Tiggle: A Sweet Journey from Delhi Metro to Shark Tank India

Tickle + Giggle = Tiggle!

From the Episode 8 of Shark Tank India,

Anuva Kakkar, Founder of Tiggle featured in Episode 8 of Shark Tank India, Season 3. She was also the first guest on Foodyaari’s “Stories of Foodpreneurs”, a webinar series featuring various Food Entrepreneurs of the country.

Tiggle is a cocoa-based brand that crafts ready–to–make chocolate mixes. It was founded by Anuva Kakkar in April 2021. Tiggle was started by Anuva selling hot chocolate on the platforms of the Delhi metro. She started this business after she graduated with an initial investment of Rs.20,000. Tiggle has a variety of chocolate mixes from dark hot chocolates suited to the chilly weather and iced chocolate to refresh during summers.

A Hot Pitch:

Anuva’s Shark Tank pitch started with a captivating description of her journey building the brand. The judges praised the product’s packaging and taste and were particularly intrigued by the single-serve packs. Anuva then showcased her product’s unique selling proposition through an experiment she conducted before launch. She sent three samples (A, B, and C) to a group of people, where A and B were different formulations of her dark hot chocolate and C was a sample from another brand. Interestingly, everyone chose either sample A or B, highlighting the distinct taste and appeal of her product.

Tiggle products

Tiggle offers Dark hot chocolate, Iced chocolates, and Light hot chocolates in single-serve units and 10 cups pack. The product’s sweetness is contributed by jaggery. It is vegan and Dairy-free. The cocoa is procured from the farmers in Tamil Nadu and is processed in the unit in Agra. Products are available at their website: thetiggle.com and from Amazon.

Market Potential:

When questioned about the market size, Anuva confidently explained that the Indian chocolate market stands at a massive Rs.20,000 crore, with chocolate drinks holding a 10-15% share. This translates to a potential market value of Rs.2,000-3,000 crore specifically for cocoa-based beverages, highlighting a significant opportunity for Tiggle.

Pricing Strategy:

Facing queries about competitors offering lower prices (Rs.18-19 per serving) compared to Tiggle’s Rs.35-55, Anuva remained poised. She emphasized Tiggle’s unique selling points: being dairy-free, vegan, and crafted with premium cocoa. These differentiators, along with higher-quality ingredients, justified the price difference.

Financial Transparency:

Further demonstrating her understanding of the business, Anuva delved into unit economics. With an average selling price of Rs.308 (including GST), she broke down the costs: Rs.10 for packaging, Rs.64 for raw materials, and Rs.32 for shipping, leaving a gross profit of Rs.202. Factoring in marketing, salaries, rent, and other expenses, she still ended with a positive Rs.19 EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization), showcasing the profitability of the brand.

Shark Tank India ‘Ask’

Anuva initially asked for Rs. 50 lakhs for 5% equity. Namita Thapar, Executive Director of Emcure Pharmaceuticals backed out by stating it is a small market and it is really hard to push the business forward.

Entrepreneur	Business	Industry	Asked for	Final deal	Investor
Anuva Kakkar	Tiggle	Cocoa-based beverages	Rs. 50 lakhs for 5% Equity	Rs. 50 lakhs for 20% equity + 2% royalty until 1 crore is recouped.	Amit Jain and Piyush Bansal

Azhar Iqubal, Co-Founder and CEO of Inshorts, backed out by stating there is no definite brand establishment and the return customers rate is too low.

Amit Jain, Co-Founder and CEO of CarDekho group offered Rs.20 lakhs for 5% equity + 30 lakhs debt at 15% interest for 3 years.

Anupam Mittal, Founder of People Group – Shaadi.com also backs out. Peyush Bansal, Co-Founder and CEO of Lenskart offered Rs. 50 lakhs for 20% equity + 1% royalty until 1 crore is recouped. Amit joins the offer and it is revised to Rs. 50 lakhs for 20% equity + 2% royalty until 1 crore is recouped.

Upon careful consideration, Anuva closed the deal with Rs. 50 lakhs for 20% equity + 2% royalty until 1 crore is recouped. Anuva wants Tiggle to be a brand that crafts magic that helps adults sit back and enjoy their leisure time. With such entrepreneurship and passion for her business, Tiggle will touch millions of hearts.