SoupX Success Story, Business Model, Revenue Model after Shark Tank
Introduction
Food is something that every human being need because it is a necessary need. Different types of food businesses have made their strong foundation in India. Now, ever since the pandemic started the majority of people are always looking for healthy food options. People do not want to fall sick as they are becoming more health conscious. Even though fast food joints are earning huge revenues each year, people slowly are trying to shift to healthy food nowadays.
Similarly, a healthy and as well as economical healthy food brand, SoupX is a startup that primarily focused on offering and delivering its healthy food items to the common people. Founded by Priank Jain, SoupX made its presence in the market today to serve people healthy food items that could be affordable as well.
SoupX Startup Story
Founders of the company Uttam Kumar and Priyank Jain had the most interesting story before founding SoupX. Everything starts with a simple story that makes entrepreneurs realize business ideas. As co-founder Priyank Jain said on the episode of Shark Tank where both had represented their company that the idea of SoupX came into their mind during the pandemic period.
Both founders took part in a food distribution tribe and made a recipe that made people fall in love with it. The recipe was made not just with love but with healthy ingredients.
It was then that both founders realized that there was no soup brand in India. That is when they thought of SoupX which would offer soups that were both healthy and tasty. Uttam Kumar, on the other hand, contributed his food tech knowledge as he completed his education in a similar field. At the age of 19, Uttam was part of a startup. His journey in his education and experience has significantly contributed to the SoupX startup.
Priyank, on the other hand, is an engineer and has experience in banking. However, the company, SoupX offers more than 90 types of healthy soups to the Indian market. SoupX offers two types of services where one was on-demand and the other is subscription-based. Apart from soups, the company kept side options for their customers as well which is only healthy food. Some of them are salads, healthy sandwiches, and many more.
SoupX Business Model
SoupX is functioning its business in India with its head office in Delhi NCR. The business model of the company, as explained by the co-founder, Uttam Kumar says that SoupX works on a centralized kitchen concept. All of their recipes are made in a central kitchen and then the company distributes them in a kit form. The founders say that their concept is all about cloud kitchens only.
However, apart from that, the company is also into partnerships. The company founders revealed that some food companies list their products in their menu list. This is yet another innovative strategy to increase its business by making effective sales through already existing food companies.
SoupX, as explained earlier works on subscription-based and as well as on-demand. The company has also made its presence available online on food delivery partners like Zomato and Swiggy offering more than 100 types of healthy soups.
SoupX Revenue & Yearly Sales
The company was lucky enough to represent itself in the second season of Shark Tank India. However, also because of its unique name, marketing, and branding were easy for them as the founders have said in an interview. The company had a valuation of INR 12.5 crore in Shark tank India according to its previous investor.
At present, there is no big player in the market when it comes to selling healthy soups. SoupX has got a huge market where it was valued to be around $310 million as of the year 2020. The company was started back in Dec 2021. The company raised enough funding before it appeared in Shark Tank India. In Shark Tank, the company raised INR 50 lacs in exchange for 18% equity.
The company is doing well when it comes to its sales and earning revenues. As of now, there is no exact figure for the amount of revenue that the company earns.
SoupX In Shark Tank
The founders of the company represented its company in Shark Tank India season 2. They pitched their idea in front of major angel investors of India. The investors had a taste of the company’s soups and they were impressed by the idea that it could be a meal replacement recipe for customers who are looking to lose weight.
The company gained funding of INR 50 lacs in exchange for equity of 18% from Vineeta Singh. The company has even received positive remarks from its customers as well as many people who still did not have its products yet.
The future of the company seems stable and strong. The company is making steady progress to expand its business all over the country. It is also the mission of the founders of the company to do such a thing.
Conclusion
SoupX is one of the innovative brands that came into the Indian market back in the year 2021. The company grew bigger and bigger each day because people started liking its products. However, we wish the best for the founders of the company to bring good business to their company. Reviews and ratings suggest that it is a brand that offers food items that can be consumed by any age group in society.
How many funds did SoupX receive in Shark Tank?
Who funded SoupX on shark tank?
Disclaimer: The information provided in this post is for general informational purposes only and does not constitute professional advice. Please consult a qualified professional before making any decisions based on this content.
