This founder went from being a waiter to selling his company for Rs 2,346 crore. 'Was curious...'

In 2016, Justin Gold sold his brand to Hormel Foods for $280.9 million (about Rs 2,346 crore). (Image credit: LinkedIn, Justins.com)

About two decades ago, the founder of Justin's nut butter, Justin Gold was working two jobs -- including one as a waiter -- to make ends meet because the brand was yet to turn profitable.

Now, Gold is a multi-millionaire after having sold his company for Rs 2,346 crore.

Opening up to CNBC about his entrepreneurial journey, Gold said that after graduating from college in 2000, he made nut butters for himself in a food processor, experimenting with different types of nuts and flavours like cinnamon and honey. He was selling at a popular farmers' market and at the local Whole Foods Market too, but the idea that turned his brand into a household name occurred to him when he was riding a bike in the mountains.

“I’m on a mountain bike ride right here in Boulder, [Colorado], and I’m eating an energy gel [packet],” Gold told CNBC in a recent interview. “And I was curious why you couldn’t put peanut butter or almond butter in that same type of squeeze pack and have an on-the-go, plant-based protein experience like an energy bar.”

Gold then introduced his nut butters in tiny pouches and within two years, Justin’s turned profitable. Gold, who soon quit his day jobs, said that the pouches helped attract new customers. “For the consumer who never tried almond butter before, they could try it for 99 cents (about Rs 90),” Gold told Entrepreneur. “And then they would come back and buy a $10 (about Rs 840) jar. They ended up spending more money.”

He expanded nationally and developed additional products after landing nearly $1 million in funding from angel investors in 2009 and by 2015, Justin's was raking in more than $50 million in annual revenue nationally, The Wall Street Journal reported.

In 2016, the brand was acquired by Hormel Foods for $280.9 million, the publication reported stating an SEC filing from that year.