In the latest episode of Shark Tank India, Ahmedabad-based couple Vaishali and Yash Mehta pitched their mouth freshener brand, Joyspoon, seeking Rs 40 lakh for 1.5% equity—effectively valuing their business at a staggering Rs 26 crore. While their pitch was polished and their passion evident, the sharks were left questioning whether the mukhwas market was big enough—or if the founders were simply overestimating their brand’s potential.
A new take on an old tradition—But is it enough?
Joyspoon attempts to differentiate itself by offering a “healthier” version of mukhwas, using alternatives like coconut sugar and jaggery while avoiding artificial colours and flavours. “We reinvent mukhwas for the modern age,” said Vaishali Mehta. “We use superfoods, millets, and seeds to make it more appealing.” But while the brand claims to be innovative, the fundamental question remains—how big is the demand for premium mukhwas?
Traditional mouth fresheners have long been a low-cost, high-volume business, and convincing consumers to pay a premium for a product they see as a cheap afterthought is no small challenge. “The perceived value of mukhwas is low,” Vaishali admitted. “It has always been loaded with sugar, making it inexpensive. Educating consumers while keeping costs competitive has been our biggest hurdle.”
Valuation red flags: Sharks call out overconfidence
Despite projected revenue of just Rs 2.5 crore for the year, the founders asked for a valuation of Rs 26 crore—a multiple that immediately raised eyebrows. Peyush Bansal, familiar with Ahmedabad’s startup ecosystem, was the first to voice scepticism. “I’ve seen that khichdi ban jaati hai with too many investors at different valuations and goals,” he said, backing out without hesitation. Namita Thapar was equally unconvinced, calling the brand’s direction “muddled” and opting out. Even Aman Gupta, who initially found the couple’s personal story intriguing, couldn’t justify investing in a company that was still making losses. “I simply cannot justify the kind of losses you’re making,” he said. In a last-ditch effort to convince the panel, Yash made a bold claim. “You had four businesses before BoAt, but nobody talks about them. I can make Joyspoon a Rs 1000 crore company with your help.” But Aman didn’t budge.
Ritesh Agarwal is the only shark to bite—But at what cost?
Ultimately, it was Ritesh Agarwal who saw the potential and offered Rs 40 lakh for 2% equity. The deal went through, but not without controversy. Aman openly questioned Ritesh’s decision, arguing that taking such a small stake sends the wrong message. “What’s the point of entering this business if you don’t have 10-15%? You’re sending the wrong message out there, that anybody can come on the show and get a deal,” he criticised.
Can Joyspoon prove the sceptics wrong?
With new funding, Joyspoon aims to scale up its online presence and test offline expansion. “We want to upgrade our 100% women-run facility and focus on quick commerce and sampling,” Yash said.
But the real challenge lies ahead. The mukhwas market remains largely unorganised, and Joyspoon is betting on consumers paying a premium for a product they’ve never seen as high-value. The brand has secured an investor, but whether it can secure long-term market relevance—or if it simply becomes another overhyped startup—is still an open question.