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Veeba: The Saucy Playbook That Hit ₹1,000 Cr
How a mayo brand quietly became a ₹1,000 Cr FMCG giant — without the hype.
Think Tank
May 31, 2025
In partnership with
When most startups were chasing tech, one founder took a bold bet - on mayonnaise.
No influencer blitz. No high-burn D2C theatrics. Just relentless product focus, old-school distribution, and a belief that India was ready for more than just ketchup.
This is the story of how Veeba quietly became a ₹1,000 crore condiments brand and what entrepreneurs can learn from its saucy rise.
Let’s dive in.
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Table of Contents
The Origin Story: From Failed Chef to Food Mogul
Before Veeba was ever a brand, it was a second chance.
In 2013, Viraj Bahl had just shut down a failed restaurant venture. Out of both options and optimism, he made a bold move - sold his wife’s house and poured the capital into a new venture.
But unlike most FMCG founders who dream of becoming household names from Day 1, Bahl took a smarter detour: B2B.
Instead of selling directly to consumers, Veeba started by crafting sauces for Domino’s, Pizza Hut, KFC and other QSR giants. It wasn’t glamorous but it was strategic.
Because this gave Veeba exactly what early-stage brands usually lack:
Consistent revenue
Industrial-scale production runs
And most importantly - credibility
It was Veeba’s invisible entry into the Indian palate, tasted by millions long before it ever hit retail shelves. But once the backend was humming and clients were loyal, it was time to level up.
B2B to B2C: The Great Expansion
With B2B as the foundation, Veeba began its consumer journey and it didn’t just show up on shelves, it stood out. Instead of chasing legacy categories like ketchup, Veeba focused on variety
Mayonnaise (classic, mint, tandoori), peanut butter, dessert sauces, salad dressings, peri-peri, chipotle - all in clean, modern packaging with a health-conscious pitch.
Their products hit:
Supermarkets like Reliance Fresh, Big Bazaar
Kirana stores in Tier 1 & Tier 2
And e-commerce platforms like Amazon, BigBasket, and Blinkit
The goal wasn’t to beat Maggi or Kissan - it was to create sub-categories they hadn’t touched yet. But entering consumer retail meant new challenges: brand building, margins, and logistics at scale.
That’s where the Veeba playbook really starts to shine.
Business Model: The Secret Sauce Behind ₹1,000 Cr
Veeba wasn’t chasing virality. It was quietly building one of the most robust business models in Indian FMCG. Here’s what powered the engine:
Dual Engine Revenue: B2B + B2C
B2B: Supplied sauces to QSR giants - reliable, high-volume contracts.
B2C: Higher-margin, faster-growing retail and e-comm lines.
In-House Manufacturing
Owns a massive ISO-certified facility in Neemrana.
Reduces cost, increases quality control and becomes a cost moat against rivals.
Private Label + OEM Revenue
Veeba also manufactures sauces and condiments for other brands under their labels. A silent but profitable stream.
Smart SKU Strategy
₹10 sachets for trial users.
₹99 squeeze bottles for urban retail.
₹300+ institutional packs for hotels and cafes.
D2C + Quick Commerce
Combo packs, exclusive flavors, and higher cart sizes via its website
Instant visibility on Blinkit, BigBasket, Zepto especially for young families and bachelors
Sub-Brands for New Segments
WokTok – Asian sauces + instant noodles (no maida, palm oil, or MSG)
Earthmade Organix – Premium organic clean-label products
Tasty Pixel – Trendy, Gen-Z spreads and dips
This was Veeba’s quiet diversification adding flavor without diluting focus. And while the business model built the runway, execution made the lift-off possible.
Operational Excellence: Scaling Without Spilling
Behind the shelves was a deeply process-driven company. Veeba deployed FieldAssist to automate sales tracking and boost field efficiency.
Results?
5x more daily field visits
80% increase in sales team productivity
20% growth in total revenue without increasing headcount
Their Neemrana facility became more than a factory - it became a moat.
While competitors juggled co-packers and QC issues, Veeba shipped faster, cleaner, and cheaper. And that precision showed up in their financials.
