Tiggle Has Raised ₹ 50 lakhs From Shark Tank India S3

Tiggle Has Raised ₹ 50 lakh for 20% equity + 2% royalty until 1 crore is recouped. Peyush Bansal and Amit Jain invested in this startup. The pitcher’s original ask was for ₹ 50 lakhs for 5% equity.

Also read: Tramboo Sports Has Raised ₹ 30 lakhs From Shark Tank India S3 E6

Amit Jain initially proposed investing 20 lakh for a 5% equity stake and offering a 30 lakh loan at a 15% interest rate over three years. Peyush countered with a 50 lakh investment for 20% equity and a 1% royalty until 1 Cr is recovered. Subsequently, Amit joined the deal, raising the royalty to 2%. Anuva suggested a counteroffer of 15% equity, which Peyush declined. Ultimately, Peyush and Amit agreed to invest 50 lakh for a 20% equity stake, coupled with a 2% royalty until 1 Cr is recouped.

About Tiggle:

The founder of the company is Anuva Kakkar. In April 2021, Anuva Kakkar launched Tiggle with the goal of bringing about a hot chocolate revolution in the nation. In 2019 she has completed her Bachelor of Business Administration from the Banasthali Vidyapith and began working as a content writer for AglaSem in the same year. Later on, she began working as a freelance marketing manager for HustlePost Academy. She began posting videos to YouTube in March 2021 and continues to do so now.

Anuva Kakkar initially sold her products outside the metro and malls. However, sales were low due to the pandemic. In November 2020, she launched Tiggle online, partnering with farmers in Tamil Nadu to cultivate high-grade cocoa. Tiggle has a dedicated women’s team in Agra, producing packets in just three minutes. The hot chocolates are made from India’s best finely roasted cocoa, making them more delicious than others.

Tiggle Business Statistics:

Tiggle’s monthly sales demonstrate a consistent upward trajectory from April to September. Sales figures started at 5.9 lakhs in April and gradually increased to 6.5 lakhs in May, 8.9 lakhs in June, 11 lakhs in July, 12.6 lakhs in August, and finally plateaued at 12 lakhs in September.

The unit economics of the company revealed that the average selling price per unit stands at 308 rupees, inclusive of various costs such as 10 rupees for packaging, 64 rupees for raw materials, 32 rupees for shipping, 109 rupees for marketing, 43 rupees for salaries, 4 rupees for rent, and 27 rupees for other expenses. Despite these costs, the company manages to save 19 rupees per unit, demonstrating profitability and the ability to operate as a bootstrapped entity. The EBITDA for the fiscal year 2023-24, until October, stands at 6.02%.

What Problem Do They Solve?

Tiggle, a brand specializing in ready-to-make chocolate mixes, distinguishes itself by using finely roasted cocoa to enhance the taste of its products. The founder’s presentation of Tiggle’s offerings to the Sharks was met with admiration due to their exceptional taste. Anuva, the founder, demonstrated her ability to forge strategic partnerships by directly collaborating with farmers in Tamil Nadu to source high-grade cocoa, thereby ensuring the quality of her product.

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