- Founders: Kanikka Dewanii
- Business: Skincare products
- Ask: ₹90 lakhs for 1% equity
- Valuation/ Networth: ₹
- Funding: ₹90 lakhs for 1.5% equity
- Sharks: Azhar Iqubal & Peyush Bansal
- Episode: Season 3 Episode 4
Mintree Shark Tank India Pitch:
Mintree is an Indian startup that appeared on Shark Tank India Season 3 Episode 4. They create skincare and body care products for salons. Most of their products are organic and certified vegan. They already have products available in over 3000 salons and are launching their direct-to-consumer range soon as well. Kannikka sought an investment of ₹90 lakhs in exchange for 1% of the equity in her company, valuing the business at ₹90 crores.
Mintree’s top-selling product is a one-time-use pedicure kit which comes with scrub, mask, massage, candle, bath bomb, and detox tea. A salon charges anywhere from ₹1,200-1,500 for this package, which is quite above the average price range of around ₹700. Enrich Salon is their biggest customer, giving them business of around ₹1 lakh per month. The founder shared that due to them launching their own chain of similar products, they have lost a business of almost ₹1 crore per annum from that vendor.
Mintree’s Financials during Shark Tank India:
Mintree started their revenue in 2019 and closed their first year at ₹1 crore with ₹2 lakh in net profit. In FY19-20, they made revenue of ₹3 crores with ₹28 lakhs in profits. Further, This was followed by ₹3.5 crores in FY21 and ₹5.4 crores in FY22. Mintree closed their last financial year of FY 22-23 at ₹9 crores with ₹1 crore in net profit. Finally, They are projecting to close FY23-24 at ₹17.5 crores with a 12% net profit. Equally important to note that Kanikka’s parents have invested ₹3 crores in the business as a capital investment.
Mintree Shark Tank India Negotiations & Funding:
Aman was the first shark to go out, citing he couldn’t justify spending ₹90 lakhs with a ₹9 crore valuation for this business at this stage. Anupam shared a similar sentiment but wanted to take a bet on the entrepreneur; therefore, he offered ₹90 lakhs for 3% of the company with a royalty of 2% until he gets 1.5X investment back. Vineeta also gives the same offer as Anupam.
Peyush and Azhar join hands to give an offer to Mintree. They offered ₹90 lakhs for 3% but 1% royalty until they make 1.5X of their investment back. Vineeta and Anupam also joined hands but on the same deal. Kanikka commented that she would not take a royalty deal, and she countered sharks with ₹90 lakhs for 1.5% of her company. Vineeta revises her and Anupam’s offer to ₹90 lakhs for 2%. Peyush and Azhar matched what Kanikka asked for. All sharks removed the royalties from their deals. Kanikka takes a moment to think and comes back to take Peyush and Azhar’s offer, and they shake hands on a ₹60 crore valuation.
Who is the founder of Mintree?
Kanikka Dewanii founded Mintree in Nagpur. She worked in a corporate job before starting this venture. She shared that her father is an Income Tax lawyer. Kanikka has done a Master’s in London. She also worked in L’Oreal as a Product Manager.
How is Mintree doing after Shark Tank India?
Our research on Mintree revealed that while they did get the deal on Shark Tank India, it is still unclear if that was all finalized yet. As of the current status, their deal seems to still be in the due diligence process.
While the financials of this company are still unknown, we will update this article as soon as more information comes to light. As for now, you can check out if Season 1 & 2 Companies’ deals closed already or they fell through by browsing our site. You can check out Mintree’s products through Amazon by clicking the button below as well.
Source: Instagram @mintreeusa
Here is an update on other companies from Season 3 Episode 4.