Founders & their story

• Kanikka Dewanii

The saloon industry lacks standardization, often offering inconsistent services and utilizing small containers for products. Mintree, led by Kanikka from Nagpur, aims to revolutionize customer care in the industry. They provide skincare and body care products tailored for saloons, prioritizing customer experience. Mintree’s products, present in over 3k saloons, aim to simplify salon operations. Certified vegan and free from harsh chemicals, these products exemplify Mintree’s commitment to quality. The company plans to venture into Direct-to-Consumer (D2C) sales, ensuring customers never leave empty-handed with premium packaging.

Kanikka, an MBA graduate from SP Jain with a master’s in design management from London, initiated Mintree with an initial investment of 3 crores. They are strategically positioned in 300 A type salons, where services bear the Mintree brand name, and in B type salons, Mintree services fall under the premium category. The company continually seeks to expand its salon network, introducing newer products to enhance the customer experience. Mintree’s innovative approach bridges the gap between saloon services and product quality, offering a unique value proposition in the industry. The introduction of D2C sales signifies a progressive step, demonstrating Mintree’s commitment to evolving with customer preferences and industry trends.

About the company:

Founded in January 2018, Mintree envisions transforming and elevating Indian beauty standards by integrating innovative international trends. Their mission is to have their premium body and skincare products adorn the shelves of every 5th consumer worldwide, setting high standards for beauty. As manufacturers of premium body and skincare products, Mintree has achieved remarkable success in under two years. They’ve secured placements in over 3000 leading salons and spas across India, boasting a pan-India distribution network that spans 75% of top urban agglomerations through professional channels.

Mintree’s products, a fusion of nature and science, prioritize environmental accountability in the beauty industry. With a commitment to being Vegan, Natural, Sulphate Free, Paraben Free, Silicone Free, Formaldehyde Free, and Cruelty-Free, their creations are not just beauty products but a burden-free experience. Beyond eco-friendly practices, Mintree embraces socially progressive ideologies, with an impressive 80% female workforce, exemplifying their commitment to diversity and inclusion. Looking forward, Mintree aims to introduce an affordable modern Ayurveda skin and body care range by April 2021. Their unwavering commitment to providing innovative beauty solutions in ethical ways marks Mintree’s continued journey towards growth while maintaining the essence of their current philosophy.

Revenue: 

In the fiscal year 2018-2019, the company reported a revenue of 1 crore with a profit of 2 lakhs. The subsequent fiscal year, 2019-2020, witnessed a substantial growth in sales, reaching 3 crores, and a profit of 28 lakhs. During the fiscal year 2020-2021, the focus shifted to the sale of sanitizers, resulting in a revenue of 4.5 crores and a profit of 4.5 lakhs. Building on this momentum, the fiscal year 2021-2022 saw a further increase in revenue to 5.4 crores, with a profit of 28 lakhs. The most recent fiscal year, 2022-2023, marked significant growth, reaching a revenue of 9 crores and a profit of 1 crore.

Looking ahead to the fiscal year 2023-2024, the company projects robust sales of 17.5 crores, targeting a profit margin of 12%. This forecast reflects a continued upward trajectory, showcasing the company’s strategic planning and sustained growth in both revenue and profitability over the years.

Founders’ Ask 

90 lakhs for 1% equity at the valuation of Rs. 90 crores.

Offers:

Anupam: 90 lakhs for 3% equity at the valuation of Rs. 30 crores and 2% royalty until 1.35 crore is recouped.

Vineeta: 90 lakhs for 3% equity at the valuation of Rs. 30 crores and 2% royalty until 1.35 crore is recouped.

Piyush and Azhar: 90 lakhs for 3% equity at the valuation of Rs. 30 crores and 1% royalty until 1.35 crore is recouped.

Anupam and Vineeta: 90 lakhs for 3% equity at the valuation of Rs. 30 crores and 2% royalty until 1.35 crore is recouped.

Anupam and Vineeta: 90 lakhs for 2% equity at the valuation of Rs. 45 crores.

Piyush and Azhar: 90 lakhs for 1.5% equity at the valuation of Rs. 60 crores.

Founders Counteroffer:

90 lakhs for 1.5% equity at the valuation of Rs. 60 crores.

Final Deal

Piyush and Azhar: 90 lakhs for 1.5% equity at the valuation of Rs. 60 crores.