Richy Dave and Hitesh Dave are the founders of Tulua, a spice brand based on the love for regional Indian cuisine.
Richy: CEO, responsible for the overall direction of the company.
Hitesh: Handles sales operations, leveraging his experience to drive revenue growth.
Brand Overview
Tulua is a clean-label spice brand that aims to revolutionize the way people experience cooking by making it accessible and enjoyable.
The brand offers a diverse range of spices sourced from across India, emphasizing purity and authenticity without added colors, flavors, preservatives, or adulteration.
Tulua aims to elevate the culinary experience with traditional recipes and convenient products.
Shark Tank India Appearance & Ask
The founders pitched on Shark Tank India, seeking ₹50 lakh for 2% equity, valuing the company at ₹25 crore.
Their pitch highlighted:
Tulua’s focus is on sourcing high-quality spices at competitive prices.
The brand’s expansion into direct-to-consumer (D2C) sales alongside its strong business-to-business (B2B) operations in the HORECA sector.
Previous funding rounds totaling ₹4.7 crore.
Season and Episode Air Date
Season: 04
Episode: 44
Episode Air Date: Thursday, 06 March 2025
Product Overview
Tulua offers a variety of spices, including Coriander Powder, Lakadong Turmeric Powder, Guntur Chilli Powder, and Kashmiri Chilli Powder, among others.
Key features include:
Clean-label products with no added preservatives or colors.
Sourced from diverse regions across India to enhance flavor profiles.
Certified organic for several products, with plans to expand certification.
Investor Reactions
Vineeta Singh: Criticized the lack of founder-market fit and suggested that Richy should operate independently of her father. Backed out due to concerns about business direction.
Aman Gupta: Impressed by packaging but felt the B2B focus undermined the pitch. Opted out.
Azhar Iqubal: Questioned the brand’s differentiation in a crowded market. Declined to invest.
Ritesh Agarwal: Advised focusing on one business aspect before expanding. Did not invest but expressed interest in staying in touch.
Kunal Bahl: Praised Richy as an impressive founder but felt the business needed clearer focus. Withdrew from the deal.
Customer Engagement Philosophy
Tulua focuses on providing authentic, high-quality spices that enhance home-cooked meals, emphasizing the comfort and tradition of Indian cuisine.
The brand aims to make cooking accessible and enjoyable for individuals and families.
Product Highlights
Clean-Label Products: No added preservatives, colors, or flavors.
Authentic Sourcing: Spices sourced from diverse regions across India.
Organic Certification: Five out of eight spices are currently certified organic.
Strong B2B Presence: Supplies to prominent hotel chains like Marriott and Taj.
Key Takeaways
Tulua’s pitch highlighted the importance of clear business focus and differentiation in a competitive market.
The founders need to address concerns about founder-market fit and operational efficiency to scale effectively.
Despite not securing funding, the feedback from sharks provides valuable insights for refining their business strategy.
Future Vision
Expand D2C Sales: Increase direct-to-consumer revenue beyond the current 8% of total sales.
Enhance Product Range: Introduce more organic and specialty spice blends.
Strengthen Brand Identity: Position Tulua as a leader in the clean-label spice market.
Operational Efficiency: Streamline logistics to reduce costs and improve profitability.
Tulua’s appearance on Shark Tank India underscored the challenges of navigating a crowded spice market while emphasizing the brand’s potential for growth with strategic adjustments.
Deal Finalized or Not
Tulua did not secure a deal on Shark Tank India.
The sharks raised concerns about market differentiation, business focus, and founder-market fit.
Tulua Shark Tank India Episode Review