Naagin
India's first authentic hot sauce brand for Indian palates
💼 What does it do?
Naagin manufactures premium Indian hot sauces using authentic regional chillies like Bhut Jolokia, Sankeshwari, and Bhavnagiri. Their product range includes multiple heat levels from mild (The Original) to extremely spicy (Smoky Bhoot), plus chilli oils and spice essentials. Unlike typical vinegar-based hot sauces, Naagin creates thick, full-bodied sauces using real vegetables and locally sourced Indian chillies. They've expanded into pizza-pasta sauces and formed successful brand collaborations.
🧑🚀 About the founder(s)
ABOUT THEM
• Mikhel Rajani (Co-founder): Serial F&B entrepreneur with over 12 years experience. Founded Francesco's Pizzeria (famous for India's first drone pizza delivery in 2014) and Mandala organic foods. Deep restaurant industry knowledge from stints in Hong Kong and Italy.
• Arjun Rastogi (Co-founder): Marketing background with experience at BlackRock and EY. Previously co-founded marketing agencies Skarma and DoubleThink Media. Drexel University LeBow College of Business graduate.
• Kshitij Neelakantan (Co-founder): Public policy and operations background, SOAS alumnus. Handles strategic operations and brings analytical thinking to business development.
THE BACKSTORY
Three friends from diverse professional backgrounds - finance, marketing, and food - noticed a glaring gap whilst discussing the disconnect between India's spice reputation and available hot sauce options. Mikhel's restaurant experience highlighted how customers craved authentic Indian heat, while Arjun and Kshitij brought scaling and strategic expertise. The 'eureka moment' came from realising that whilst international hot sauce brands dominated shelves, none truly represented India's incredible chilli diversity and flavour complexity.
📊 Pricing and business model
Direct-to-consumer sales through their website, major e-commerce platforms (Amazon India and US), quick commerce apps, and offline retail channels. Revenue streams include product sales, strategic brand collaborations (like the viral TooYumm Bhoot Chips), and expanding into B2B HORECA market. They maintain premium positioning with quality ingredients justifying higher price points.
🚀 About this space
THE PROBLEM
Indian cuisine is globally renowned for its fiery flavours, yet no local hot sauce brand had authentically captured this heritage. Most available hot sauces were either imported Western-style vinegar-based products or low-quality local alternatives using artificial ingredients. Food enthusiasts seeking genuine Indian heat profiles had limited options that combined traditional regional chillies with modern convenience.
THE OPPORTUNITY
India is the world's largest consumer and exporter of chillies, with a growing global appreciation for Indian cuisine. The hot sauce market is experiencing rapid growth, with the global market expected to reach $7.9 billion by 2032. Naagin is positioned to capture both domestic premiumisation trends and international markets hungry for authentic Indian flavours, particularly as Indian diaspora and global food enthusiasts seek genuine regional taste experiences.
ℹ️ Growthbuddy insights
INSIGHT #1
Authenticity through regional chilli expertise: Rather than generic 'Indian spice,' Naagin sources specific regional chillies like North-East India's Bhut Jolokia and Gujarat's Sankeshwari, each bringing distinct flavour profiles. This hyperlocal approach creates genuine taste differentiation whilst educating consumers about India's incredible chilli diversity.
INSIGHT #2
Strategic brand collaborations driving viral growth: The TooYumm Bhoot Chips partnership demonstrates their ability to create category-defining collaborations. This industry-first approach attracted celebrity endorsements from Varun Dhawan and KL Rahul, showing how smart partnerships can amplify brand reach exponentially beyond traditional marketing.
INSIGHT #3
Premium positioning in growing market: Whilst competitors focus on price competition, Naagin maintains premium pricing through superior ingredients and thick, restaurant-quality consistency. Customer reviews consistently praise taste and quality, suggesting strong brand loyalty and willingness to pay for authentic experiences in a rapidly expanding market.
