Mintree is a premium skincare startup founded by Kanika Dewani. This startup was featured in Shark Tank India 2024 and this article tells you about mintree, mintree products, Mintree Shark Tank, mintree funding, mintree valuation, mintree facial kit, mintree pedicure founder and a lot more.
|Premium Skincare Products
|Rs 17.5 Crores
|Rs 2 Crores
|Rs 90 Lakhs for 1% Equity
Mintree – A Salon Industry startup trying to disrupt the Premium SkinCare Market
Mintree is a startup that makes skincare and body care products that make the life of saloons and beauticians easier and enhances the experience of customers to the next level. Products offered by Mintree are certified organic, and vegan, and are made without the use of any harsh chemicals. Right now Mintree is present in 3000+ salons across the nation, Now they are also going to launch the Direct-to-consumer range.
Kanikka Dewani – About the founder of Mintree
Kanikka Dewani is the founder of Mintree, Her father is an income tax lawyer and a charted accountant by profession, She did her schooling in Nagpur in BCA then pursued an MBA from SP Jain, and Completed her master’s from London. She joined Loreal and spent 3 years there as a Product Manager, later she moved to Reliance Brands where she launched a brand and then later she decided to start her brand.
Kanikka spent her most of time outside her home, away from her parents so her parents wanted to shift her to Nagpur and start her own business in which her parents invested Rs 3 Crores as an Initial Investment.
Equity Distribution of Mintree
Kanikka Dewani: 50%
Mintree’s ask in Shark Tank India Season 3
Kanikka Dewani asked for Rs 90 lakhs for 1% Equity at a whooping valuation of Rs 90 Crores.
Sharks review on the Products
Vineeta Singh appreciated the packaging as it was very good looking and the logo also conveyed a premium feel through it.
Azhar Iqbal regarded it as a premium-looking packaging.
The one-time use Pedicure kit offered by Mintree is their highest-selling product which comes with the scrub, mask, massage candle, bath comb, detox tea, and detox foot patches which makes the experience of customer more standardised
Mintree Bath Comb
The one quality of Mintree is that they never let their customers go with empty hands, so when they put the bath comb in water it gets turned into a blank holder which contains a piece of jewelry and this is a gift from their end.
Bikini Mask of Mintree
Bikini Mask: This product is one of the specials offered by Mintree, Many times when women get laser done so they go through the pain and Saloons do not have a solution for this. So Mintree’s Bikini Mask helps to get them this laser treatment in a painless manner.
This is going to be launched in D2C.
Mintree Pedicure costs about Rs 1200-1500.
Challenges faced by MinTree
As we have mentioned above Mintree is associated with 1500 Saloons across the nation, Enriched which is one of the biggest salon chains was giving Mintree a business of 1 Croree every year but now they have stopped this as they have started their own manufacturing of Pedicures.
Mintree Revenue | Shark Tank India
FY18-19: 1 Crore
FY19-20: Rs 3 Crores
FY20-21: Rs 3.5 Crores
FY21-22: Rs 5.4 Crores
FY22-23: Rs 9 Crores
Mintree Profit | Shark Tank India
FY18-19: Rs 2 Lakhs
FY19-20: Rs 28 Lakhs
FY20-21: Rs 4.5 Lakhs
FY21-22: Rs 28 Lakhs
FY22-23: Rs 1 Crore
Projected sales from Saloons EGR
FY23-24: Rs 17.5 Crores
Profit FT23-24: Rs 2 Crores
Sharks investing in Mintree
Aman liked Navikka as an entrepreneur but he took an exit since the business is dependent on Saloon and she has not explored D2C Much.
Anupam appreciated Kanikka as a good entrepreneur, but the challenge is that if she reaches 30,000 Salons looks impossible then only she can make 70-80 Crores. He will take a bet on Kanikka as a founder who will make Mintree a potential D2C Brand.
Mittal is not going to match her desired valuation so he presented this offer
Rs 90 Lakhs for 3% Equity at the valuation of 30 Crores and 2% Royalty until Rs 1.35 Crores is recovered.
Vineeta feels that Kanikka can make a 100 Crore Premium brand even without getting into the D2C Business as it can act as a distraction.
Rs 90 Lakhs for 3% Equity and 2% Royalty till 1.35 Cr.
Peyush Goyal and Azhar Iqbal
Peyush said that as the business is amguish right now he will also need the royalty, and he made an offer combined with Azhar.
Rs 90 Lakhs for 3% Equity + 1% Royalty until Rs 1.35 Crores is Recouped at a Valuation of Rs 30 Crores.
Counteroffer from Mintree | Mintree vs Sharks
- Kanikka said that she will not be going under the valuation of 60 Percent and 1.5% Equity.
- Vineeta presented the final offer, Rs 90 Lakhs for 2% Equity at a valuation of 45 Crores.
- Peyush Goyal and Azhar matched the ask of Rs 90 Lakhs for 1.5% Equity
- Kanikka demanded time from them to think about this offer
Mintree Got funding from Shark Tank India 2024
Kanikka accepted the offer of Peyush Goyal and Azhar Iqbal.
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