Jica Foods Shark Tank Update (Season 14)

Jica Foods is a snack made from Jicama Vegetables. Jicama vegetable is a Mexican turnip or root vegetable and most native Mexicans like to eat this food. It is a nutrient-dense food and contains low calories and high fiber and water.

This Mexican root vegetable is typically eaten in salads, starters, soups, and one-bowl meals. Jicama Foods are considered very good for Digestive and Vitamin C is found in it.

Jica Foods was founded in 2015 by Melissa Colella-Wang and Xin Wang. This wife and husband had gone for a trip to Mexico and there they had tasted Jicama foods and they liked these foods very much.

These foods are cut into sticks and served mixed with chilli and lemon masala and it tastes very good. With this test, they started the Jica Foods business.

Wife and Husband team Melissa & Xin appear on Shark Tank Season 14 Episode 10 and demand $300,000 for a 3% equity at a $10 Million Valuation from the shark.

What Is Jica Foods?

Jika Foods is a Jicama Root Vegetable-based snack business. A variety of snacks are made from Jicama vegetables like JicaWraps, JicaSticks, Jica de Gallo, and many more.

The taste that comes after mixing Apple and Potato is similar to Jicama Foods. This food contains high fiber, vitamin C & potassium along with low calories, sugar & carbs.

There are 8 calories in Jicama Tortillas and 100 calories in normal Tortillas. Jicama Wraps is also a Keto, Paleo, Vegan, Gluten Free & Grain Free.

This food is available in 177 Walmart stores, 234 Sprouts stores, and 78 Whole Foods stores.

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Who Is The Founder Of Jica Foods?

The co-founders of Jica Foods are Melissa Colella-Wang and another Xin Wang. Melissa completed her B.A. in Biology from Wellesley College in 2002.

This food and beverage services business was launched in California in 2015. This business was started by Melissa & Xin after a trip to Mexico.

Had eaten Jicama Foods in Mexico and liked its taste, after that, they started selling Jicama Chips in the Farmer’s Market.

Their products are available in 177 Walmart stores, 234 Sprouts stores, and 78 Whole Foods stores. This company’s annual revenue is estimated at $1 million.

How Was The Shark Tank Pitch Of Jica Foods?

Melissa & Xin enter Shark Tank and ask the sharks for $300k for a 3% equity. After this, they talked about Tacos and other snack products made from Jicama vegetables.

Gwyneth Paltrow said that she learned the recipe for Jicama Tacos from her cookbook. Its making cost is $1.85 and its selling cost is $2.99 ​​in retail.

A pack contains 15 drops and each one costs $0.30. When they started their business in 2015, their first product was Jicama chips and they sold $500K.

Their issue in the chips business was that they were competing with a large snack company. They lost a lot of money because of this, only $300 cash in the bank and $70,000 in credit card debt. they sold their cars too.

In 2019, they launched “Jica Foods” and their sales reached $1 million in a year. Their sales reached $4 million in 2020, $5 million in 2021, and $6 million in 2022. Their profit in 2022 is $400,000.

Compared to last year, this year’s profit is less because they have invested a lot of money in self-manufacturing. Jicema vegetables are processed and sourced from Mexico. The shelf life of this food is 19 days. This product is available in Total 700 stores.

Melissa projects $9 million in sales by 2023, Barbara Corcoran offered $300k for a 10% equity but wanted a pro-rata share of what the business would earn. Mark Cuban said he’s not a big fan of Jicama Foods so he’s out.

Gwyneth Paltrow also decided to step out of it. Lori Greiner said that this business is not right for her, so she is out.

They countered Barbara with $300k for 5% equity. Barbara said no, Kevin O’Leary offered $300k for 9% equity + pro rata share. Founder countered 7% equity but both Kevin and Barbara said no.

The founder countered Barbara’s $300k for 6% equity + 2% advisory share. Barbara said 3% advisory share. The founder accepted Barbara’s offer.

Finalize: Barbara Corcoran invests $300k for 6% equity in Kudos + 3% advisory shares.

Jica Foods Shark Tank Update

Jica Foods got a deal on Shark Tank. The sales of this company are very good and as per the records so far, their sales are continuously increasing in millions every year.

As of January 2023, this food is available at 700 locations of Walmart stores, Sprouts stores, Whole Foods, and other stores. Their sales from these stores will be $6 million by 2022

Earlier they did not have a manufacturing facility, now they have developed their manufacturing facility, due to which their profit will increase a lot.

Jicama is one of my favorite veggies – in Mexico, we add lots of lime and chili powder (chile piquin or Tajin) and eat it as our go-to snack. Good luck to @BarbaraCorcoran and the @JicaFoods team! #SharkTank @ABCSharkTank

@DanielLubetzky

The founder of this food and beverage services business gave a great presentation on Shark Tank and revealed the sales data of their business. Founder Says They Project $9 Million in Sales by 2023.

We’re following Melissa Colella-Wang and Xin Wang along with their company for further updates.

What Is Jica Foods Net Worth?

The current worth of Jica Foods is estimated at $5 million. The initial stage of this business was great and the founder sold a lot of Jicama chips in the farmer’s market. The market of Jicama Foods is $ 1.5 billion and at present Jicama has made a lot of popular foods.

In today’s time, many people like to eat Jicama Foods. Jicama Foods is very good for health and it is more available in Mexico.

Melissa & Xin, both of them have struggled a lot in their starting business career, but after that, they were able to make a million-dollar business today.

Yes, Jica Foods is still in business as of April 2024.