💛 Their culture
• High-energy, customer-obsessed team that moves fast and celebrates wins with 'high-fives and spot dancing.' The founders personally engage with customers, taking feedback seriously. Work environment encourages 'strange ideas' and impromptu brainstorms. Team wears multiple hats and thrives in ambiguous situations. Strong focus on quality ingredients and authentic flavours over cutting corners. Collaborative approach with 'good work and good times' philosophy evident on their careers page.
• Customer sentiment is overwhelmingly positive based on Amazon reviews, with customers praising authentic taste and versatility. Many mention recommending to friends and repeat purchases. Common praise includes 'best hot sauce,' 'authentic Indian flavours,' and 'goes with everything.'
• Main criticisms focus on pricing (considered expensive by some) and occasional packaging issues with glass bottles. No significant employee reviews found on Glassdoor, suggesting either positive work environment or small team size limiting public feedback.
ℹ️ Career intel
GREEN FLAGS
• Strong product-market fit: Excellent customer reviews (4.4/5 stars) with passionate feedback about taste and authenticity
• Experienced founding team: Proven track record in F&B (Mikhel), finance (Arjun), and operations (Kshitij)
• Fresh funding runway: Recent ₹18 crore raise provides growth capital without immediate fundraising pressure
• Market recognition: Forbes DGEMS 2024 selection validates global potential
• Diversified sales channels: Success across D2C, e-commerce, and B2B reduces platform dependency
• International presence: Already selling on Amazon US, showing scalability potential
POTENTIAL CONCERNS
• Competitive landscape intensifying: Market getting crowded with brands like Kaatil and Masterchow entering the space
• Premium pricing challenges: Customer reviews mention high prices, which could limit mass market penetration
• Supply chain complexity: Dependence on specific regional chillies may create sourcing challenges during scaling
• Small team size: Limited workforce may strain operations during rapid growth phases
• Packaging concerns: Some Amazon reviews mention broken glass bottles during shipping
WHY NOW
• India's hot sauce category is at an inflection point, with rising disposable incomes and growing appreciation for premium food experiences.
• Naagin has established first-mover advantage in authentic Indian hot sauces before larger FMCG companies enter.
• Fresh funding provides expansion capital, and the global trend toward authentic ethnic flavours creates international opportunities. Join during the crucial scaling phase when individual contributions can significantly impact company trajectory.
📝 Interview guidance
Demonstrate understanding of:
• Difference between authentic Indian flavours vs generic 'ethnic' products
• Challenges of sourcing specialty ingredients vs mass production
• Brand building in crowded FMCG space with limited marketing budgets
• Scaling artisanal food products whilst maintaining quality
Questions to ask:
• How do you balance authenticity with scalability in ingredient sourcing?
• What's your strategy for competing against larger FMCG companies entering this space?
• How are you building international market awareness beyond Indian diaspora?
• What role does technology play in your supply chain and customer engagement?
⚡️ Fast facts
FUNDING
₹18 crore ($2.1M) in pre-Series A round led by 360 ONE Asset (June 2025). Total funding of $2.04M+ across multiple rounds since starting with seed funding in 2019.
INVESTORS
360 ONE Asset (lead), 8i Ventures (returning investor), Abhishek Bachchan (actor-investor), plus high-net-worth individuals and angel investors
THE NUMBERS
• Over 1 million customers served across India and international markets
• ₹3.12 crore annual revenue (March 2024)
• $5.19M company valuation (March 2024)
• 4.4/5 star rating on Amazon with thousands of customer reviews
• Selected among Forbes India's 200 Companies with Global Business Potential (DGEMS 2024)
• Present across e-commerce, quick commerce, and HORECA channels
🔎 Overview
WEBSITE
FOUNDING YEAR
2019
INDUSTRY TAGS
Food and Beverage, Consumer Goods
HEADQUARTERS
Mumbai, India
TEAM SIZE
0-50
COMPANY MISSION
To represent India's rich spice culture on kitchen shelves and dining tables worldwide, putting Indian chillies on the world map through high-quality, ethically sourced hot sauces made for the Indian palate