Naviluna Community Subscription Offer Plan (CSOP) – 2023

Raised: 6,132,500

Total Backers: 63

Target: ₹30,00,000
The campaign will end in 3 days

End Date: 31/05/2023


  • CSOP SAR value: ₹275 each
  • Minimum subscription: 100 SAR’s (₹27,500)
  • Maximum subscription: multiples thereof


Grow with Naviluna by subscribing to our Community Subscription Offer Plan (CSOP) – 2023

Having established the first bean-to-bar chocolate house in South Asia through a terroir-lead approach to gourmet and lifestyle back in 2012, Naviluna has galvanised an entire community around the virtues and mystique of “at origin” craft chocolate. The time has come for us to scale and deepen our market presence both in India and abroad. We plan to scale our chocolate production and extend customer interaction through 6 key Naviluna experience centres in 6 cities over the next 3 years, whilst building our executive team, making further investments into the Indian speciality cacao ecosystem, nurturing young talent and building a platform of excellence within food, drink and hospitality that remains local in origin but global in appeal.

Subscribe to our Community Subscription Offer Plan (CSOP) to help catalyse the next steps of this exceptional growth story and enjoy high yielding returns whilst taking advantage of unique promotional benefits available exclusively for subscribers.

Documents for download
Naviluna’s Pitch deck
Naviluna CSOP Agreement

SKU: N/A Category:



Subscribers get access to

  • Exclusive events
  • Curated deals and promos
  • First access to new product launches
  • VIP access with bundled products and services at Naviluna events
  • Early bird access to Naviluna dinners, cocktail evenings, chocolate, wine & coffee tastings
  • Participation discussion to provide suggestions to the company
  • Getting support to act as brand ambassadors
  • Updates and bulletins from the founder to highlight performance

CSOP commercials

  • SAR to Equity value ratio 1:1 (value of each SAR is pegged to one equity share)
  • CSOP SAR value: ₹275 each
  • Minimum subscription 100 SAR’s (₹27,500)
  • Choose as many multiples as you’d like
  • CSOP value at subscription date ₹33,33,33,275
  • CSOP offer ends 31st May 2023
  • CSOP funding target for this campaign: ₹30 lkh

Exit Terms

  • The value of the SAR shall be the higher of either a multiple of the subscription value as per the below schedule or determined as per the Fair Market Value


    Duration from issuance of SAR Minimum (x) times the SAR

    Value as on the date of grant

    0-18 months 1.5X
    19-30 months 2X
    31-48 months 3X
    49 months onwards 4x

“Growth is the result of a perpetual commitment to a defined vision and set of values over time”
David Belo – founder Naviluna



  • 2012: Year of commencing business
  • 2014: Launched on the national market – Bangalore
  • 2022: Restored Raghava Sadhana, a 151 year old Bungalow in the heart of Mysore to become Naviluna’s HQ
  • Total revenue: Rs. 5.5cr
  • Total capitalisation: Rs.91.5 lks
  • Price to earnings ratio: 599%
  • Chocolate Bars sold: 250k+
  • Customers: 10k+ nationwide



Business Management AVC – Hammersmith and Queen Mary’s London. Originally from Cape Town, South Africa and a cocktail mixologist by trade, David has spent 20 years in Food & Beverage, having worked through London’s most prestigious venue’s and setting up bars and clubs in Egypt before retraining as a bread baker & pastry chef in Glastonbury, U.K, finally moving to Mysore to establish the company in 2012. Before becoming the first bean-to-bar chocolate make on the Sub-Continent, David has represented Diageo, Bacardi & Pernod Ricard and is most at home in the world of Luxury & Gourmet, speaking the language of lifestyle, food & drink.



BA in academic Law from Bangalore University and a PG Dip in Photography from the Life Academy, Poornabodh’s career covers a comprehensive spectrum of roles and experience from working as a fine art photographer to assistant art publisher at Robert Indiana, gallery manager at John Gilbert’s Gallery Goa, content creator at Red Bull Media Bangalore and eventually Founding Partner at Holy Stoked Skateboards – where the brand served as collaborative partners for Red Bull, Vans & DC Shoes and Oakley.


Neethu joined the company during the second phase of the pandemic having come from an administrative background at HDFC and has slowly taken on daily operations, production management and site management at our new facility in Mysore for the past 18 months.



