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Mushroom product startup Nuvedo pitched in the 13th episode of Shark Tank India Season 3. The Bengaluru-based company sells home-growing kits and other products that are 100% chemical-free. Founders Jashid Hameed and Prithvi Kini presented a time-lapse video of how a simple cardboard box spawns edible organic mushrooms within days. They also showcased potent tinctures made of cordyceps mushrooms. A few sharks gagged at the smell of the products. The judges remained skeptical of the prospects of the product on the market. Vineeta Singh and new shark Radhika Gupta grilled the pitchers over its relatively miniscule market. Gupta said, “Target market, iska bahut chota hai!” Sharks were worried that people wouldn’t consume mushrooms in India in large quantities. Nuvedo’s founders shifted their pitch to their USP of functional mushrooms, which has nearly a billion-dollar market in India. Vineeta Singh was still unimpressed “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 junked some of the common myths about mushrooms being inedible and non-veg, even as OYO’s founder, Ritesh Agarwal, stated he never had a single mushroom in his life. boAt’s Aman Gupta asked ‘Aap ke andar mushroom ke liye ityna pyaar kese aya?’ Kini told how she met Hameed through a dating app about six years back. Hameed worked in fast fashion, while Kini worked for an MNC. Both wanted to do something that contributes to the good of society, and the journey commenced. Later, Gupta took a dig at the pitcher, citing their BITS Pilani and MBA education:
“Log chaand pe jaa rahe hai aur aap mushroom uga rahe ho?”
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.”
However, Gupta interrupted them, remarking that they are so educated that they are mixing science, chemistry, and biology into everything. “Isme market he nahi hai boss” quipped the shark. When they explained their long-term strategy of collaborating with beverage brands, Vineeta Singh chimed in, “Aisi gimmicky cheez (gestures the mushroom kit) to India mein chalegi nahi”. She asked why they are not targeting the pharmaceutical sector, as mushroom extracts would reach a larger market through the sector. Radhika Gupta remarked that “it looks like a product in search of a problem.”
After their initial pitch, the Nuvedo founders asked for Rs 50 lakhs for 3% equity but had to walk out without a deal.
Bummer that the sharks didn’t see an organic edible product with so much potential, not worth any investment. ‘Em fungi from The Last of Us will surely remember.
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