The Journey of Spice Story’s Co-founders, Vibhor Rastogi, Saumyadeep Mukherjee, and Gayatri Gogate’

Business Remedies | Rajshree Upadhyaya | Driven by passion, Saumyadeep Mukherjee, along with co-founders Vibhor Rastogi and Gayatri Gogate, identified and fulfilled a unique gap in the Indian food market, carving a niche for themselves. The journey began in 2019, when Mukherjee, with over two decades of experience in FMCG and marketing – including stints at Coca-Cola and ADF Foods – recognized an overlooked opportunity: chutneys, despite being an integral part of Indian cuisine, lacked authentic and convenient packaging by any major brand.

For Mukherjee, this wasn’t just a strategic move but a personal mission. He sold his house to fund the venture, with the backing of his wife’s belief in his vision. Thus, Spice Story was born. The brand started modestly, launching just three flavors – Delhi Mint, Bombay Sandwich, and a Gujarati Imli-Khajur chutney. Their commitment to quality, regional authenticity, and innovative packaging set them apart from homemade or local sellers.

Instead of messy packets or glass jars, Spice Story introduced vibrant, squeezable bottles – appealing to modern consumers while preserving traditional flavors. Each chutney came with its own story, and the brand evolved not just as a condiment company but as a celebration of India’s rich street food culture. Over time, their product line expanded to include Jain-friendly and vegetarian options, regional specialties like Agra’s Saunth and Kolkata’s Mango Mustard, and heat-fill techniques that preserved shelf life without using preservatives.

Blending Nostalgia, Innovation, and Appealing Design to Win Kitchens Across India
Combining nostalgia, innovation, and striking design, Spice Story soon found its place in kitchens across India. Their products became available in over 1,700 retail stores across five major Indian cities, and their online presence grew through platforms like Amazon, Flipkart, BigBasket, and Swiggy Instamart. Revenues consistently rose – from Rs. 1.5 crore in FY 2019-20 to Rs. 2.5 crore, then Rs. 4.1 crore, and projected to Rs. 9 crore in FY 2022-23. In 2022, the team partnered with Jayanti Herbs & Spice, gaining access to a distribution network of 23,000 stores – greatly strengthening their offline reach.

Buoyed by this momentum, the founders appeared on Shark Tank India Season 2, seeking Rs. 70 lakhs for 2% equity – valuing the company at Rs. 35 crore. While the offer intrigued the sharks, it received mixed reactions. Aman Gupta expressed concern over execution, Anupam Mittal was uncomfortable with the equity structure, Vineeta Singh questioned financial stability due to per-unit losses, and Peyush Bansal felt the brand lacked adequate financial strength. However, Namita Thapar saw potential and offered Rs. 70 lakhs for 5% equity – revising the valuation to Rs. 14 crore. The deal was accepted on-air, significantly boosting the brand’s visibility.

A Brand Built on Personal Belief, Cultural Memory, and Strong Execution
Though the deal wasn’t finalized post-show, the Shark Tank effect was real. The episode sparked a rise in brand awareness, social media engagement, and consumer interest. Earlier, the founders had raised Rs. 1.7 crore in 2021 at a Rs. 10.6 crore valuation, and Rs. 3 crore in 2022 at a Rs. 23 crore valuation – alongside Rs. 65 lakhs of personal capital investment. The Shark Tank exposure strengthened both retail expansion and consumer trust.

Spice Story’s success lies in its fusion of tradition and modernity. Fundamentally, it is a brand rooted in personal belief, cultural memory, and efficient execution. It transformed something as simple as chutney into a national product line that seamlessly fits into contemporary lifestyles. Even without a closed deal, their presence on Shark Tank validated the journey of three entrepreneurs who bet on flavor, identity, and perseverance – and found a growing market eager to taste their story.

Written & Edited By:

Rajshree Upadhyaya