have 1cr in sales, split between 40% online & 60% B2B. Their average margin is 40% with a profit of 29L. Anupam offered them 75L for 20% equity. Additionally, they also got a deal from Vineeta for 30L for 10% equity & 45L debt @12%interest. However, they did not bag a deal from any of the sharks at the valuation they wanted.
