Chocolate Drink
Chocolate Mixes
Season 3 Episode 8
| Brand | Tiggle |
| Company Name | Tiggle Innovation Private Limited |
| Founders | Anuva Kakkar |
| Original Ask | 50 lakhs for 5% equity at the valuation of Rs. 10 crores |
| Deal | 50 lakhs for 20% equity at the valuation of Rs. 2.5 crores and 2% royalty until 1 crore is recouped |
About the Product
Introducing the 55% Dark Iced Chocolate, a refreshing summer companion that feels like a cool dip in a pool on a scorching day—chilled, chocolatey, and thoroughly satisfying. For those torn between hot and cold delights, they present the Moody Weather Chocolate Drinks Bundle, featuring the summer favourite Iced Chocolate (6 sachets), the bestselling Dark Hot Chocolate (1 pack), and Vegan Marshmallows for an extra treat—a perfect gift for oneself or cherished ones.
Indulge in the Coffee-Infused Hot Chocolate Mix, priced at ₹399, crafted to deliver 10 cups of irresistibly flavourful and smooth hot chocolate. This unique blend offers a delightful combination of caffeine kick and rich chocolatey goodness. For the ultimate hot chocolate experience, the Best-Selling Hot Chocolate Combo Box, priced at ₹728, showcases Tiggle’s all-time favourites, including their expertly crafted Dark Hot Chocolate and the flavour-packed Coffee-Infused Hot Chocolate—a delightful gift for any hot chocolate enthusiast.
Founders & their story
- Anuva Kakkar
Founded in 2021, Tiggle has emerged as a notable player in the lucrative Indian chocolate market, estimated at 20,000 crores. Specializing in finely roasted cocoa and diverse chocolate mixes, the company caters to the varied tastes of its 37,000 customers. With a strong online presence through its website and Amazon, Tiggle has become synonymous with the best-selling hot chocolate in India’s café scene.
Armed with a solid foundation from Agra in 2019, where Anuva graduated and tasted cocoa from 50 farms, Tiggle entered the chocolate drink market, valued between 2,000 to 3,000 crores. The company stands out by offering chocolate drinks tailored for different seasons, utilizing dairy-free ingredients and incorporating attractive packaging. Despite being bootstrapped, Tiggle boasts profitability and a dedicated team of nine individuals. The success of their approach is evident through their 2021 inception and rapid growth, capturing a significant share of the chocolate market with a focus on quality, diversity, and customer satisfaction.
About the company:
Originating from humble beginnings, Tiggle, now renowned as the premier hot chocolate brand in India, commenced their journey selling outside Delhi and Gurugram metro stations. Evolving from a 21-year-old with no business acumen to crafting the country’s best hot chocolate, Tiggle attributes their success to the community’s unwavering support.
Happiness encapsulates a cup of Tiggle Hot Chocolate, meticulously prepared with the finest cocoa from Tamil Nadu’s farms. Founder Anuva, starting with a five-litre steel jar and a vision, set up shop in Gurgaon, gauging market interest in her product. Leveraging Facebook and Google ads, Tiggle expanded online outreach, reaching over two million people monthly.
Partnering with farmers in Pollachi, Tamil Nadu, Tiggle sources cocoa for their Agra-based manufacturing unit. Millennial-friendly packaging and affordable pricing have propelled Tiggle’s success. With a dedicated team of 12, Tiggle engages their community through a voting platform, involving them in decision-making.
Initiating Tiggle at 21, Anuva Kakkar scaled her company to deliver pan-India, propelled by a passion for hot chocolate. Despite a failed venture post-graduation, Anuva’s resilience and startup insights paved the way for Tiggle’s rapid ascent in the culinary landscape.
Revenue:
Tiggle’s product pricing includes an Iced Chocolate packet at Rs 55 and a Hot Chocolate packet at Rs 35. The projected sales for FY 23-24 are estimated to reach 1-1.5 crores, showcasing consistent growth. Monthly sales figures for the initial months of FY 23-24 are as follows: April – 5.9 lakhs, May – 6.5 lakhs, June – 8.9 lakhs, July – 11 lakhs, August – 12.6 lakhs, and September – 12 lakhs.
The unit economics for Tiggle are robust, with an average selling price of Rs 308, a gross margin of Rs 202, and an EBITDA of Rs 19. As of October in FY 23-24, the EBITDA stands at 6.02%, reflecting strong financial performance. The monthly repeat rate from October 24 to October 25 is noted at 24-25%, indicating a positive trend in customer retention. Tiggle’s competitive pricing strategy, coupled with consistent sales growth and favourable unit economics, positions the company for sustained success in the chocolate market.
Founders’ Ask
50 lakhs for 5% equity at the valuation of Rs. 10 crores.
Offers:
Amit: 50 lakhs for 20% equity at the valuation of Rs. 2.5 crores and 1% royalty until 1 crore is recouped.
Amit and Peyush: 50 lakhs for 20% equity at the valuation of Rs. 2.5 crores and 2% royalty until 1 crore is recouped.
Founder’s Counteroffer:
50 lakhs for 15% equity at the valuation of Rs. 3.33 crores and 2% royalty until 1 crore is recouped.
Final Deal
Amit and Peyush: 50 lakhs for 20% equity at the valuation of Rs. 2.5 crores and 2% royalty until 1 crore is recouped.