  1. What is a CSOP

CSOP stands for community subscription offer and is a contractually binding agreement between the company and it’s evangelists to support the growth of the company in exchange for promotional and cash benefits in the form of SARs or share appreciation rights.


  1. What are the promotional benefits for CSOP holders

Our CSOP community members will get early-bird access to new products, VIP access at Naviluna events with bespoke experiences specifically for CSOP members, access to limited edition and bespoke products and pre-launch access to Naviluna products, experiences, events and venues.


  1. What is a SAR

A SAR or share appreciation right is an option that gives the right to the CSOP subscriber to receive a cash settled benefit in return for their CSOP subscription as and when the value of the company’s shares increase.


  1. Are SARs and/or CSOPs shares?

No, they are not securities and do not grant ownership or voting rights to the subscriber in any way, instead they are an agreement that gives the subscriber the right to enjoy a cash settled benefit directly correlated to the increase in value of the company’s shares or fair market value (FMV), along with other promotional benefits.


  1. What is the minimum and maximum subscription amount?

A minimum subscription amount of Rs.27,500 and/or multiples thereof is permitted in this offer. Whilst there is no upper limit to the subscription amount, those looking at sums of Rs.10,00,000 or more, would be advised to contact the company separately to discuss investing in a more traditional investment vehicle.


  1. What is the FMV (fair market value) of each SAR at present

Each SAR is priced at Rs.275 each. Therefore a subscriber making the minimum subscription of Rs.27,500 will get 100 SARs valued at Rs.275 each.


  1. What is the FMV of the company at present

As per our last angel round, the company has an FMV of Rs.33,333,275 based on factors including market size, brand equity, proprietary methods, IP, traction, customer base, price to earnings ratio.


  1. How do my SARs increase in value over time.

As the company grows and it’s FMV (fair market value) increases, the value of your SAR’s will increase accordingly. In addition the CSOP agreement ensures a minimum accrual multiple of the SAR value for the first 1-49 months from the grant date at 1.5x, 2x, 3x and 4x of the purchase price (see clause 3.10.2 – minimum monetary guarantee).


  1. Can I sell my CSOP to a third party?

Yes, subject to approval from the board


  1. Is there a mandatory exit/liquidation event?

Yes after 72 months your SARs will be redeemed for either cash, equity shares or a combination of both


  1. Can I see a full list of the terms and conditions pertaining to this CSOP offer?

Yes, please download the agreement from the link above.


  1. How will the funds be used, can I see a business plan?

Yes, please download our pitch deck from the link above.


  1. What returns can I realistically expect from my CSOP SAR subscription?

As outlined in our pitch deck we expect to deliver at least 30x growth over the next 5 years. SARs will accrue in accordance with the company’s fair market value which is in turn calculated as a multiple of revenue growth and further growth potential.

Whilst the company has been established for a decade, the majority of these years have been spent in product development, establishing a supply chain eco system for craft chocolate in India, brand building, customer acquisition and market analysis whilst waiting for the market in India to become mature enough for us to scale. We believe that the market has now finally matured to demand the products, events and spaces we have spent the last decade sandboxing.


  1. What are the risks involved with subscribing to Naviluna’s CSOP offer?

There’s always a risk we’ll go out of business, which would mean not getting access to all the promo benefits afforded to our CSOP holders. Considering we’ve gone through fire (quite literally, our factory burned down in 2017) and crossed many (metaphorical) mountains to get to this stage, we feel this is highly unlikely, but it would be incorrect to say it’s impossible.

There’s also a chance we don’t meet our growth targets (not on our watch!) but the minimum monetary guarantee has been put in place to ensure your SARs are redeemed at a predictable rate of return.

All of the above said, please be aware that there’s always a risk in subscribing for cash and promotional rewards from any young business.


  1. Can I still subscribe after the CSOP campaign closes on the 31st of May?

Once the campaign closes on the end date we won’t be taking any CSOP subscriptions for at least 1 year from the closing date. If we do launch a follow up CSOP offer in the future the purchase price will be adjusted for the (higher) FMV value at that time, so we’d suggest subscribing before the closing date.


  1. Is Naviluna a chocolate company?

We thought you’d never ask. We’ve always seen ourselves as a craft focused lifestyle company that employs chocolate as a medium of expression. Going forward chocolate will continue to remain our core competency, however we plan to build out an ecosystem of flavour and design that supports our work as chocolate makers both in terms of products, services, retail and hospitality all aimed at sustainably demonstrating the wealth of the subcontinent for the discerning palate.