Hot Sauce FMCG startup NAAGIN raises over $1mn seed funding

Naagin raises $ 1 million as seed funding from Actor & Investor Abhishek Bachchan, Eight Innovate Fund-I (8i Ventures), and other high-net-worth individuals.

The food startup began with a strong desire to make easy, convenient ‘instant taste upgrades’ to spice up our meals. However, before they did, the co-founders needed a place to start, and after years of research and market studies, they found that there were lots of brands out there, but mostly all selling the same products.

The brand was created by Arjun Rastogi, Mikhel Rajani, and Kshitij Neelakantan with one goal: to put the Indian consumer at the forefront with original Indian flavors and unique products that would add value to their individual food exploration journeys.

Currently, Naagin products are available Pan-India at all leading retailers like Reliance Retail, Nature’s Basket, Food Hall, Metro, and many more, while the brand has also made big progress on leading e-commerce platforms, including Amazon, Flipkart, Swiggy, BigBasket and direct-to-consumer on their website (www.naaginsauce.com). Proving there is a tremendous global appetite for unique, ethnic products, Naagin is also now available in the US, UK, UAE, Australia, Singapore, and Hong Kong.

With the help of over $1 million of funding raised, the team plans to invest in creating deeper inroads with online and offline channels nationwide. Naagin also plans to invest further in R&D and product innovation, where the brand will continue to explore unique flavors and high-quality products that go beyond the existing supermarket supply of essentially identical products with little differentiation.

The company is looking for highly skilled individuals to join its team, expanding its distribution network substantially, as well as expanding its marketing and branding efforts. Recently, Naagin 65 Hot Sauce & Spice Mix was introduced to the market. Regardless of how you choose to serve your meals, your dishes will be spiced up and seasoned in no time at all.

“My journey with the brand is quite special — I personally had a chance to try it and fell in love with the product and the flavor instantly — it really blew my mind! The packaging was brilliant, the name was fun, and I could see the passion of the brand – all the ingredients came together well, so the conversation with the brand felt natural. I am always on the lookout for fresh ideas, and it goes with our family philosophy to promote Indian entrepreneurs and help in building great Indian brands.” -Mr. Abhishek Bachchan, Actor, and Investor

Hot sauces in particular that were available in the market were just not compatible with the depth and breadth of flavors in Indian food. While some were generic ‘red chili’ and ‘green chili’ sauces, other products were often designed for an entirely different cuisine (e.g., Mexican or American with Cholula and Tabasco, East Asian with Sriracha) and did not have the versatility for the local flavor palate.

So, the co-founders decided to create the hot sauces they wanted, Indian chilies and flavors highlighted in all their glory in a way that hasn’t been seen before, a truly Indian hot sauce – Naagin. “As Naagin has progressed along its journey, it has been blessed with strong investors who have shared a vision with us to grow India’s number one hot sauce brand and to prove that Indian spices and flavors can be found all over the world. Having been a portfolio company of Vikram and the team at 8i, we have benefited from the experience of working with some of India’s leading fintech and consumer companies. In the course of establishing Naagin as a

Global hot sauce brand Abhishek Bachchan was a fortunate partner to participate in our next phase of growth. The fact that Naagin was made by people of passion, for people of passion resonates strongly with him not only as an icon of the Bollywood industry but also as a dominant figure in Indian sports. With the generous support of our investors, mentors, and customers, Naagin Sauce is able to produce the highest quality and most original products on the market today.” – Mikhel Rajani, Co-Founder, Naagin Sauce.

As homebound people through the Covid-19 pandemic sought ways to liven up their meals with homemade options, the team experienced a sharp increase in online sales that reached an entirely new audience. Consumers across the country have shown an increased appreciation for good, packaged food and have understandably placed a premium on quality ingredients and hygiene. Being a young startup, the team was able to make the most of those uncertain times, experimenting and pivoting direction quickly in response to the changing environment.

“When we seeded Naagin in 2019, we signed up for Mikhel’s insight that Indians and hot sauces were a love affair waiting to happen. Since then, Naagin has broken out as one of those early cult brands with a fanatical user base that can’t live without a bite of it every day. We are delighted to invest again in Naagin and welcome Abhishek Bachchan to the Naagin family.” – said Mr. Vikram Chachra, Founding Partner, 8i Ventures.

Today, the team has seen a fast rise across channels, with strong growth in Horeca and Retail as well and the brand seems poised to first take the nation by storm and the world right after that. As a leading curator of spicy flavors from cuisines all over India, as well as a company constantly expanding its on-the-ground presence throughout the country, Naagin has already established itself as an industry leader in its niche. Over the past year, they have gained strong traction in export markets such as the USA and UAE, among the other six export destinations, and they anticipate growing to more than 15 countries by the end of 2022

About Naagin Sauce:
Naagin was founded in the year 2019 with a rebellious spirit and no small objective: to offer instant taste upgrades to people with a passion for better food. Naagin brings a modern twist to India’s historic and passionate relationship with spices, creating new and unique flavors, yet solely Indian flavors.

A homegrown brand, Naagin is also the first Indian hot sauce brand, using premium Indian chilies, real vegetables, and no artificial colors or flavors. The brand’s mission is to bring India’s rich spice culture to kitchen shelves and dining tables around the world. Their wildly popular hot sauce line has three flavor variants: The Original, Kantha Bomb, Smoky Bhoot, and Naagin 65 Hot Sauce.

This article was shared with Prittle Prattle News as a Press Release.

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