Introduction

Mintree is a premium skincare startup founded by Kanika Dewani. The objective of the body and skin care brand Mintree USA is "Beauty for a better world." Their goal is to supply premium skincare and cosmetics items to every country in the world. Mintree has a strong R&D department within its internal manufacturing plant, where they do research and create high-quality goods for the salon sector. The brand's distribution network reaches 5,000 doors in India's most prestigious 30 cities. Mintree offers vegan and certified organic products that are created without the use of harsh chemicals. Currently available in more than 3000 salons nationwide, Mintree is soon to introduce its direct-to-consumer line. A single-use pedicure kit from Mintree that includes a scrub, mask, massage, candle, bath bomb, and detox tea is the company's best-selling item. For this bundle, a salon may charge between ₹1,200 and ₹1,500, which is significantly more than the typical price range of about ₹700. Their largest client, Enrich Salon, brings in about ₹1 lakh a month for them. They currently supply salons with items in areas like body, hair, skin, nails, and salon-specific kits like manicure and pedicure and facial kits. They also have plans to introduce a direct-to-consumer (D2C) category.

Mintree has further advanced sustainability with their biodegradable packaging, which breaks down in just ninety days. Mintree products now use vegan, sulfate-free, cruelty-free, silicon-free, organic active ingredients, and paraben-free manufacturing processes. Customers applaud Mintree for its user-friendly products that deliver a spa-like experience. The brand’s dedication to simplicity and efficacy has garnered positive feedback, making it a go-to choice for skincare enthusiasts.

Founder’s Journey of Mintree

Kanikka Dewanii is the founder of Mintree, a body and skin care products brand. Her father works as a Chartered Accountant and Income Tax Lawyer. She completed her BCA education in Nagpur, then went on to earn an MBA from SP Jain and a master's degree from London. She began her career as a product manager at Loreal, where she worked for three years. She then moved to Reliance Brands, where she developed a brand, before deciding to launch her own. 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. As the equity distribution is Kanikka Dewani: 50%, Father: 25%, Mother: 25%.

With over 16 years of experience, Kanika has worked for numerous well-known companies in the beauty, fashion, and lifestyle sectors, such as L'Oréal Paris, Benefit Cosmetics (LVMH Group), Reliance, and Pantaloons. Numerous distinguished honours have also been bestowed upon her; these are listed below.

1. The 2021 TIMES Most Influential People Award

2. The Contract Manufacturing Private Label Awards 2019,

3. The Vidarbha Udyog Awards 2019,

4. The FICCI Flo The Game Changer Women Startup Awards 2021, and

5.The TiE Best Startup Award (Regional) 2021

Mintree Financials

Mintree has made a name for itself in the beauty industry in less than two years, and it is now carried by more than 3000 prestigious salons and spas in India. The goal of Mintree, lead by Kanikka Dewanii, is to give every fifth customer in the globe access to premium skincare and cosmetics. Focusing on high-end skincare and body products, Mintree has built a strong distribution network that reaches 75% of India's most populous cities.

Mintree began operations in 2019 and ended the first year with ₹1 crore in revenue and ₹2 lakh in net profit. They brought in ₹3 crores in sales and made ₹28 lakhs in profit in FY19–20. Moreover, ₹3.5 crores in FY21 and ₹5.4 crores in FY22 came after this. In the fiscal year 22–23, Mintree ended at ₹9 crores, with ₹1 crore in net profit. Lastly, they anticipate closing FY23–24 at ₹17.5 crores, or a net profit of 12%. It's also crucial to remember that Kanikka's parents made a capital commitment of ₹3 crores in the company.

Shark Tank India Pitch and Deal

Mintree is an Indian startup that appeared on Shark Tank India Season 3 Episode 4. Mintree’s rise to prominence reached new heights when founder Kanikka Dewanii appeared on Shark Tank, seeking investment to fuel the brand’s expansion. The third episode of Mintree Shark Tank India debuted on January 25, 2024. When Kanika presented her products and business plans to the Sharks, they were all enthralled with her products because they were free of harsh chemicals and came in high-end packaging. She want 1% stock in return for Rs 90 lakh.

Anupam Mittal (Founder & CEO - People Group, Shaadi.com) made the first offer, which was 90 lakh for 3% plus a 2% royalty till Rs 1.35 crore was recovered. Vineeta Singh (Co-founder & CEO - Sugar Cosmetics) offered the same offer, thus they both joined. Peyush Bansal (co-founder and CEO of Lenskart) and Azhar Iqubal (Co-founder and CEO, Inshorts) both made offers of Rs. 90 lakh for 3% plus 1% royalty up until the recovery of Rs. 1.35 crore.

Aman Gupta (Co-founder and CMO - boAt) had left already. Since Kanika couldn't accept royalties, every Shark withdrew its first offer. While Azhar and Peyush managed to secure 1.5% equity to provide 90 lakhs, Vineeta and Anupam managed to secure 2% equity. Kanika secured the agreement with Peyush and Azhar after speaking with her father.

Mintree got a final deal of INR 90 Lakh for 1.5% equity at a valuation of 60 Crores from Peyush Bansal and Azhar Iqubal.

Conclusion

Set out on a life-changing adventure with Mintree, where creativity, sustainability, and beauty collide. Savour the wonderful selection of organic skincare products designed to revitalise your senses and improve your skincare regimen. Become a part of the Mintree community to discover how organic beauty is redefined.