WHY NAAGIN?
The Problem
• India is the largest consumer and exporter of chillies worldwide but there
was no brand representing that reputation Superior Products Simple
• Highest selling hot sauces in India have been made for foreign palates Scalable Growth Sophisticated
(e.g. Tabasco, Sriracha) Sustainable Thinking Sexy
• Indian chillies are among the highest quality, most flavourful and Spice Knowledge Strong
versatile in the world – yet varieties like habanero/jalapeno/peri-peri
still dominate in consumer awareness
• There is a shortage of brands using high-quality, local ingredients to
make unique homegrown products which are designed for the Indian
palate.
Changing Consumer Habits
• India’s condiment culture is changing rapidly with changing demographics
– no more fresh chutney always available at home or ability to use the spice
box. There is a movement towards high quality packaged products that
prioritises convenience, versatility and taste.
• Today’s consumers are increasingly looking for unique, authentic, novel food
experiences.
WHERE WE STARTED: CONSUMER PAIN POINTS
TODAY’S MARKET MATERIALLY UNDERSERVES THE AVERAGE CONSUMER
WHAT THE MARKET DELIVERS WHAT WE DELIVER
• Mediocre Products – Cutting corners everywhere • Exceptional Products
possible eventually kills the quality
• Lack of Innovation – Same flavours, different packaging, • Unique, Innovative Flavours
different price points
• Bad Customer Service – You’re just a number, customer • Good Brand Experiences
service is bureaucratic
• Confusion & Intimidation – Market overwhelms • Simplification & Curation
customers. So many options, but what is good?
• The Paradox – Big brands offer tons of choice, but limited • Confidence in limited options, Not unlimited
differentiation
choice
• Opacity – What you’re told really doesn’t match what you’re
sold
• Trust & Transparency
• Toxicity – Low quality substitute ingredients & high
environmental impact
• Natural/HQ Ingredients, Low Environmental
Impact
MEET NAAGIN
• Established category leader, India’s (first and) favourite hot sauce
brand – Naagin is also India’s first International Hot Sauce Award
winner and firmly on the road to putting Indian hot sauce on the world
map.
• “Good ingredients make great food” – Our ethos, now and always. If
any product doesn’t meet our quality standards, we don’t sell it.
• Working with farmers & Championing Indian chillies – The quest to
source the finest local ingredients led us to working with farmers, and
also access to better prices, quality and variety, while also giving back
to the local food eco-system.
• Spice Authority of India → Flavour Partner of India – Now more than
just a hot sauce brand, Naagin products represent a commitment to
quality ingredients, mastery of spices and flavours people love.
• Chef’s Choice – Restaurants, Cafés, Pubs & Delivery Kitchens.
• Unique & Original Products – First we found customers for our
products, now we’re making products for our customers
• Sustainability– Naagin is already plastic neutral, soon to be plastic
negative. Our latest partnerships cut out the middleman in favour of
better margins for our key agricultural partners.
LICENSES, CERTIFICATIONS & REGISTRATIONS
PRODUCTS DESIGNED FOR A FLAVOURFUL LIFE
AWARD-WINNING HOT SAUCES. MODERN-DAY PANTRY STAPLES. UNIQUE SPICE MIXES.
There’s something for everyone. It’s everything for someone.
MEET THE FOUNDERS
MIKHEL KSHITIJ ARJUN
RAJANI NEELAKANTAN RASTOGI
Decade-long prior experience in the Demonstrated history of working in Cross-functional experience in
F&B industry in India and Hong Kong. widescale public policy implementation, finance, consulting & data-integrity
Launched Francesco’s Pizzeria – now marketing and supply chain. Co- with BlackRock & EY in the US.
one of Mumbai’s iconic gourmet pizza founder of DoubleThink Media, a Decade-long co-founder of agencies
chains on Swiggy & Zomato. He also content-led marketing agency, Kshitij Skarma & DoubleThink Media in India
launched Mandala, a first-mover in has a strong background in systems – growing some of India’s largest
the organic and healthy food space. implementation and operations. brands and creating IPs for MEA India.
Core: Biz Dev, Product Development, Core: Systems & Operations, Supply Core: Online Sales, Finance,
Manufacturing, Offline Sales Chain, Logistics Marketing, Brand Strategy
TEAM NAAGIN
Vikram Chachra Abhishek Bachchan
Principal, 8i Actor
Ameya Dhupelia Akash Hariani
Ex-CFO, Foods and Business Head (UHNI),
Inns Kotak Mahindra
Our Team is well established and diverse, featuring people from all
over India who have excelled in their areas of expertise.
