BluePine Foods, from Humble Beginnings to Shark Tank India Stardom

BluePine Foods is a leading food company that was established in 2016 and has become synonymous with quality and innovation in the frozen food industry. The company specializes in producing a delectable array of frozen products, including vegetarian and non-vegetarian momos, spring rolls, and other Asian cuisine. Committed to using only the freshest, high-quality ingredients and following rigorous quality control measures, BluePine Foods is driven by a customer-centric approach that prioritizes customer satisfaction. Led by a master chef, Mrs. Aditi Bhutia Madan, the company’s culinary team is dedicated to redefining frozen foods and delivering a gastronomic adventure with every bite. BluePine Foods’ vision is to be a part of every household and everyday meal, providing convenient, fresh, and healthy frozen food options that cater to the diverse tastes and preferences of its customers.

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Aditi Madan started a business making frozen momos  in 2016. She had only 5 lakh rupees (around $6,500) to start, but she had a dream of creating convenient, preservative-free, and delicious momos. It was not easy to build the business from scratch, but Aditi remained determined. In 2021, Aditi got the chance to appear on a TV show called Shark Tank India. On the show, entrepreneurs pitch their business ideas to a panel of successful investors in the hopes of getting funding. When Aditi went on the show with her momos, she was able to convince the Sharks to invest in her business. She ended up getting 75 lakh rupees  in funding from three Sharks – Ashneer Grover, Vinita Singh, and Aman Gupta. In return, the Sharks got 18% ownership in Aditi’s company.

Aditi said that appearing on Shark Tank India was a great opportunity for her business. The mentorship and collaboration she received from the Sharks was very valuable, especially in the digital age where having the right partnerships can make a big difference. The show helped Aditi take her small, bootstrapped business and turn it into a successful venture with the backing of experienced investors.

BluePine Foods is continuing to grow and expand. They gained attention after appearing on the TV show Shark Tank, which helped increase their popularity. Their goal is to make their traditional Tibetan dumplings called momos available across all of India, so that they become a common household food item. In addition to their current momos, BluePine Foods is also looking into developing new food products to cater to different dietary needs and preferences of customers.

Bluepine Foods has raised a total of $177,000 in funding over 2 different funding rounds so far. The first funding round was on December 26, 2021. The latest funding round was a Seed round, which is an early stage investment, on August 4, 2022. In this round, the company raised $79,100. 5 different investors participated in this latest Seed funding round. The lead investor was a company called Ash Grove LLP, along with another investor called Eighty Seven Fifty Six Ventures.

Bluepine Foods is backed by three institutional investors, namely Ash Grove LLP, Eighty Seven Fifty Six Ventures, and Sailthru Ventures. Ash Grove LLP holds the largest stake in Bluepine Foods. Additionally, Vineeta Singh and five others are Angel Investors in the company.

It operates in a competitive market, with a total of 100 competitors. Bluepine Foods ranks 16th among these competitors. Of the 100 competitors, 5 are funded companies, meaning they have received investment money. 7 of the competitors have already exited the market, which likely means they have been acquired or have gone out of business. Overall, Bluepine Foods and its 100 competitors have raised over $28 million in funding across 30 funding rounds. This funding has come from 118 different investors.

• Yu Foodlabs is a brand that makes instant meal bowls. It is in the Series A stage of funding, meaning it has raised a significant amount of money from investors in its early stages.
• Hyfun Foods is a company that produces frozen potato-based foods. It is considered a late-stage company, meaning it has been around for a while and has likely raised a lot of funding.
• BENANI FOODS is a ready-to-cook food brand that has been acquired by another company, so it is no longer an independent business.

Aspiring entrepreneurs from across India come to Shark Tank India to present their innovative ideas and business models, hoping to secure the investment needed to take their startups to the next level.