Ambani's Reliance to acquire Shark Tank India-featured TagZ Foods for Rs 28 crore: Report

Reliance Retail-owned Reliance Consumer Products is acquiring Shark Tank India-featured D2C snacking startup for Rs 28 crore (or approximately $3.3 million), Inc42 reported.

The deal, reportedly a distress sale, comes after the startup faced significant operational challenges. The report noted that the size of the deal could alter post due diligence.

Who are the founders?

Founded in 2019 by Anish Basu Roy and Sagar Bhalotia, TagZ Foods initially gained traction as an omnichannel brand selling popped potato chips, gourmet dips, and cookies through its website, e-commerce platforms, and offline retail stores.

Despite raising $3.2 million in funding across multiple rounds, the company struggled to scale its business effectively.

Halting manufacturing activities

The report said that TagZ Foods ceased production a few months ago due to these difficulties, leading to its products disappearing from e-commerce platforms and retail shelves. 

The operational hurdles also triggered employee departures, further straining the business.

Backing from cricketer Shikhar Dhawan

Apart from notable investors, cricketer Shikhar Dhawan also invested an undisclosed amount in TagZ Foods. He was later onboarded as its brand ambassador.

In May last year, TagZ raised $2 million in a pre-Series A funding round led by 9Unicorns, Dexter Angels, Agility Ventures, Venture Catalysts, Klub, Indifi and Rannvijay Singha.