Raj Maskai Dipti Neelakantan
Promoter Ex-Group COO,
Laxmi Enterprises JM Financial
BUSINESS
OVERVIEW
PRODUCT MARKET FIT
ONLINE B2C
• Top Rated: 4.4+ Avg. Rating with 2,600+ ratings on Amazon
• Proven Pricing Power: Continued growth and increasing repeats
• Amazon USA: Steady organic growth, paving the way for us to repeat
across more geographies
RETAIL
• Regular Reorders: Established monthly re-order cycle from National
chains (Modern Trade)
• Growth of Key Accounts: Counters & Sales growth through sampling,
data-tracking
HORECA
• Leading International QSR Chain (Upcoming): Data-driven decision to
launch in 1000+ stores nationwide rollout in Q1/Q2 (24-25). First-ever
brand launch of its kind.
• White label opportunity: Creating unique Indian flavours, custom
sauces, nobody else does it
• The ONLY Branded sauce on menus pan-India: For Restaurants, Cafés,
Pubs & Delivery Kitchens. High traction with Rolls, Burger & Pizza.
INTERNATIONAL
• Currently Live: US, CA, AUS, HK, SG & UAE (Amazon / Retail)
• Coming Soon: EU, Japan, Norway, Thailand
NAAGIN BY THE NUMBERS
GT Export
0% 4% DTC
5%
Channel Wise Sales Amazon (India)
Horeca 11%
DTC 16%
Amazon (USA)
Monthly Sales UNIT ECONOMICS Amazon (India) 11%
Rs. 72,00,000~ Amazon (USA) Modern Trade Online Grocery &
Other Ecommerce
30%
23%
Online Grocery & Other
Ecommerce
Recurring POS
87%
Channel Spends ROI Profitability Ratio
9,000,000
Online – 2.2x 8,000,000
7,000,000
Offline – 6x 6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
GMV Sales Cost of Goods Sold Gross Profit
ONLINE BUSINESS SNAPSHOT 10,000,000
Total Online Sales
9,000,000
8,000,000
7,000,000
6,000,000
• Blended ROI: 2.2x | Customer Retention ROI: 5x 5,000,000
4,000,000
3,000,000
• Unique D2C customers: 37k+ 2,000,000
1,000,000
• Present across 20+ platforms across marketplaces, online grocery, 0
Q1 23-24 Q2 23-24 Q3 23-24 Q4 23-24
quick commerce and other ecommerce Total Online Sales 6,033,633 7,539,797 7,331,639 8,933,981
• Availability across 30,000+ pin codes serviced-pan India
• Established as Sub-Category Leader on Key Accounts: Amazon,
Swiggy Instamart, Zepto, Blinkit
• Lead Generation & Data collection for Omni-channel growth Online Channel Sales
DTC
• Key Market Dynamics: DTC 9%
• New Format Growth: D2C, Q-Comm & Social Commerce
Online Grocery Amazon (India)
• Online Shoppers: 50m in 2017 → 130m in 2020 → 230m in 2022 Amazon (India)
& Other 22%
• Changing Habits: More experimentation for convenience products Ecommerce
Amazon (USA) 47%
Online Grocery & Amazon (USA)
Other 22%
Ecommerce
OFFLINE BUSINESS SNAPSHOT
Total Offline Sales
10,000,000
9,000,000
8,000,000
RETAIL – MODERN TRADE
7,000,000
6,000,000
5,000,000
4,000,000
• 700+ premium retail locations. Presence in India’s Top 3,000,000
National Chains 2,000,000
1,000,000
• Data-driven Decisions - Implemented new Sales Tracking
0
software for increased focus on data & secondary sales Q1 23-24 Q2 23-24 Q3 23-24 Q4 23-24
Total Offline Sales 9,025,936 8,500,884 9,937,425 9,133,981
• Regular monthly orders and growth in established
channels
• Strong Distribution Network Established across major
metro cities with industry leading channel partners (Antize
Foods, Multichoice, etc.) Export
Offline Channel Sales GT
7%
• Established sales teams in Mumbai, Delhi, Bangalore 1%
Modern Trade
• Successful sampling activities have seen same store sales Horeca
nearly double GT
Horeca
33% Modern Trade
Export 59%
OFFLINE BUSINESS SNAPSHOT
EXPORT HORECA
• Growing presence in the US via Amazon • 100+ active HORECA accounts
• Market growth in SG & UAE with regular reorders • Introduced Institutional Packs for HORECA segment
• Successful pilot conducted by Carrefour UAE leading to • High consumption patterns established with national
placement across Carrefour UAE (the region’s largest HORECA chains (Biggies Burger, Nino Burger, Brew Dog, etc.)
