Home, Garden & Tools
Nuvedo
SEASON 3 : Episode 13
BRAND
Nuvedo
COMPANY NAME
Nuvedo Labs Private Limited
FOUNDERS
Jashid Hameed, Prithvi Kini
ORIGNAL ASK
50 lakhs for 3% equity at the valuation of Rs. 16.67 crores
DEAL
No Deal
About the Product
Nuvedo presents the Lion’s Mane Mushroom Growing Kit, offering a convenient solution for cultivating chemical-free, organic, vegan, and gourmet mushrooms right at home. With just a simple setup, daily sprays using the provided bottle, and a 10-day wait, individuals can enjoy harvesting their own mushrooms straight from the box to their plate.
The kit features lion’s mane mushrooms, characterized by their white, wispy, teeth-like appearance and puff ball structure. Beyond their culinary appeal, these mushrooms boast immense benefits for gut, brain, and heart health. Research indicates that compounds like hericenones and erinacines found in lion’s mane mushrooms can stimulate nerve cell growth, potentially aiding in conditions such as dementia, Alzheimer’s disease, neurological disorders, depression, and anxiety.
Introducing the Reishi Herbal Infusion, a blend of ancient wisdom and modern extraction technology. This specially formulated infusion combines dual extracts of Reishi mushroom, Ashwagandha, and Lavender to synergistically reduce stress and improve sleep quality. Crafted from the finest organic Reishi mushroom fruiting bodies, each batch undergoes rigorous lab testing, ensuring a journey towards wellness and stress relief.
Discover the umami-rich flavour of Nuvedo’s Sundried Shiitake Mushrooms, grown with care at their own farm. These culinary treasures promise to elevate meals with their earthy tones, adding depth and richness to every dish.
Founders & their story
- Jashid Hameed
- Prithvi Kini
In India, mushrooms have long been overlooked, primarily due to a lack of awareness about their benefits and misconceptions surrounding their consumption. However, with the combined efforts of founders from esteemed institutions like BITS Pilani and IIM Indore, a mushroom revolution is underway.
Despite the prevailing perception, the market potential for functional mushrooms in India is vast, with a size of 7500 crores, while culinary mushrooms boast a market size of 257 crores. To bridge the gap in awareness and unlock the full potential of mushrooms, Nuvedo employs a unique approach. Recognizing that mushrooms should not be consumed raw, Nuvedo utilizes a patent-pending process to extract beneficial compounds from mushrooms, particularly focusing on Cordyceps mushroom tinctures for their medical benefits. Their process ensures the preservation of essential nutrients while enhancing their efficacy.
Nuvedo’s commitment to providing accessible solutions for mushroom cultivation is evident in their user-friendly kits, which enable individuals to grow mushrooms at home in just three simple steps. These kits are 100% organic and chemical-free, ensuring both safety and sustainability. With a focus on quality and innovation, Nuvedo offers six distinct SKUs of mushroom growing kits, catering to a diverse range of preferences and requirements. These kits are readily available across online and offline channels, making mushroom cultivation accessible to all.
Beyond the convenience of their kits, Nuvedo provides comprehensive support for end-to-end mushroom cultivation, empowering individuals to harness the health benefits and nutritional value that mushrooms offer. From boosting immunity to promoting overall well-being, mushrooms have much to offer, and Nuvedo is leading the charge in making these benefits accessible to all.
About the company
At Nuvedo, their commitment lies in making the healing benefits of functional mushrooms accessible to all, ensuring the highest quality products and services. Their goal is to set the standard for mushroom wellness in India, striving to become the premier and most trusted mushroom brand in the country by 2025. They aim to establish themselves as thought leaders in the realm of functional fungi.
Their journey began with a five-year quest to discover the ultimate food source—one that is sustainable, nutrient-dense, and yields useful byproducts. This pursuit led to the inception of Nuvedo, driven by a deep understanding of the impact of food on both body and mind. In their search for a resilient and readily available nutrient source, mushrooms emerged as the answer. Despite scepticism within the food industry and the dominance of button mushrooms in the market, Nuvedo recognized the potential of alternative mushroom varieties. They delved into experimentation and exploration, embracing medicinal, exotic, and gourmet mushrooms.
Through their journey, Nuvedo has come to firmly believe in the transformative power of mushrooms. They see these fungi as catalysts for change, capable of revolutionizing various aspects of our world. By harnessing the potential of mushrooms, Nuvedo aims to contribute to a more sustainable and resilient future for all.
Revenue
In FY 22-23, Nuvedo recorded sales of 25 lakhs, indicating steady growth in the market for their innovative mushroom products. By FY 23-24, up until October, sales reached 15 lakhs, reflecting continued traction and demand for their offerings. Projections for the full FY 23-24 anticipate even greater success, with sales expected to reach 50 lakhs, underscoring Nuvedo’s rapid expansion and increasing market penetration.
Founders’ Ask
50 lakhs for 3% equity at the valuation of Rs. 16.67 crores.
No Deal
Reasons for no deal
Vineeta: Culinary mushrooms is too small a market and the other product of homegrown mushroom is gimmicky.
Radhika: Market sizing has not been done correctly.
Aman: The business model is not stable.
Peyush: Segment is unique, but the business is new and figuring out options.
Ritesh: Founders lack of clarity.
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