Morriko Pure Foods
Initial Ask – Rs. 1 Cr. for 3% equity at a valuation of Rs. 33.33 Cr.
About the Company
Trying to capitalize a market on the fruits which are rejected due to their size and colour, Morriko Pure Foods was founded. They produce fruit based health based snacks with the help of solar dehydration. They are already tied with several APMCs and farmers all over India for their produce of fruits, through which they manufacture a range of products including bars, rolls, slices and powder.
They operate under 2 verticals, one is B2C, where they make their products available in Amazon, another is B2B, which is a bigger one. Under the B2B umbrella, they sell their products to companies like Yoga Bar, ASAP, Paper Boat, Mojobar and Kellogs. They even make money through exports of their products.
Their company got a boost due to Covid-19, which made people realise about the importance of their health conditions. They have been carrying out their activities relentlessly to be one such topmost company in the country, and to become import substitutions of all the dehydrated foods.
Past performance of the Company
Starting the sales from 2018, the company has so far made sales worth Rs. 5.95 Cr., of which last year constituted around Rs. 1.43 Cr. First 6 months of the financial year 2021-22 recorded a sales of Rs. 1 Cr.
Industry Overview
The sector that this company is a part of has great potentials and future prospects. Almost around 15% of the crops and fruits are wasted because of their unattractive size and colour. Here comes the solar dehydration process and this segment. It should be noted that only 2% of the whole produce of India are processed. This is the reason that dehydrated foods like breakfast cereals, energy bars, protein bars, ice-creams and many more are imported in our country. This is where the company fits in by being the import substitution of these goods and capture the market in the country.
Offers made, and the one accepted:
4 sharks, Ashneer Grover, Aman Gupta, Peyush Bansal aloang with Anupam Mittal were ready to come onboard by offering Rs. 1 Cr. for 25% equity of the company. This was countered by the founders by asking the same amount of money, but at exchange of 8% of the company. The sharks didn’t agree to this, and hence no deal was made.