retailer) • Brand featured on restaurant menus – A unique position
• Strong export potential and several white labelling enquiries to be in for an industry that doesn’t market ingredients
• Negotiations ongoing with buyers in UAE, Nigeria, Oman, • Sauce Solutions Partner for large HORECA players looking for
Bahrain, USA, Poland, Norway, Czech Republic & Sri Lanka Product Market Fit
• High margins and favourable cash flow cycles • R&D in overdrive with NPD
• Exploring pilots in established hot sauce markets through new • Custom products for HORECA partners
global D2C channels/service providers • Market-demand driven expansion to the B2B range
EXPLOSIVE
GROWTH
POTENTIAL
COMPETITIVE ADVANTAGE: NAAGIN BRAND
Instant Recognition
• Naagin is synonymous with Fun, Fire & Flavour – paving the way for unique, one-
of-a-kind collaborations
• The only international award-winning hot sauce brand from India
Hot Sauce Category Leader
• Established as THE Indian hot sauce brand of choice – copycats finding it
difficult to enter the market
• Best seller tags, highest reviews and ratings on major marketplaces
• The only hot sauce brand on all major QComm platforms
Unlimited Collaboration Potential
• Collaborated with TooYumm! to launch the country’s hottest new chips –
Primary orders of 4cr in 40 days
• Preferred sauce partner for major burger, pizza and snack food chains
• The only sauce brand you’ll ever see mentioned by name on restaurant menus
Community
• Building the largest community of spice lovers in India
• Building a community around passion and food
ONE-OF-A-KIND PARTNERSHIPS FOR INDIAN FMCG
e.g. TOO YUMM! x NAAGIN
Naagin
• The Ultimate Flavour Partner, Cult-favourite products
• Innovation & Uniqueness in our DNA, Fun brand tone and marketing chops
Too Yumm!
• Authentic, rooted brand, Focused on the Indian consumer
• Guilt-free, ‘better for you’ products with Mass market appeal
Why it works
• There has never been a flavour partnership like this before between local
Indian brands, ‘Show don’t tell’ approach, Bold marketing sensibilities
• Naagin Brand & Too Yumm! Distribution
ONGOING DISCUSSIONS
• Product Collaborations in the works across 6 new product categories
• Marketing Collaboration with leading International F&B brand in Retail
• Potential Collaboration with leading celebrity for a co-branded Sauce
COMPETITIVE ADVANTAGE: NAAGIN FOOD LABS
Process Innovation
• Created unique sauce production line capable of making high quality
sauces with complex flavours at any scale
• Sachet & Blister-pack innovation and material development to create
special formulations for increased shelf-life of sauces & condiments
In-house Product Development and R&D
• Proven record of successfully developing and launching original products
• Set Format
• → Product soft launch
• → Quick iterations (feedback-driven)
• → Go-to-Market
Supply chain (Local, High Quality, Direct)
• Using local ingredients, strong scope for further economies of scale
through lower COGS and chance to maximize profits long-term
• Sourcing from farmers ensures highest quality, sustainable eco-system
• 2-day delivery Nationwide – B2C & B2B
COMPETITIVE ADVANTAGE: IN-HOUSE MANUFACTURING
Solving Industry Problems
• Lack of Integration – Recipe Development & Manufacturing never under one
roof
• Prohibitive MOQs – For Custom product manufacturing
• Packing Innovation – Institutional-friendly Packaging always a challenge
• Small Size – Sachets, Blister Packs
• Large Size – Product-appropriate Spout Packs, Jerry Cans, etc.
• QA/QC – Questionable practices or lacking certifications
• Logistics – Unreliable delivery timelines
Manufacturing Excellence
• Naagin is vertically integrated, with owned manufacturing
• Expertise in core line of business, not just a marketing company
• Highest safety standards (GFSI, FSSC 22000 – In Progress)
• Proprietary Manufacturing Methods for signature products
• Harness economies of scale for B2C & B2B businesses, reduce delivery costs
• Ability to create ‘value add’ products, not just generic staples
• Secures Intellectual & Physical Property, increases creative and quality control
• Greater efficiency, flexibility, customization, communication
THE 1000+ CR OPPORTUNITY
Domestic
• India Consumption Story: Growth of Tier 2, 3 Cities
• Ecommerce: Continued growth of Qcomm, ONDC
• Small-Packs Sampling: Cost Reduction by 90% via New Sachets/Blister-Pack
Innovation to spur growth with ‘Try & Buy’ customers
• General Trade: Strong market opportunity for small pack sizes & lower MRPs
• Horeca: Opportunity to be the Sauce Partner for the next generation of Indian
Horeca brands. Organic growth fuelled by fast-growing partners.
• Recipe Customization at Scale for nominal batch-sizes, a unique offering in
the B2B Market.
