Nuvedo

Prithvi Kini completed her schooling at the National Public School in 2011 and then enrolled at the Lady Shri Ram College For Women to pursue her Bachelor of Arts in Philosophy. She also attended the Summer program at The London School of Economics and Political Science (LSE). Before founding Nuvedo in 2021, she worked in different positions in several companies including D.E. Shaw Research, Jiva Sciences Pvt Ltd, Aranya Agricultural Alternatives. Prithvi Kini and Jashid Hameed are Season 3's most intellectually unconventional mushroom founders a Philosophy graduate from Lady Shri Ram College with LSE training and research experience at D.E. Shaw, paired with an IIM graduate, both channelling elite academic and corporate credentials into building India's most trusted mushroom cultivation and wellness brand. Nuvedo (Nu + Ved) comes from the etymology of "new" and the "old". Nuvedo is on a mission to make a meaningful impact on both people and the planet, guided by the re

NUVEDO is a company that exclusively sells 100% organic and chemical-free mushrooms. In India, NUVEDO is the only brand that handles end-to-end cultivation of mushrooms. Wikipedia Nuvedo is India's only end-to-end mushroom cultivation and wellness brand controlling every stage from spawn production through cultivation through processing through packaging through distribution, ensuring 100% organic, chemical-free, and pesticide-free mushroom products that the unorganised Indian mushroom market cannot guarantee. The three-category product portfolio addresses three distinct consumer segments: home growers (DIY mushroom growing kits for urban consumers who want to cultivate fresh mushrooms at home), wellness seekers (mushroom tinctures and extracts providing functional health benefits from Lion's Mane, Reishi, Cordyceps, Turkey Tail, and Chaga), and food enthusiasts (sundried gourmet mushrooms for cooking).

Amount Asked: ₹50 lakhs Equity Offered: 3% Implied Pre-Money Valuation: ₹16.67 crore

Prithvi and Jashid walked into Season 3 Episode 13 with India's most mycologically passionate pitch opening a mushroom growing kit live on the Shark Tank stage to show the Sharks actual mushrooms fruiting from the box. The visual impact of watching living mushrooms emerge from a cardboard kit was Season 3 Episode 13's most biologically impressive product demonstration. When Aman opened one kit of mushrooms, he could not resist the strong smell while Peyush also coughed after opening the kit. The smell reaction Aman and Peyush visibly recoiling from the mushroom kit's earthy aroma was the pitch's most unintentionally memorable sensory moment, communicating the specific consumer adoption challenge that Nuvedo faces: mushrooms' strong smell and unfamiliar appearance create immediate resistance from consumers who are not yet familiar with gourmet mushroom varieties. Vineeta Singh was shocked to know that the market size of mushrooms is only ₹300 crore which is too small.

Aman Gupta was the first to exit, citing the extremely small market size for mushrooms in India. Radhika Gupta (guest Shark) exited calling Nuvedo "a solution looking for a problem." She found the target market too small and could not see how the business would scale to justify the implied valuation. Vineeta Singh questioned the founders about their market size calculation and advised re-evaluating. Peyush Bansal was the most product-interested Shark, specifically intrigued by the mushroom tincture and supplement potential. Ritesh Agarwal acknowledged the founders' passion but concluded this business would only succeed when Indian consumers become aware of mushrooms, which would take significant time. He exited on market timing grounds.

No Shark made a formal offer. All exited before entering negotiation. The unanimous concerns were: ₹300 crore market too small, consumer awareness gap too large, business focus spread across growing kits, supplements, and dried mushrooms without clarity on which was the primary revenue driver, and the very early revenue stage (₹25 lakhs FY22-23 growing to projected ₹50 lakhs FY23-24) insufficient to justify a ₹16.67 crore valuation.

Prithvi Kini and Jashid Hameed left Shark Tank India Season 3 Episode 13 without any investment. All Sharks declined each citing variations of market size, consumer awareness, business focus, and revenue stage concerns. The Sharks collectively advised the founders to focus on the mushroom supplement and tincture category (rather than growing kits) as the most commercially scalable pathway.

Despite not bagging a deal from the sharks, the startup received overwhelmingly positive response from the audience. Its website traffic and sales saw a significant rise and recently secured a grant from the government of Karnataka. Our research on NUVEDO revealed that despite not securing a deal on Shark Tank, the company is thriving as of February 2024. They are currently selling five types of liquid extracts for energy enhancement. Wikipedia Nuvedo continues expanding post-Shark Tank the Government of Karnataka grant providing institutional validation and non-dilutive capital that Shark Tank investment would have come with equity cost. The product portfolio has evolved toward the specific direction the Sharks recommended: mushroom wellness tinctures and supplements (Lion's Mane, Reishi, Cordyceps, Turkey Tail, Chaga) as the primary commercial focus, supplemented by the growing kits and dried mushrooms.