- Founders: Anuva Kakkar
- Business: Chocolate Products
- Ask: ₹50 Lakhs for 5%
- Valuation/ Networth: ₹10 Crores
- Funding: ₹50 Lakhs for 20% + 2% royalty until ₹1 Crore is paid back.
- Sharks: Peyush Bansal & Amit Jain
- Episode: Season 3 Episode 8
Tiggle Chocolate Shark Tank India Pitch:
Launched in 2021, Tiggle is an Indian vegan, dairy-free chocolate-focused startup that appeared on Shark Tank India Season 3, Episode 8. They sell ready-to-make chocolate mixes made from finely roasted cocoa. Their hero product is dark hot chocolate, and they also offer iced chocolate for summers. They manufacture their products in their own units. The founder shared that they have served over 37,000 customers through Amazon and their website since inception. The founder sought an investment of ₹50 Lakhs in exchange for 5% of the company, valuing her business at ₹10 Crores.
Tiggle’s highest-priced product is their iced chocolate, retailing for ₹55. However, their hot chocolate retails for ₹35. The founder added that they are a bit on the pricier side compared to the competition. Tiggle projects to generate ₹1-1.5 Crores in revenue in FY23-24, with last month’s sales closing at ₹12 Lakhs.
Regarding unit economics, their Average Order Value is ₹308, out of which ₹74 is the cost of goods, ₹10 for packaging, ₹64 for raw materials, and ₹32 in shipping. They maintain a gross margin of 65%. Out of the remaining ₹202 of gross profit, Tiggle spends ₹109 on marketing, ₹43 on salaries, ₹4 on rent, and another ₹27 on miscellaneous expenses. This results in an EBITDA of ₹19. Anuva added that Tiggle is completely bootstrapped and profitable.
Tiggle had 3,050 customers last month, generating revenue of ₹12 lakhs. Their monthly repeat rate is at 25%. Anuva owns 96% of the company, her mother has 1%, and advisors hold 3%.
Tiggle Chocolate Shark Tank India Negotiations & Funding:
Namita complimented Anuva for the clarity of thought but opted out due to the small market size in India. Azhar and Anupam also decided to opt out, citing similar reasons. Amit, expressing support for entrepreneurs like Anuva, offered ₹20 Lakhs for 5%, along with the rest as debt at 15% interest for 3 years. Peyush offered ₹50 Lakhs for 20% of the company and requested 1% of net sales in royalty until he recoups 2X of his investment.
Peyush asked Amit to join him, which Amit agreed to, leaving only one offer on the table for Tiggle. They also revised their royalty to 2% until ₹1 Crore is recouped. Anuva countered at 15%, which Peyush initially refused. After some thought, the founder accepted their initial offer of ₹50 Lakhs for 20% and 2% royalty until ₹1 Crore is paid back.
Who is the founder of Tiggle?
Anuva Kakkar founded Tiggle. She started Tiggle with an initial investment of ₹20,000 in 2021. She is from Agra and graduated in 2019.
How is Tiggle doing after Shark Tank India?
Our research on Tiggle reveals that despite Anuva showing hesitation on the show to accept the royalty deal, early signs suggest that their deal with Peyush and Amit likely closed already. Interestingly, They have also partnered with another Shark Tank company ‘The Healthy Binge’ in Summer 2023. The company is thriving as of January 2024. You can check out their products by clicking the Amazon button below!
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Source: Instagram @thetiggle_
Here are other companies from Season 3 Episode 8.