• Packaging Innovation gives us an edge for large and small pack sizes – best
in class quality, multiple options for all price points and use cases
International
• Rise of Global / Ethnic cuisines: Category growth across Retail in US, Europe
• Amazon US: Continued growth with strong potential in the largest hot sauce market
• Increased demand for Food Convenience: Booming Fast food & Food Service
Industries Internationally
• Soft Power: Establishing the first truly Indian Hot Sauce company as a global brand
THE 1000+ CR OPPORTUNITY
Category Leadership
• Flag Bearer – India’s leading hot sauce brand
• Partnerships & Collaborations – The Perfect Flavour Partner
• TooYumm! X Naagin – Bhoot Chips
• Wonder Foods x Naagin – Garlic, Lime and Bhoot Dip
• Soft Spot Foods x Naagin - Spicy Naagin Vegan Cheese
• Jaipur Pink Panthers x Naagin – Official Taste Partner
Market Gaps
• B2C – Flavour Upgrades, Cooking Aids, Affordable Aspirational Products
• Convenient, Versatile, Value-add products (e.g. Sauces, Spice Pre-mixes, etc.)
• Catering to the taste of Modern India: Better for you, bold, versatile, with a twist
- rich in heritage, but adapted to current tastes.
• B2B – Kitchen Operations, Table Sauces, Customer Experience
• Consistent, Standardized, High Quality products designed for maximum
Operational efficiency
• A wide array of pack sizes for varied use cases
• Better Essentials – High-quality, high-volume staples (e.g. Tomato Puree, Tortilla
Wraps/Chips, etc.) that don’t compromise on taste/ingredients
THE MARKET RIGHT NOW
Notable Deals
• SKYY Partners invests USD 25M in Truff hot sauce
• McCormick’s Revenue USD 5.6B
• Cholula sold for USD 800M to McCormick in 2020
• Global Hot Sauce Sales up 93% since 2015 to USD 5.4 Billion
• China’s Lao Gan Ma chilli oil outselling Franks and Tabasco
worldwide – proves demand for authentic Asian flavours
• Tata Consumers acquired Capital Foods at USD 700m in 2024
Market Size
• Market Size: Sauces & Condiments (2024) – est. USD 262 Billion
• Worldwide Revenue: USD 230.70bn | Growth: 6.28% CAGR
• India Revenue: USD 31.60bn | Growth: 8.02% CAGR
• Packaged foods is poised to grow at 14.2%
Projected Sales (24-25)
2024-2025 OUTLOOK
₹ 45,000,000
₹ 40,000,000
₹ 35,000,000
₹ 30,000,000
Growth ₹ 25,000,000
₹ 20,000,000
Growth on Amazon US & Walmart – USA is the world’s biggest Hot Sauce market
₹ 15,000,000
Smaller pack sizes at lower prices – Big potential for growth in General Trade
₹ 10,000,000
Increased sampling and promotion – Strong results when conducted at POS in Modern Trade
₹ 5,000,000
Market Expansion (SE Asia) – Strong potential for growth from existing Partner ₹0
Market Expansion (UK/Europe) – Existing Investor Network
Horeca Expansion – International QSR Chains, National-level QSR Chains, Bars & Restaurants
Total Sales (GMV) Total Sales (Net)
Brand & Community
Partnerships & Collaborations – Most effective (& cost effective) way to supercharge Awareness Channel Wise Sales (24-25)
Community Development – Building India’s largest community of spice lovers
Export Q-com
Amazon IN
4% 11%
6%
Manufacturing & R&D Q-com
Amazon
Amazon IN (International)
New Product Development – Sauces, Spice Pre-Mixes, Foray into Snacks & Instant Food 4%
Amazon (International)
Development of a world-class Facility – Big opportunity to service exciting Horeca pipeline D2C & Other Ecomm
D2C & Other
Ecomm
Retail Stores Horeca - 3%
Ingredients, Sourcing & Sustainability Horeca - Standard
Blisters…
Horeca - Blisters
Establish new Partnerships with Farmers & Farmer Cooperatives – Price Benefit, Availability Retail Stores
21%
Guarantee, Quality Guarantee Export
Continued push towards Sustainability – Going Plastic Negative, Further 30% Waste Reduction Horeca -
Standard
11%
FUND UTILISATION
Finance, Legal & Compliance
5%
Marketing & Growth
25%
Capex
50%
R&D
5%
Key Hires
15%
FUNDING HISTORY
• Pre-Launch: 2018 (20 lakh)
• Own Funds Superior Products Simple
Scalable Growth Sophisticated
Sustainable Thinking Sexy
• Seed Round 1, Tranche 1: July, 2019 (60 lakh) Spice Knowledge Strong
• Seed Round 1, Tranche 2: January, 2020 (2.4 cr)
• VC, Angels, F&F
• Seed Round 2, Tranche 1: April, 2021 (75 lakh)
• Seed Round 2, Tranche 2: December, 2021 (3.9 cr)
• VC, Angels
• Seed Round 3: April 2023 (4.6 cr)
• VC, Angels
A JOURNEY OF FOOD EXPLORATION IS
BETTER TOGETHER!
LOVE FROM THE COMMUNITY
