Why we invested in Basil

Indian consumers have had a front-row seat to the transformation of everyday industries - markets that were once dominated by standardised offerings have evolved into sectors where design, innovation and customer-centric products have taken over.

- Luggage - shift from standard suitcases like American Tourister and Safari to brands like Mokobara offering customised, visually appealing and functional products.

- Mattresses - shift from basic mattresses like Sleepwell, Kurlon to brands like Wakefit, Flo Mattress and The Sleep Company offering ergonimically designed solutions.

- Furniture - shift from carpentry dependent products to companies offering solutions designed for function and comfort on digital channels like Pepperfry.

The kitchenware industry, however, has remained largely untouched by this modern age wave despite being a large market. While incumbent brands maintain a stronghold today, the products have retained standard designs over many years, leaving room for innovation and disruption.

Home & Kitchen Market

The home and living sector represented 3.8% of total retail in India in 2022, expected to rise to 4.6% by 2027, growing faster than the overall retail market.

The houseware sector in India is propelled by trends of urbanization, premiumization, nuclearization coupled with a rising women workforce and post-pandemic behavioural shifts. This, along with the transformation of homes and kitchens, is driving the demand for branded products, especially through online platforms. Currently, in the consumer ware segment encompassing kitchenware, branded players hold nearly 60% market share, set to capture ~67% by 2027, outpacing the growth of unbranded counterparts.

In the aftermath of the pandemic, a significant portion of the Indian population has embraced home cooking, driven by a heightened focus on health and safety. The pandemic has also accelerated the shift towards online shopping. Younger consumers are seeking products that serve not only functional utility but also visual appeal. In contemporary homes, kitchens are no longer tucked away; they have transformed into open, modern spaces where people invest time, effort and resources to create a functional and visually appealing space.

This transformation underscores the need for multi-purpose houseware and kitchenware with a strong emphasis on design.

The Problem

While the category offers ample opportunities for innovation, lunchboxes and bottles stand out as ubiquitous categories plagued by specific issues.

The seemingly simple lunchbox presents a series of challenges in the daily routine of preparation, packing, and consumption. Issues range from inadequate insulation to impractical shapes for storage, along with problems like leakage and an over-reliance on plastic materials. Consequently, the lunchbox significantly influences the type of food one can carry. Ideally, a lunchbox should seamlessly facilitate the storage and transportation of a meal, making daily activities both practical and stress-free. Achieving this requires a purpose-designed product tailored to Indian culinary habits and weather conditions.

Similarly, bottles, predominantly featuring a stainless steel body with a plastic lid, pose limitations on carrying hot liquids. Moreover, the detachable nature of the lids often results in them being misplaced, rendering the bottle unusable over time.

This evolving landscape with existing problems calls for a corresponding upgrade in houseware and marks the foundation of Basil’s vision.

Basil

Enter Basil, a digital-first, omni-channel consumer houseware brand with a focus on safety, aesthetics and ergonomics. In a country where consumer dynamics are evolving and setting the stage for innovative products, Basil is positioned to serve this need by providing modern and functional solutions that resonate with today's consumers.

The driving force behind this venture are Mahesh and Harini. Mahesh, an MBA from IIM Ahmedabad and an engineer brings extensive experience in scaling businesses from the ground up. He was the first employee at Uber India and subsequently went on to work as part of early teams at OYO and Rapyd. Harini, with a double MBA from INSEAD and SP Jain, has a solid background in e-commerce and consumer brands. Her prior experience includes stints at Johnson&Johnson, Flipkart and Amazon where she built category and drove growth

Through in-depth consumer research involving conversations with hundreds of families, Basil narrowed down on a universal pain point: lunchboxes today are limiting the diversity and practicality of meals for both adults and children. These insights became catalysts for Basil’s journey as they set off with lunchboxes and bottles as their first product ranges.

Bento Boxes

Basil’s lunchboxes are designed to address existing market problems - sleek and stainless steel bentos with 3 separate compartments, a secure latch, and 100% leak-proof construction.

Bottles

Basil’s bottles feature double-wall vacuum and leak-proof construction crafted from premium 304-stainless steel.

Why We Invested

Our investment in Basil was fundamentally driven by the founding team’s ability to address a large problem in a promising market. In a world where modern brands that seamlessly blend form, function and design are taking over young consumers across industries, we believe houseware in India is poised for a similar transformation. As Basil forges ahead, the company will innovate and expand their product range within the home and kitchen category. We are confident in the team’s ability to introduce a modern and aspirational brand to the segment and we are thrilled to join hands with Mahesh and Harini on this journey.

Learn more about Basil’s products at www.yourbasil.com

At?IIMA Ventures, we are always on the lookout for teams solving large-scale problems. Some of our past consumer investments include Bombay Hemp Company Private Limited , Heelium , Jollee , Mech Mocha , Rolocule , HashCube . If you are an IIMA alum building a consumer business from India for India and the world, write to us at?[email protected]. We would love to add value to your journey. Learn more about us at?iimaventures.com