This start-up is looking to create a ‘Spice Story’

Have you ever tried googling “How many types of chutneys are there in India”? Try and you will be bombarded with links with their own versions of the top chutneys of India or even a particular region or geography. 

Simply put, the universe of chutney in India is humungous to say the least and for entrepreneur Soumyadeep Mukherjee it was a chance discovery at a local grocery store that ultimately became his start-up idea. 

“I realised that there were people buying homemade chutneys from the stores and yet, there was not a single brand offering a consistent quality and convenience,” says Mukherjee. 

Mumbai-based start-up Spice Story makes ethnic Indian chutneys in a sauce form and packages them in easy-to-use recyclable bottles. 

It has been in the business for only a few years – the start-up was launched in 2019 – but has already tasted success – pun intended – that made it enhance its bouquet of offerings in a short span of time. 
The venture started with only three products but now has on offer nearly 15 varieties with catchy names like Dilliwali Spicy Mint Chutney, Kolkata Mango Mustard Adventure, Mumbai Schezwan Mayhem, Agra ki Saunth, Indori Lemon Chutney and The Original Kolhapuri Jhatka. 

“We are foodies and are perpetually searching for good food places and yummy recipes.  Sometimes from our travels, many times from homes of friends and family while sometimes recommended. We are always scouting," says Mukherjee.

"When we find a winner, Vibhor (core team member) usually gets into action recreating the recipe for mass production. Once taste and flavour profiles are 100 per cent, the product goes into the lab for testing. We run it back with consumers for feedback and make tweaks if needed,” he adds.

In a similar context, co-founder Gayatri Gogate says that maintaining the authenticity of the flavour is very important to the venture. 

“As much as possible we try and use fresh produce, especially the greens - mint, coriander, chillies, lemon. We hot fill these chutneys in recyclable bottles. This allows for a better shelf life with minimal usage of preservatives,” she says. 

The founders are well aware of the fact that chutneys have traditionally been an important part of Indian cuisine and appeal to the Indian palette in a big way. Simply put, the market size is huge and while there are many brands available in sauces and pickles categories, there is hardly any company in the chutney space. 

In terms of business growth, the start-up has consistently clocked a growth of 1.5 times each year since inception with the last nine months registering sales of around five lakh units. Spice Story products come in bottles of around 200-250 grams and most are priced at around Rs 150. 

The start-up sells its products through a mix of offline and online channels with e-commerce accounting for around 30 per cent of the sales. It also has a YouTube channel through which it shares interesting recipes in which the chutneys can be used. 

The company currently services over 23,000 pin codes in India through Amazon, Flipkart, Big Basket, Cred, Milk Basket and Supr Daily among other channels and also their own website. They are also present in over 400 stores through Reliance Smart, Spencer's and More Retail in six cities.  

In terms of funding, Mukherjee has invested more than Rs 60 lakh of his own money apart from raising funding from Venture Catalysts. The venture is now looking at raising pre-Series A round of funding to scale up its distribution. 

Going ahead, the start-up wants to expand into newer categories including Indian spices, and ready to cook/eat food. It is also eyeing a growth of 25 times over the next three years. 

The company will, however, continue focusing on chutney segment by consistently launching newer flavours. It recently launched Nolen Gur – Date Palm Jaggery from West Bengal. 
Meanwhile, it has also ventured into the US market through Amazon and wants to aggressively pursue overseas other markets including UK, Australia & UAE as well. 

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