Joyspoon on Shark Tank India: How the Founders Changed Shark Ritesh’s Mind to Invest

Mukhwas, a staple in Indian households for generations, has largely remained an unorganized and hygiene-challenged market. JoySpoon, founded by Yash Mehta and Vaishali Mehta, is on a mission to change that.

This Ahmedabad-based startup is offering a modern, health-conscious twist on Mukhwas by using:

• Dry fruits and seeds for natural flavor and nutrition.
• Neem and millets to add digestive benefits.
• Organic ingredients with no betel nut, preservatives, artificial flavors, or sugar.

The founders call their product “no-nonsense Mukhwas”, emphasizing purity and quality over mass production.

Click here to visit their official website: JoySpoon

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Yash and Vaishali’s story is as unique as their brand. Both hail from Pali, Rajasthan, and have known each other since childhood.

• Studied in Pali till 12th grade, then pursued a BBA in fashion design in Ahmedabad.
• Worked with renowned designer Tarun Tahiliani before entering the food business.
• Inspired by her mother and grandmother, who made Mukhwas at home.

• Studied in Rajasthan, then moved to Mumbai for higher education.
• A Chartered Accountant with experience in top companies.
• Previously co-founded a health startup in 2019, which is still run by his former business partner, Raj.

The duo, now married, combined Yash’s business expertise with Vaishali’s product knowledge to launch Joyspoon in October 2023.

The Mukhwas industry in India is valued at ₹5000 crore, yet remains largely unregulated and dominated by local sellers.

• Premium ingredients and hygienic production.
• Online-first strategy, targeting health-conscious consumers.
• Expanding into Quick Commerce for faster delivery.

However, Joyspoon’s products are priced 10-15 times higher than traditional Mukhwas, which raised concerns among the sharks.

• FY 2023-24 Sales: ₹38 lakh
• FY 2024-25 (Projected by September): ₹2.5 crore

Joyspoon’s Monthly Sales

• July 2024: ₹5 lakh
• August 2024: ₹9.7 lakh
• September 2024 (Projected): ₹17 lakh

Investment Raised by Joyspoon

• September 2023: ₹1.25 crore
• June 2024: ₹56 lakh

Joyspoon’s Revenue Split

• 35% from their own website
• 10% through marketplaces (Amazon, Flipkart, etc.)
• 25% from B2B sales
• 10% from their experience store

The company currently has a team of 10 people. Yash and Vaishali hold 80% ownership, while investors own 18% and their former business partner Raj holds 2%.

The founders entered Shark Tank India with an offer of ₹40 lakh for 1.5% equity, valuing Joyspoon at ₹26.67 crore.

The sharks were initially skeptical due to:

• The high price point of their products.
• The niche nature of the market.
• Uncertainty about whether Mukhwas could command a premium audience.

Sharks Aman Gupta, Anupam Mittal, Namita Thapar, and Peyush Bansal were all out, believing the market was too small and the pricing too high.

However, Shark Ritesh Agarwal saw potential in their approach.

Ritesh was about to pass, but the founders persuaded him with their vision.

He placed a condition:

• They would have to expand into the traditional Mukhwas market.
• In return, he offered ₹40 lakh for 2% equity instead of 1.5%.

Seeing the value of a strategic partner like Ritesh, the founders accepted the deal.

Despite concerns, Ritesh saw key advantages in Joyspoon:

1. A Growing Health-Conscious Market

• Post-COVID, consumers actively seek healthier alternatives.
• The premium food segment is growing, even for traditionally low-cost products.

2. Strong Digital Presence

• Direct-to-consumer brands are dominating e-commerce, and Joyspoon is well-positioned.

3. Brand Expansion Potential

• Ritesh suggested they develop a more affordable line of Mukhwas, catering to a wider audience.

With new investment and mentorship from Ritesh Agarwal, the brand plans to:

1. Expand the Product Line

• Introduce a more budget-friendly Mukhwas range to compete with traditional players.
• Explore other Indian digestive and snacking options.

2. Strengthen Retail and Quick Commerce Presence

• Launch in supermarkets and health food stores.
• Expand into Blinkit, Zepto, and Swiggy Instamart for instant delivery.

3. Improve Consumer Awareness

• Focus on educating buyers about premium Mukhwas benefits.
• Build influencer-driven marketing campaigns to reach younger audiences.

• Premium pricing is risky for a category that traditionally sells cheap.
• A tiered pricing model could attract both budget and high-end buyers.
• While the sharks admired the concept, they wanted a more scalable approach.
• The founders’ willingness to enter the traditional Mukhwas market sealed the deal.

Joyspoon is more than just a Mukhwas brand. It’s reshaping a centuries-old industry with:

• Healthier ingredients
• Premium packaging
• A strong digital-first approach

Though some sharks doubted its mass-market appeal, the founders stood firm on their vision, and Ritesh Agarwal’s investment could be the push they need to scale.

With the right strategy and product expansion, Joyspoon could transform the way Indians consume Mukhwas—from a casual after-meal tradition to a modern, health-conscious snack.