[Funding Alert] Spice Story Gets Funded By a Shark, Raises Rs 70 lakh for 5 pc Equity
[Funding Alert] Spice Story Gets Funded By a Shark, Raises Rs 70 lakh for 5 pc Equity

Spice story is a Mumbai-based Indian Chutney brand that offers a wide range of authentic and absolutely local chutneys in modern sauce form. These are curated from different parts of the country and are run by Globalvalue Food and condiments Pvt Ltd.

Incepted in 2019, the brand thus offers Chutneys made from recipes culled from traditional kitchens across the country, all with new twists in flavors. The founders Vibhor Rastogi, Soumyadeep Mukherjee, and Gayatri Gogate recently made an appearance on Shark Tank India Season 2.

The current season is headed by Anupam Mittal Founder-CEO of Shaadi.com – People Group; Aman Gupta, Co-Founder-CMO of boAt; Namita Thapar, Executive Director of Emcure Pharmaceuticals; Vineeta Singh, Co-Founder-CEO of SUGAR Cosmetics; Peyush Bansal, Founder-CEO of Lenskart.com and Amit Jain, Co-Founder-CEO of CarDekho Group and InsuranceDekho.com.

The team thus asked for Rs 70 lakh for 2 percent equity, further revealing its last month's sale to be Rs 57 lakh. Thapar offers Rs 70 lakh for 5 percent equity as she states she is willing to bet on the product, however, the team needs to work on the arising setbacks. 

The Spice Story team finalize the deal taking up Namita’s original offer.

Soumyadeep Mukherjee , Founder, and CEO, Spice Story commented, “We have had a pretty restrained approach since we wanted to first determine our product market fit! Now that we have delivered consistent growth year on year in the same markets, we will expand our reach in the next 12 months, and look at growing 4X in the next 12 months.”

Spice Story has sold over a million bottles of its chutney and is available in 5 cities Mumbai, Delhi, Bangalore, Hyderabad, and Kolkata selling from about 300 Modern Trade Stores. 

Online, spice story is active on all leading marketplaces in India and Amazon USA. It will be adding UAE and Europe to its online sales channels.

"Since we now established PMF for our chutneys, we will now introduce the newer category of products for our consumers as we build our distribution network," said Vibhor Rastogi, Co-founder, and head of NPD-QC.

Spice story is the only 'brand' that offers a range of Indian chutney variants from different parts of the country, additionally, these are served in easy squeezy bottles that a modern consumer is used to. The company aims to add 6000 general stores by the end of this fiscal and targets a presence in 12 cities by mid of next Fiscal year.

Stay on top – Get the daily news from Indian Retailer in your inbox
Also Worth Reading