The size of the Indian spice market is vast, and it is estimated to be around USD 3 billion. The demand for spices in India is growing rapidly, owing to the increasing population, rising income levels, changing food habits, and growing awareness about the health benefits of spices. The domestic market accounts for almost 90% of the total spice production in the country, and the remaining 10% is exported to various countries across the globe.
The Indian spices industry is dominated by a few large brands, such as Everest, MDH, and Catch, which have been in the market for decades. These brands have built a strong brand image and customer loyalty over the years, and they continue to hold a significant market share. However, in recent years, there has been a surge in the number of small spice brands that are challenging the dominance of these big brands.
One of the primary reasons for the rise of small spice brands in India is the increasing demand for organic and natural spices. Customers are becoming more health-conscious and are willing to pay a premium for high-quality, chemical-free spices. This trend has created an opportunity for small brands that specialize in organic and natural spices to enter the market and cater to the needs of this growing segment.
Zoff, founded by Akash and Ashish Aggarwal, an emerging spice brand is developing its brand image under the organic, cutting-edge technology startup, that has now become one of the leading stories of Shark Tank India, Season 2. In the 28th episode of Shark Tank India’s second season, ZOFF, one of the up-and-coming competitors in the Indian spice market, secured funding totaling INR 1 crore.
Aman Gupta, a well-known businessman, and the co-founder and CMO of boAt has provided funds to the startup in exchange for 1.25% equity. Four of the five sharks on the show were interested in the company due to its intriguing proposal, and Vineeta Singh, CEO of SUGAR Cosmetics, Aman Gupta, co-founder and CMO of boAt, Amit Jain, CEO and co-founder of CarDekho, and Anupam Mittal all made separate bids (founder, People Group). The bootstrapped company has raised capital at an INR 80 crore value.
But what are they doing differently?
This was a budding question for viewing and the Shark Namita Thapar who integrated the entrepreneurs on “How they manage to step in such a cluttered market”. The co-founders had a funny reply, asking her to name 4 masala brands which Namita failed to answer. This became a light moment of discussion for the Sharks while Namita laughed with them. They replied humbly that the species market is vast and gives equal opportunity to small players like them to have a fair play with India being one the largest consumer of species. Not only that they opened up opportunities abroad by stating the US as the biggest importer of Indian species.
In using cutting-edge cool grinding technology, Air Classifying Mills, the five-year-old firm is a pioneer (ACMs). It is a completely automated, mechanized production facility that preserves the spices’ potency, oil, fragrance, and flavor. ZOFF has also created a “Zip Lock Packaging” with 4 layers, which keeps the spices fresh and resists the external temperature, in order to send them in the purest form possible after grinding and retain all of their attributes until consumption.
The founders of ZOFF emphasized both their strong unit economics and their plans for the future expansion of the business in their Shark Tank India pitch. They also displayed their advancements in the industry as well as the expanding need for Indian spices. According to a statement from the firm, over 1 million satisfied customers have already used ZOFF, which is also available on popular e-commerce sites including Amazon, Flipkart, Jio Mart, Zepto, CRED, and Big Basket.
Needless, to say their story and to-the-point business sense had the sharks in splits, which led to a bidding war for the now viral pitch. Such food entrepreneurs entail an example for other emerging brands and individuals go are too afraid to enter a cluttered market with largely funded competitors. With a sustainable brand strategy and eye on innovation and cutting-edge technology, the founder of Zoff stands as an example for both with and intelligence with their spice brand set to dominate the taste of India.
For more information on Zoff’s product range visit their website: https://zofffoods.com/
