Food & Drinks
Raasa
SEASON 2 : Episode 18
BRAND
Raasa
COMPANY NAME
Raasa Karts
FOUNDERS
Manik Sehgal and Vikas Sharma
ORIGNAL ASK
Rs. 50 lakhs for 5% equity at Rs. 10 crore valuation.
DEAL
Rs. 50 lacs for 25% equity at Rs. 2 crores valuation along with the condition of having a tech co-founder.
Street food is highly popular in India, but these vendors often encounter numerous challenges.
‘Raasa’ was established in March of 2022 with the objective of creating an ecosystem for unorganized street food vendors. The company provides branding and nomenclature to these vendors, who face various difficulties in their line of work. After conducting discussions with multiple food vendors, ‘Raasa’ identified some significant problems, including the need for a primary brand name.
The services provided by Raasa are-
- Rasa provides them branding and a unique ID number.
- They help them in procuring FSSAI license.
- Assists the street food vendors in getting registered and listed on popular food delivery platforms like Zomato and Swiggy to add value to their businesses.
- To save time from grocery shopping they provide them with the best groceries at reasonable prices.
- Offers training to street food vendors under the guidance of professional chefs to help them enhance their cooking skills and techniques.
Founders & their story
- Manik Sehgal, who hails from Dilli-6, is the founder of ‘Raasa’. He holds an MBA degree in Marketing and has more than 15 years of experience in the advertising industry. With his extensive work history that includes collaborating with numerous MNCs and clients and traveling across the country, Sehgal has gained a profound understanding of Indian consumers.
- Vikas Sharma is the co-founder of the company. He worked as a KPO. Both the founders have 45% equity of the company each and 10% equity lies with the street vendors.
During the lockdown period, Manik Sehgal and his friend had food several times from local street food vendors and observed that they were facing harassment from the local corporation. This experience prompted the founder to come up with the idea of ‘Raasa’, a company that could aid and support to street food vendors in India. By offering branding, marketing, and logistical assistance. Raasa aims to empower local street food vendors and help them succeed in the highly competitive food industry.
Revenue:
The Indian market size of the Raasa business is Rs. 3.5 lakh crores annually. ‘Raasa’ worked with 20 kart partners. The company’s August ‘22 sales were Rs. 40,000.
Founder’s Ask
Rs. 50 lakhs for 5% equity at Rs. 10 crore valuation.
Offers:
Peyush declined to be a part of the deal due to the absence of a tech co-founder in the company. Similarly, Amit opted out of the deal as he anticipated regulatory problems.
Namita and Aman decided to step out of the deal as the company was at the prototype stage and not yet fit for investment.
Anupam made an offer of Rs. 50 lakhs for 25% equity share in the company at a valuation of Rs. 2 crores. However, his offer came with the condition that he would bring a tech co-founder on board and provide them with an equal equity share.
Final Deal
The deal was finalized with Anupam at Rs. 50 lakhs for 25% equity along with the condition of having a tech co-founder.
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