Founders & their story

• Ajay Bhuwalka
• Ruchika Bhuwalka

Millet Amma is an esteemed provider of premium millet products, renowned for their commitment to purity and nutrition. With a diverse range of over 50 meticulously crafted offerings, Millet Amma caters to various preferences and dietary needs. Their product line encompasses three distinct categories: basic staples, convenient ready-to-cook options, and delicious ready-to-eat meals. Millets, including varieties such as jowar, bajra, ragi, and kutki, form the cornerstone of their offerings, hailed as superfoods for their exceptional nutritional profile. Rich in antioxidants, micronutrients, minerals, and proteins, millets offer a myriad of health benefits. Notably, Millet Amma sources only the finest, pesticide-free and fertilizer-free millets, ensuring both consumer well-being and environmental sustainability.

One of Millet Amma’s distinguishing features is its unwavering dedication to promoting the consumption of millets, which require merely 10% of the water needed for conventional crops like wheat or rice. This not only supports the livelihoods of local farmers but also helps conserve precious water resources. With a remarkable emphasis on quality and nutrition, Millet Amma prides itself on offering products with an impressive millet content ranging from 50% to 90%. Moreover, their focus on incorporating lesser known, yet highly nutritious minor millets set them apart in the market. Beyond nutritional benefits, Millet Amma’s offerings boast a diverse array of flavours, ensuring a delightful culinary experience for their customers.

The brand’s commitment to excellence is reflected in its robust customer loyalty, with a commendable repeat rate of 35-40%. On their own e-commerce platform, Millet Amma achieves an average order value of Rs 850, demonstrating strong consumer confidence in their products. Founded with an initial investment of 3 crores, Millet Amma continues to thrive as a testament to its founders’ vision and dedication to promoting health, sustainability, and culinary innovation through the power of millets.

About the company

Founded in 2017, Millet Amma envisions offering millet-based products globally. The idea originated in the kitchen of their founder, Ruchika Bhuwalka, while she endeavoured to shift her family’s diet towards healthier alternatives. Recognizing the health challenges posed by modern diets reliant on refined grains, Ruchika sought to reintroduce millets, an ancient staple, into mainstream consumption. She firmly believes in the medicinal properties of food and embarked on a journey to explore millets as a healthier carbohydrate option.

Encountering the challenge of incorporating millets into her family’s diet, Ruchika developed recipes to make millet dishes more palatable, catering to diverse tastes and preferences. Her mission extends beyond health benefits, aiming to support both the environment and farmer communities by promoting millet cultivation. Driven by her passion for health and nutrition, Ruchika, affectionately nicknamed “Millet Amma” by her husband, has developed over 30 wholesome recipes. Her journey from supplying homemade batters to distributing a diverse product line globally reflects her commitment to a natural and organic lifestyle.

Ruchika’s background as a nursery teacher informs her approach to creating child-friendly millet recipes, addressing the challenge of catering to picky eaters. Through her dedication, Millet Amma offers nearly 40 millet-based products, including batters, mixes, pizza bases, cookies, and grains, catering to families worldwide.

Revenue

Millet Amma has demonstrated steady growth and financial progress, indicative of its resilience and strategic management. In the fiscal year 2022-2023, the company achieved commendable sales of Rs 2.2 crores, showcasing strong market penetration. Subsequently, in the fiscal year 2023-2024 until October, sales amounted to 1.9 crores, reflecting a consistent performance. A significant milestone was reached in July 2023 when Millet Amma achieved breakeven, signifying the company’s operational efficiency and sustainability. Notably, sales in September 2023 surged to 33.5 lakhs, underscoring the brand’s growing popularity and customer traction. Looking ahead, Millet Amma has ambitious projections for the fiscal year 2023-2024, anticipating sales to reach between 4 to 5 crores. Moreover, the company aims to maintain a projected profit margin of 5%, indicative of its commitment to financial stability and growth.

To support its growth trajectory, Millet Amma allocated a significant portion of its budget to marketing, with September 2023 witnessing a marketing spend equivalent to 20% of sales. This strategic investment underscores the brand’s focus on brand awareness, customer acquisition, and market expansion. Cumulatively, Millet Amma has achieved lifetime sales of 8.5 crores, a testament to its enduring appeal and customer loyalty. With a solid foundation and a clear trajectory for growth, Millet Amma continues to reinforce its position as a leading provider of premium millet products, poised for further success in the years to come.

Founders’ Ask 

1 crore for 3% equity at the valuation of Rs. 33.33 crores.

No Deal

Reasons for no deal

Azhar: The fundamental numbers of the business do not add up.

Namita: The business is not investable as the business may not scale.

Peyush: The business requires a lot more funding that the founders asked for.

Amit: The business does not seem scalable from the return and exit point of view.

Anupam: The founders do not need funding at this point, they need advice and guidance.