Aquapeya, the Sangli-based FMCG startup featured on Shark Tank India Season 4, has emerged as one of the most inspiring entrepreneurial stories of 2025. Despite facing a potentially devastating trademark lawsuit from beverage giant Bisleri, founders Ravi and Tushar Mundada have bounced back with grit and strategic clarity, closing this fiscal year with ₹12 crore in sales and a robust 16% EBITDA margin.
Namita Thapar, Executive Director of Emcure Pharmaceuticals and one of the investors in Aquapeya, recently shared their journey on social media, calling it “a lawsuit that could have destroyed them.” Her post highlighted the founders’ resilience, distribution acumen, and bootstrapped growth model that helped them navigate legal hurdles and scale their business against the odds.
Legal Setback: Trademark Dispute with Bisleri
The turning point in Aquapeya’s journey came when Bisleri filed a lawsuit against the startup for allegedly using a deceptively similar registered trademark. The Bombay High Court directed investors Namita Thapar and Ritesh Agarwal to halt the brand’s manufacturing and sales operations until the matter was resolved.
| Legal Challenge Faced | Details |
|---|---|
| Plaintiff | Bisleri International Pvt Ltd |
| Allegation | Trademark infringement |
| Court Directive | Halt manufacturing and sales |
| Impact on Operations | Temporary shutdown |
Despite the setback, Ravi and Tushar rebranded their packaging to ensure legal compliance and resumed operations with renewed focus.
Financial Performance: ₹12 Crore Sales and 16% EBITDA
Aquapeya’s financial turnaround is nothing short of remarkable. From ₹9 crore in FY2024, the company is on track to close FY2025 with ₹12 crore in revenue, maintaining a healthy 16% EBITDA margin. The brand operates entirely offline and remains 100% bootstrapped, relying on deep distribution networks rather than digital marketing.
| Financial Metrics | FY2024 | FY2025 (Projected) |
|---|---|---|
| Revenue | ₹9 crore | ₹12 crore |
| EBITDA Margin | 16% | 16% |
| Distribution Outlets | 9,000 | 15,000 |
| Online Presence | 0% | 0% |
Thapar emphasized that Aquapeya’s strength lies in its distribution strategy, which she called their “MOAT.” The founders expanded their reach from 9,000 to 15,000 outlets, while their branded competitor is present in 70 lakh outlets.
Distribution-First Strategy: Channel Partners Over Consumers
Aquapeya’s founders have built their business on an unconventional philosophy: “The consumer is not the king. The channel partner is.” This approach prioritizes dealer and retailer relationships, ensuring that the people who move the product are motivated and profitable.
| Strategic Focus | Execution |
|---|---|
| Channel Partner Loyalty | High margins and incentives |
| Dealer Price per Unit | ₹6.5 |
| Retail Price per Unit | ₹20 |
| Operating Profit per Unit | ₹1.25 |
This model has helped Aquapeya maintain profitability from day one, despite limited brand visibility and legal challenges.
Product Innovation: Launch of Bhadang Bites
In addition to beverages, Aquapeya has diversified its portfolio with the launch of Bhadang Bites—a puffed rice snack inspired by a Maharashtrian delicacy. Packaged in zip-lock pouches with a shelf life of six months, the product aims to replicate the success of Makhana in the global market.
| New Product Launch | Details |
|---|---|
| Product Name | Bhadang Bites |
| Category | Packaged Snacks |
| Packaging | Zip-lock, 6-month shelf life |
| Market Positioning | Maharashtrian heritage snack |
Thapar noted that the founders believe bhadang is an unorganised market ripe for brand creation and global expansion.
Shark Tank India Impact: Funding and Visibility
Aquapeya’s appearance on Shark Tank India Season 4 brought them national visibility and ₹70 lakh in funding from Namita Thapar and Ritesh Agarwal. While the legal dispute temporarily halted operations, the exposure helped the brand build credibility and attract new channel partners.
| Shark Tank India Impact | Outcome |
|---|---|
| Funding Received | ₹70 lakh |
| Investors | Namita Thapar, Ritesh Agarwal |
| Brand Visibility | National TV exposure |
| Operational Pause | Due to court directive |
Thapar’s continued support and public endorsement have played a key role in rebuilding trust and momentum.
Cultural Roots and Entrepreneurial Spirit
The founders’ journey is deeply rooted in their hometown of Sangli and their belief in local traditions. Thapar shared a photo with Ravi and Tushar alongside an idol from Kolhapur’s Mahalaxmi temple, symbolizing their spiritual resilience and cultural pride.
| Cultural Connection | Significance |
|---|---|
| Hometown | Sangli, Maharashtra |
| Temple Visit | Mahalaxmi, Kolhapur |
| Entrepreneurial Ethos | Local pride, national ambition |
Their story resonates with aspiring entrepreneurs who face setbacks but remain committed to their vision.
Lessons for Startups: Execution Over Excuses
Thapar’s post concluded with a powerful message: “Execution beats everything.” Aquapeya’s journey underscores the importance of adaptability, legal awareness, and distribution strength in building a sustainable business.
| Startup Lessons | Insights |
|---|---|
| Legal Compliance | Rebrand swiftly when challenged |
| Distribution Depth | Build dealer loyalty before consumer hype |
| Product Diversification | Leverage cultural roots for innovation |
| Bootstrapped Growth | Profitability over vanity metrics |
The brand’s ability to pivot, comply, and scale without external dependence is a blueprint for resilient entrepreneurship.
Conclusion: Aquapeya’s Rise from Legal Crisis to FMCG Success
Aquapeya’s journey from a courtroom setback to ₹12 crore in sales and 16% EBITDA is a testament to grit, execution, and strategic clarity. With offline-only operations, bootstrapped funding, and a channel-first approach, Ravi and Tushar Mundada have built a brand that defies conventional startup wisdom.
Namita Thapar’s endorsement and continued support highlight the power of investor-founder synergy in navigating crises and scaling impact. As Aquapeya expands its product line and distribution footprint, it stands as a beacon of what’s possible when resilience meets execution.
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Disclaimer: This article is based on publicly available interviews, investor statements, and verified news reports. It is intended for informational purposes only and does not constitute financial or legal advice. All figures and projections are subject to change based on operational updates.
