Biography of Richy Dave: Founder & CEO of Tulua -Entrepreneur
Tulua's Journey: A Spice Brand’s Bold Vision
In 2020, Richy Dave founded Tulua, a brand dedicated to
bringing authentic regional Indian flavors into kitchens worldwide. With a
passion for heirloom recipes and a vision to make cooking easy, she set out to
create a range of ready-to-cook spice pastes. Tulua prides itself on using only
natural ingredients, free from preservatives, artificial colors, or thickening
agents, ensuring that every dish retains the essence of home-cooked meals.
A Clean-Label Brand with a Purpose
Tulua’s mission is to revolutionize the way people cook by
making traditional Indian flavors more accessible. The company follows a strict
clean-label policy, ensuring that all products contain only natural ingredients
found in home kitchens. This commitment to quality has helped Tulua establish
itself as a trusted name in the market, appealing to consumers who value
authenticity and health-conscious choices.
A Father-Daughter Duo on a Mission
Tulua is led by CEO Richy Dave, while her father, Hitesh,
heads the sales division. Together, they have worked tirelessly to grow the
brand, sourcing high-quality spices directly from farms across India. Their
goal is to make cooking convenient without compromising on taste, bringing
generations-old recipes to modern households.
Expanding Beyond Retail
Initially, Tulua focused on retail sales, but soon, the
founders recognized a larger opportunity in the B2B (business-to-business)
segment, specifically the HORECA (Hotels, Restaurants, and Catering) industry.
By supplying bulk orders to businesses, they significantly expanded their
customer base, ensuring steady revenue growth. While their direct-to-consumer
(D2C) sales made up only 8% of the business, they saw potential in this area
and started exploring new ways to grow it.
The Shark Tank India Experience
Richy and Hitesh took Tulua to Shark Tank India, seeking ₹50
lakh for a 2% stake, valuing the company at ₹25 crore. They highlighted their
extensive spice sourcing from across India and their competitive pricing. While
the pitch impressed the investors, the focus on B2B sales became a point of
concern.
Mixed Reactions from the Sharks
Kunal Bahl, who had previously considered investing in
Tulua, praised Richy as a strong founder but ultimately backed out again,
citing their business model’s primary focus on B2B. Aman Gupta, despite
appreciating the brand’s packaging and branding, felt that positioning the
company as a B2B venture hurt their pitch. Azhar Iqubal also stepped away,
saying Tulua lacked a unique differentiator in the market.
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Encouragement and Constructive Criticism
Although he did not invest, Ritesh Agarwal encouraged the
founders to concentrate on one segment before expanding. He advised them to
refine their strategy rather than spreading themselves too thin. Kunal Bahl
echoed this sentiment, reinforcing the need for a clearer focus.
A Harsh but Honest Review
Vineeta Singh was the most vocal critic, expressing
disappointment in Richy’s leadership. She suggested that Richy was overshadowed
by her father and needed to step out of his influence to grow as an
entrepreneur. After the pitch, she discussed with the other sharks how the
business needed a clearer direction.
Defending the Leadership Structure
Hitesh strongly refuted the claim that Richy was not making
independent decisions. He insisted that it was her choice to build Tulua as a
B2B business and that she had been leading the company’s strategic growth.
Despite the tough feedback, both father and daughter remained committed to
their vision.
Impressive Sales Growth
Despite leaving Shark Tank India without an investment,
Tulua’s financial progress has been remarkable. From humble beginnings in FY
20-21, when sales were just ₹8 lakh, the company grew exponentially, crossing
₹2.9 crore by FY 23-24. By October of FY 24-25, they had already matched the
previous year’s sales, projecting a total of ₹6 crore for the year.
A Learning Experience
The Shark Tank feedback served as an eye-opener for the
Tulua team. They acknowledged the need to refine their strategy and balance
their B2B and D2C sales more effectively. The experience helped them understand
the investor mindset and identify key areas for improvement.
Commitment to Growth
Rather than being discouraged by the rejection, Richy and
Hitesh took the feedback as a challenge. They doubled down on their efforts to
expand their D2C presence, investing in marketing and e-commerce strategies to
reach a wider consumer base.
A Unique Approach to Agriculture
Beyond just selling spices, Tulua integrates advanced
agricultural practices into its business. Using satellite data, weather
forecasting, and machine learning, they ensure consistent product quality and
sustainability. Their approach supports farmers while maintaining high
standards for their products.
Looking Ahead
Tulua’s journey is far from over. With a strong foundation
and a growing customer base, the brand is poised to make an even bigger impact.
By leveraging their strengths, refining their strategy, and staying true to
their vision, Richy and Hitesh are determined to turn Tulua into a household
name for high-quality, authentic Indian flavors.
Timeline for story
2020 - Richy Dave founded Tulua to bring authentic Indian
flavors worldwide.
2020-21 - Initial retail focus; sales reached ₹8 lakh.
2021-22 - Expanded into the B2B (HORECA) segment.
2022-23 - Strengthened sourcing and branding; continued
growth.
2023-24 - Revenue grew to ₹2.9 crore; B2B became dominant.
2024 (Oct) - Matched previous year’s revenue; projected ₹6
crore for FY 24-25.
2024 - Featured on Shark Tank India; received critical
feedback but no investment.
2024-25 - Focused on balancing B2B and D2C strategies for
future growth.
