Authentic Himalayan Food: BluePine Foods

BluePine Foods Pvt. Ltd. is a company founded by Aditi Madan, Rohan Singh, and Naveen Pawar, with Aditi being the driving force behind the company. Aditi, also known as "Momo Mami," hails from Darjeeling and has been in the business of making frozen momos for the past 5 years. Rohan, a professional chef from Jaipur, and Naveen, from Bikaner, Rajasthan, are the other co-founders of the company.

BluePine Foods is known for producing 100% natural, preservative-free, and delicious momos made from traditional Himalayan ingredients. These momos have a shelf life of over four months, and the company has made and sold more than 80 lakh momos to date. They also supply their momos to hotels, restaurants, and cafes, and they have a front and quick-service restaurant called "Yangkiez." Aditi's vision is to make BluePine Foods India's best Himalayan food processing company.

Mission of the startup

The mission of BluePine Foods Pvt. Ltd. is to change the way India eats by providing authentic and healthy Himalayan food. Aditi, also known as "Momo Mami," has been in the frozen momo business for the past 5 years, creating 100% natural and preservative-free momos made with traditional Himalayan ingredients.

BluePine Foods Pvt. Ltd. has sold over 80 lakh momos and also supplies momos to hotels, restaurants, and cafes (HORECA). Additionally, the company has a front and quick service restaurant (QSR) called "Yangkiez." Aditi's vision is to make BluePine Foods Pvt. Ltd. the best Himalayan food processing company in India.

The company prides itself on creating handcrafted momos in various shapes and using different types of skin flour, including atta, maida, vegan flour, and gluten-free flour. Aditi's craving for authentic and nourishing Himalayan food, which was not available in Delhi street food, led to the founding of BluePine Foods Pvt. Ltd. The company's first outlet was launched in Malviya Nagar.

BluePine Foods Pvt. Ltd.'s mission is to provide healthy, authentic Himalayan food to India and beyond, using traditional ingredients and methods to create delicious and nutritious meals.

Business Model

The company has sold over 80 lakh momos and also supplies them to hotels, restaurants, and cafes (HORECA) through its business-to-business (B2B) channel. Bluepine Foods also has its own quick-service restaurant (QSR) called "Yangkiez." The QSR has become a major sales channel for the company, accounting for 60% of sales before and after the pandemic. The remaining 40% comes from B2B sales.

Bluepine Foods' business model revolves around their QSR and B2B channels. The company's ability to adapt and prioritize the QSR channel during the pandemic has helped it maintain sales despite the challenging business environment. Bluepine Foods has a strong brand identity and a unique product offering that could help it achieve its goal of becoming India's best Himalayan food processing company.

Sales and revenue

Co-founder Rohan stated that their sales from QSR (Quick Service Restaurants) totaled 3.60 crores within the first five years of operation.

Initially, BluePine Foods generated sales of 9 lakhs, 27 lakhs, and 47 lakhs in the first three years, respectively. However, after introducing QSR, sales increased to 74 lakhs and 1.09 crores in the next two years, respectively. During the pandemic, there was a slight drop in sales, with the company earning 95 lakhs in the first quarter and 50 lakhs in the second quarter.

Before the pandemic, BluePine Foods generated 60% of its sales from B2B (Business-to-Business) and 40% from QSR. However, after the pandemic, QSR has emerged as the leading sales channel, contributing 60% of the company's sales, while B2B contributed the remaining 40%.

Co-founder Naveen stated that the company has invested 50 lakhs in opening its own outlet and has spent some amount on facility enhancement, working capital, and operational skills.

Journey in Shark Tanks India

Bluepines Foods Pvt. Ltd. recently secured funding through Shark Tanks India. The pitch began with the founder asking for ?50 lakhs for 5% equity.

After receiving several offers and counter offers, BluePine Foods ultimately accepted an offer from Shark Ashneer, Aman, and Vineeta. Ashneer initially offered ?50 lakhs for 7% equity, but ultimately, a joint offer of ?75 lakhs (?25 lakhs each) for 16% equity was accepted.

During the pitch, the sharks discussed potential avenues for profit, including the possibility of cloud kitchen models through platforms like Swiggy and Zomato. Vineeta Singh made an offer of ?50 lakhs for 20% equity in BluePine Foods only, not for the associated company Yangkiez.

Aditi made a counter offer of ?50 lakhs for 10% equity or ?75 lakhs for 12% equity. Ultimately, the final offer was accepted, with Ashneer, Aman, and Vineeta contributing ?75 lakhs (?25 lakhs each) for a 16% stake in BluePine Foods.

With this funding, BluePine Foods is poised to continue expanding its healthy food offerings and reach even more customers. The success of the pitch on Shark Tanks India highlights the potential for innovative and sustainable food startups in the competitive Indian market.