Met on a dating app, Bangalore couple launched a mushroom brand during the pandemic, generating Rs 50 lakh revenue in FY24 

Bangalore-based couple Jashid Hameed and Prithvi Kini launched Nuvedo with a clear mission to introduce the healing benefits of functional mushrooms to health-conscious individuals across India.

Nuvedo's co-founders, Jashid Hameed and Prithvi Kini, discussed the brand's journey exclusively with Startup Pedia.

Unknown to each other, Jashid and Prithvi were leading a successful career but with a void and lack of content. Being a Manufacturing Engineer from BITS Pilani, Jashid pursued a career in fast fashion, serving as an area operations manager at Aditya Birla Fashion Retail.

However, he soon grappled with the environmental ramifications due to the textile industry's significant pollution. Which eventually failed to resonate with his values.

On the other hand, Prithvi worked in various startups in deep technology throughout her career. Notably, she was a founding member of India's first quantum cybersecurity company.

While she was thriving in her career, her calling was towards sustainability. She felt drawn to the food industry, recognizing its pivotal role within India's intricate food systems.

The duo eventually met through a dating app about six years ago. In 2020, they eventually took a leap of faith to give it a try to their inner callings- sustainability and food. As Prithvi, co-founder of Nuvedo, put it, "perhaps a labour of love".

They took a year-long break from their thriving career and travelled extensively, volunteering across different types of farms in India to gain firsthand insights into the workings of food systems.

Transition to sustainability and food

The young entrepreneurs embarked on the next phase of their career, mushrooms initially weren't on the radar. However, they have been using mushroom extract for years, introduced by their friend from the United States.

The friend would send them the mushroom extract products from the US as the duo dealt with allergies and gut issues. Eventually, they managed their health issues by regularly using the mushroom extracts.

Nuvedo Team

Benefits of mushrooms

Mushrooms are a highly underrated source of fibre, containing significantly higher amounts than commonly known high-fibre foods like bananas and spinach.

Mushrooms' rich fibre content, ranging from 25 to 80% by weight, offers various health benefits, including heart health and blood sugar regulation. Additionally, mushrooms are a substantial protein source, providing all nine essential amino acids crucial for muscle health and repair.

Different mushrooms have different benefits, such as Lion's Mane mushroom, which supports nerve cell growth and may mitigate Alzheimer's progression. Reishi and Cordyceps offer additional health benefits, such as stress relief and improved respiratory function.

Birth of Nuvedo

However, the COVID-19 pandemic disrupted Nuvedo's co-founders' access to imported supplements, forcing them to search for Indian alternatives.

"Surprisingly, we found a gap in the market for locally produced mushroom extracts. This observation sparked the inception of Nuvedo," said Jashid while speaking to Startup Pedia. 

What is Nuvedo brand?

Nuvedo is a Bangalore-based startup that sells Mushroom growing kits and a wide range of mushroom extracts.

Nuvedo's flagship product is the Mushroom growing kit. It serves as an educational tool, raising awareness about mushrooms by allowing users to grow different exotic varieties of mushrooms at home.

Nuvedo Mushroom growing kit

"What sets our kit apart is its chemical-free, 100% organic nature, promising the freshest mushrooms possible, harvested right in your home," said one of the co-founders of Nuvedo.

Upon purchase, customers receive informative emails and access to a QR code on the box. The QR code provides recipes and extensive information about mushrooms' health benefits, protein content, and more.

Moreover, buyers become part of an online community of mushroom lovers, fostering further learning and engagement.

Apart from mushroom kits, Nuvedo's mushroom extracts- Cordyceps mushroom extract, Lion's Mane extract, and Reishi Mushroom extract are among 25 SKUs of Nuvedo's product range that cater to diverse health needs and preferences.

Nuvedo's mushroom extracts

Growth journey of Nuvedo

Around April 2021, with an investment of as small as Rs 10,000, the Bangalore couple-turned-entrepreneur started small, operating out of their apartment. They transformed a small room into a makeshift lab with tents and humidifiers.

As they honed techniques to grow mushrooms, they realised the need for bigger space. Post-COVID-19 pandemic, with determination and most of their savings, they invested Rs 30 lakh to set up a proper mushroom lab.

In October 2021, after months of preparation, Nuvedo officially commenced its operations. Initially, there was just one product, a mushroom growing kit, for sale. However, within six months, they expanded to two varieties of mushroom kits and steadily grew to offer four by the end of the financial year- FY21.

By the end of the second year, Nuvedo's product range burgeoned to 15 SKUs, encompassing various Mushroom growing kits and associated products like extracts, and mushroom spawns. 

Nuvedo Mushroom Growing Supplies

Financial journey of Nuvedo

As the sales increased, the brand's revenue also increased. Nuvedo, which was started with a mere Rs 10,000, had generated approximately Rs 6 lakh in revenue in its first year- FY22. The revenue increased to 4x by the second (FY23), which was Rs 25 lakh.

"This year, in FY24, we are anticipating to surpass Rs 50 lakh in revenue," added Jashid, 32, co-founder of Nuvedo. 

Shark Tank India experience

Jashid Hameed and Prithvi Kini at Shark Tank India Season 3

Recently, Nuvedo's co-founders Jashid and Prithvi appeared on Shark Tank India season 3 to raise funds. Although the Shark Tank India Pitch did not result in funding, they managed to convey the message of mushrooms and dispel myths through their educational content.

This effort has not only resulted in increased sales but has also allowed Nuvedo to establish a platform for reshaping perceptions about mushrooms. The response has been overwhelmingly positive.

"Moreover, Nuvedo's website traffic has shot up significantly, experiencing a remarkable increase of over a thousand percent, 1100 % to be precise," added the brainchild of Nuvedo, Prithvi.

Nuvedo has recently secured a grant from the government of Karnataka. This funding will enable the brand to expedite research in the field of mushrooms and expand its production capabilities.

Plan and vision of Nuvedo

Nuvedo successfully organized India's inaugural mushroom festival last year, attracting approximately 200 guests from around the globe and collaborating with fellow mushroom enthusiasts, entrepreneurs, chefs, and professionals in the field. The festival's aim was to cultivate a thriving ecosystem around mushrooms.

"Our vision is to establish a brand tailored for mycophiles, by mycophiles, catering to individuals at every stage of their journey with mushrooms. Be it cultivation, consumption, or harnessing the healing properties of mushroom extracts," said Prithvi.

FAQs

What is the Nuvedo brand?

Nuvedo is a Bangalore-based brand that sells Mushroom growing kits and a wide range of mushroom extracts.

Mushroom brand in India?

Nuvedo is one of the brands in India that sells Mushroom growing kits and mushroom extracts.

Where can I find Mushroom extracts for health benefits?

Nuvedo sells various types of mushroom extracts such as Cordyceps mushroom extract, Lion's Mane extract, and Reishi Mushroom extract are amongst 25 SKUs of Nuvedo's product range caters to diverse health needs and preferences.

Who are the co-founders of Mushroom?

Bangalore-based couple Jashid Hameed and Prithvi Kini are the co-founders of the Nuvedo mushroom brand.

Has Nuvedo received Shark Tank India funding?

Although Nuvedo's Shark Tank India Pitch did not result in funding, they managed to convey the message of mushrooms and dispel myths through their educational content.