In the latest Shark Tank India Season 3 episode, the spotlight was on Nuvedo, a mushroom product startup hailing from Bengaluru. The company, known for its chemical-free home-growing kits and other mushroom-based products, faced scrutiny from the sharks.
Co-founders Jashid Hameed and Prithvi Kini showcased their innovative offerings, including a time-lapse video demonstrating the rapid growth of organic mushrooms in a cardboard box and the production of cordyceps mushroom tinctures.
Despite their presentation, some sharks were put off by the products’ odor, and overall skepticism lingered among the judges regarding the market potential.
Vineeta Singh and newcomer Radhika Gupta questioned the founders about the size of their target market, expressing doubts about the widespread consumption of mushrooms in India.
Despite Nuvedo’s attempt to pivot their pitch towards the growing market for functional mushrooms, Vineeta Singh remained unimpressed, stating that the concept lacked coherence “Koi logic he nahi lag raha hai.”
3 unique brands – #DaakRoom, #JewelBox and #Nuvedo, all trying to grab the Sharks' attention!😃
Will they all successfully lock in a deal?🤔
Stream new episodes of Shark Tank India Season 3, from Mon-Fri 10 PM, on Sony LIV. pic.twitter.com/Huox5J6ruE
— Shark Tank India (@sharktankindia) February 7, 2024
During the pitch, Hameed and Kini debunked common misconceptions about mushrooms, emphasizing their nutritional value and suitability for vegetarian diets.
However, Aman Gupta of boAt questioned their passion for mushrooms, prompting Kini to recount their journey from a chance meeting on a dating app to a shared desire to contribute positively to society.
Gupta then raised eyebrows with his remark about their educational background, suggesting that their pursuit of mushroom cultivation was incongruous with their academic qualifications.
Aman took a sly dig and said,
“Log chaand pe jaa rahe hai aur aap mushroom uga rahe ho?”
In response to the founders’ long-term strategy of collaborating with beverage brands, Vineeta Singh expressed skepticism, suggesting that the product might be too gimmicky for the Indian market. Radhika Gupta echoed this sentiment, describing Nuvedo’s offering as a solution in search of a problem.
He further remarked, “ajeeb nahi hai thoda sa?”
Hameed and Kani countered the shark’s skepticism, stating,
“if people like us don’t take that risk, we’ll always be status quo.”
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Despite initially seeking Rs 50 lakhs for 3% equity, the Nuvedo founders left the tank empty-handed, failing to secure a deal. It’s unfortunate that the sharks failed to recognize the potential of an organic, edible product with significant market opportunities, dismissing it as unworthy of investment.
For more on entrepreneurial pitches and investor reactions, check out related articles on Shark Tank India Season 3.
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