SoupX is an amazing health startup that delivers healthy soups right to your door!
It‘s a healthy soup–based food brand, offering affordable, healthy soups, salads, sandwiches, and smoothies.
All the foods they offer are loaded with freshness and nutrition. This brand was founded in 2021 by Uttam Kumar and Priyank Jain in Gurugram, Haryana, India. All of their foods are full of nutrition and their calories are monitored by expert nutritionists.
SoupX is India‘s first healthy soup–based food brand, with 99+ varieties of soups made by expert nutritionists. Not only soups, but you can also get salads, sandwiches and smoothies from them.
They offer healthy diets that can help you lose weight, gain muscle, and become more well, whether you‘re diabetic, vegan, or on a Keto diet.
Plus, you can choose from a variety of soups – like Oats and Roasted Red Pepper Soup, Hearty Lentil Soup, and Smoked Chicken Soup – all for ₹189, ₹169, and ₹229.
This company offers two types of services: ordering items as needed and subscribing for regular deliveries. They promise quick deliveries every time.
SoupX Shark Tank India
SoupX Detail
| Company Name | SoupX |
| Founded | 2021 |
| Founder | Priyank Jain and Uttam Kumar |
| Business | Healthy Soup Meal Brand |
| Original Ask | ₹75,00,000 for 6% equity |
| Final Deal | ₹50,00,000 for 18% equity and ₹25,00,000 Debt @ 12% Interest |
| Shark Investor | Vineeta Singh |
| Air Date | S2 E2 – January 3, 2023 |
| Headquarters | Gurugram |
| Website | Visit Now |
Who are the founders of SoupX?
Uttam Kumar – Uttam is a Mechanical Engineer who studied at the Indian Institute of Information Technology. In 2018, he started his first business ‘FRATO – Timeless Interiors‘, but it had to be closed within a year. He tried again the following year with a new business called ‘Hostcontry‘, but the same result. Now, Uttam is onto his third venture, ‘SoupX–Sip of Health‘, which was launched in December 2021.
Priyank Jain – Priyank is a software engineer and holds an MBA from Indian Institute of Foreign Trade. He has previously worked at nearbuy, Deloitte, and Goldman Sachs for several months during his internships. Additionally, he worked as a Corporate Treasury Analyst at Goldman Sachs for two years.
SoupX Shark Tank India Pitch: What happened?
Uttam Kumar and Priyank Jain went on Shark Tank India and asked the sharks for ₹75 lakhs in exchange for 6% of their business.
They explained their idea – a special immunity booster soup made with Ashwagandha and other natural ingredients – which came about when they were distributing food during the Covid–19 pandemic.
People responded well and their Umminitya Booster Soup went into production after three months of research.
After tasting the product, Aman Gupta wasn‘t impressed by the Chicken Soup.
Aman Gupta was uneasy about the prospects of the venture, so he withdrew from investing.
Anupam Mittal said he had done a lot of research on the subject and was skeptical.
Vineeta Singh was curious about the nutritional value, but Priyank didn‘t understand her question. He tried to avert the question on nutritional value of each product.
Anupam Mittal stated that in order to be successful in the health field, one must understand the basics. And according to him, the founders do not have adequate expertise in this, and this is why he has chosen not to join the business as an investor.
Peyush Bansal declared that he was unable to contribute anything further, so he was no longer interested in participating as an investor.
Namita Thapar also stressed on the fact that as the founder, they should have more knowledge about the product, which was missing in this case, and this is why she was out.
However, looking at the eagerness of the founders, Vineeta agreed to put money and finally signed a cheque of ₹50,00,000 for 18% equity and ₹25,00,000 Debt @ 12% Interest.
SoupX Sales, Revenue: Is SoupX a profitable venture?
In August of 2022, their sales were ₹8 lakhs compared to ₹7 lakhs in July and ₹6 lakhs in June. This caused their gross margin to increase from 70% to 75%.
However, after integrating with third party food platforms like Zomato and Swiggy, the gross margin dropped to 45%.
Their EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) is currently negative, meaning they are losing ₹1 to ₹1.5 lakh in cash every month.
Most of the business‘ sales (85%) come from Swiggy and Zomato, while the rest of the sales (15%) come from subscription and co–branding.
SoupX Net Worth and Current Valuation
Current valuation and networth of of SoupX is 2.78 Crores!
Before Shark Tank India, their previous investor valued it at 12.5 Crores.
It only took the company two years to successfully raise this investment.
In 2020, the Indian soup market was estimated to be worth 310 million dollars, and 10% of that was in the healthy soup niche.
It‘s likely that the healthy soup industry will become much bigger in the future.
FAQ
Who are the founders of SoupX?
Priyank Jain and Uttam Kumar
Which Shark invested in SoupX?
Vineeta
How much money did SoupX raise in Shark Tank India?
SoupX raised Rs.50,00,00 for 18% equity at a Rs.2.78Crore valuation
What did we learn?
Twitter