Growth & Financial Milestones
By FY24, Veeba wasn’t just a condiment company. It was a serious FMCG player. Their latest numbers tell the same story:
Revenue: ₹1,000+ Cr
Valuation: ₹1,900 Cr post-Series D
SKUs: Over 100, across sauces, dressings, and spreads
Team: 1,192 employees (up 15% YoY)
Reach: 700+ cities, 20,000+ stores
All without a celebrity face or Super Bowl-sized ad budget. So how did they build such sticky recall?
Let’s talk branding.
Brand Strategy: Marketing That Doesn’t Shout — But Sticks
No controversy. No gimmicks. Just consistency.
Veeba’s marketing playbook focused on:
Clean, honest packaging
Strategic chef/influencer collaborations
Emphasis on ingredient quality, not influencer quantity
Campaigns like “Mehnat Ka Phal Veeba Hota Hai” - celebrating small everyday wins, not glamour
In a world chasing followers, Veeba chased trust.
And that trust was deeply rooted in the values of its founder.
Leadership & Public Engagement
Viraj Bahl isn’t your typical founder - and that’s why he stood out.
Appeared as an investor on Shark Tank India (S4)
Publicly called out the “70-hour workweek” trend
If you want that from your team, pay them more. Or fix your culture.
Veeba implemented a 40-hour workweek policy and stuck to it
In a space where hustle is often glorified, Veeba quietly became a case study in balanced, ethical scale. And they’re just getting started.
Future Outlook: Scaling With Purpose
Veeba isn’t planning to slow down but it’s also not chasing hype.
Here’s what the road ahead looks like:
Growth Targets
Aiming for 25% YoY growth
On track to double revenue every 3 years
Staying profitable while scaling - quite rare in Indian FMCG market.
Wider Reach
Deeper penetration in Tier 2 & Tier 3 cities
Exploring exports and global retail partnerships
Digital Acceleration
Doubling down on quick commerce (Blinkit, Zepto)
Boosting own D2C presence with exclusive SKUs
Sustainability Push
Cleaner labels, recyclable packaging, ethical sourcing
Building a brand that feels good and does good
Financial Discipline
Not chasing external funding for now
But an IPO post-2026? That might just be the next chapter
Final Word: What Founders Can Learn from Veeba’s Journey.
Veeba’s journey isn’t just the story of a sauce brand - it’s a masterclass in how to build quietly, scale sustainably, and lead with values.
From its early B2B discipline to category-creating innovation, it proves that you don’t need to burn cash or chase buzz to win. Sometimes, the most powerful brands are the ones that grow without making noise.
Here are four sharp lessons every founder can carry forward:
1. Start with cashflow, not cool - B2B gave Veeba time to breathe
Too many startups chase consumer buzz before they’re ready. Veeba did the opposite. By starting with B2B contracts from QSR giants, it locked in predictable cash flow, industrial-scale production, and real-time product feedback - all before risking capital on consumer retail.
It’s a reminder that survival buys you time, and cashflow buys you freedom.
2. Own your backend — Manufacturing was a moat, not a line item
Most consumer brands outsource production. Veeba built its own. Their Neemrana facility became a strategic asset, enabling custom batches, quality control, and cost savings at scale.
This backend integration wasn’t just operationally smart. It became a competitive moat no one could replicate overnight.
3. Build with values — It’s possible to grow without burning out
While startup culture often glorifies hustle, Veeba built a profitable business on humane principles. Founder Viraj Bahl publicly rejected toxic work hours, implemented a 40-hour workweek, and prioritized long-term culture over short-term scale.
Veeba’s journey shows that you don’t have to sacrifice people to win in business and that’s a legacy worth scaling.
4. Marketing can be quiet — Distribution and product beat noise
In a world obsessed with viral videos and celebrity endorsements, Veeba stuck to what mattered:
- Retail visibility
- Honest packaging
- Strong relationships with chefs and distributors
Its growth was fueled by availability and trust, not algorithms and ads.
It proves that great products sell without shouting — especially when they’re everywhere your customer already shops.
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