Cheese is one of the most versatile ingredients that go well with almost all kinds of dishes. Though cheese was a predominant part of continental cuisine, the rich and creamy flavor of cheese goes well with our local Indian dishes too. Be it Pav Bhaji or Dosa, North Indian curries, or Frankies.
With the increasing popularity of cheese, it is not surprising to know that the cheese market is growing at 26% every year. The Indian cheese market is mostly dominated by processed cheese which contains a lot of coloring agents, artificial flavors, and preservatives. CremeItalia is a premium cheese brand that sells fresh cheese that is 100% natural, tasty, and healthy.
Rajas Dhote is one of the founders of CremeItalia. He studies print media management in London and later joined his father’s business of printing and packaging. He worked with his father for 10 years, but he was not excited about his work. He wanted to do something of his own.
He wanted to do some bussiness in cheese but had no idea about Food and Beverage industry. Later he met his brother’s friend Prateek Mittal. He was in the food and beverage business and both of them started CremeItalia.
- Rjas Dhote- (35.15% equity)
- Prateek Mittal- (35.15% equity)
- Stake Holders- (12% equity)
- Others- (17.7% equity)
They sell 7 flavors of cheese:
- Fiordilatte Bocconcini
- Fiordilatte Cherry
- Natural Cream Cheese
- Sour Cream
You can check out the recipes, that can be made using their cheese here.
They also sell the following dips:
- Oregano Spice Mix Dip
- Ranch Dip
- Chipotle Dip
- African Peri Peri Dip
CremeItalia Shark Tank
The founder had asked for ₹90 lakhs for 1.5% equity at ₹60 crores valuation.
In the past, they have raised money twice
- 1st round ₹1.3 crores at ₹7 crores valuation
- 2nd round ₹4.5 crores at ₹22 crores valuation
Their B2B and B2C business is 50% each.
Their gross margin in HoReCa (hotels, restaurants, and cafes) is 30-35% and Retail is 50%.
Their total net margin is 21%
As per their research, the total market of fresh cheese is ₹120 crores and the processed cheese market is ₹700 crores. In the future, they have plans to enter in processed cheese market as well.
When the judges asked him about unit economics, he was not able to answer because finance is looked after by his co-founder, who had gone to Italy to study a course related to cheese making. This is where sharks lost their interest in their business because they were not able to gauge the performance of the business in terms of finance.
Namita backed out because the fresh cheese market is small and processed cheese already has established players, so not much scope to scale.
Peyush, Anupam, Amit, and Aman too pulled out because the numbers of their business weren’t available.
Where Can You Find Them
Instagram | Website | Facebook | LinkedIn
More and more brands are selling their premium products at an affordable prices, which is a good sign, because as Anupam Mittal said day by day Indian consumers are becoming aspirational.
This Italian cheese when imported costs anywhere around ₹1000, while CremeItalia is selling them in between ₹245 to ₹345 range.
Had the founder been able to answer the numbers of his business in detail, his story in the Shark Tank would have been different and he could have got investment.
However, do let us know through comments, whether you would like to give their products a try.
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