Introduction: The salon industry is renowned for treating its customers like royalty, providing a sanctuary where clients can indulge in pampering sessions. Amidst this landscape, Kanika, the founder of Mintree, has introduced a line of skincare and body care products that elevate the salon experience to new heights. In this blog, we delve into the transcript of Kanika’s pitch to the Sharks, exploring the innovative products, the company’s journey, and the exciting offers from the investors.
The Pitch: Kanika, hailing from Nagpur, introduces Mintree, a brand focused on making skincare and body care products for salons. The products are certified organic, vegan, and free from harsh chemicals, emphasizing a commitment to quality and wellness. The company has already gained approval from 3000 salons, prompting the decision to launch a direct-to-consumer (D2C) range.
Mintree Product Highlights:
One-Time Use Pedicure Kit: The top-selling product includes a scrub mask, massage candle, balm bomb, detox tea, and detox food patches, ensuring a standardized and hygienic pampering experience for salon clients.
Jewelry-Embedded Bomb: An innovative product where a fizzing bomb reveals a piece of jewelry, providing customers with an extra element of joy.
Bikini Mask: Specifically designed to alleviate pain and redness after waxing or laser treatments, catering to a unique need in the beauty industry.
Home Facial D2C Product: Kanika introduces a premium home facial product, reflecting the company’s expansion into the D2C market.
Mintree Business Journey and Achievements:
Mintree started its journey in 2019, with a business of Rs. 1 crore and a profit of Rs. 2 lakhs in the closing year. Despite challenges posed by the pandemic in 2020 and the subsequent shift to sanitizer production, the company achieved a turnover of Rs. 35 crores. In 2022, the company recorded a turnover of Rs. 9 crore and a profit of Rs. 1 crore.
Kanika’s Background: Kanika’s journey from a corporate background to entrepreneurship is highlighted. With a degree in BCA and a Diploma in Fashion Technology, she pursued an MBA from SP Jan and later a Master’s in Design Management from London. Her corporate experience and understanding of the retail business have played a crucial role in Mintree success.
Investment Offers and Decisions:
The Sharks, impressed by Kanika’s presentation, make investment offers. Anupam and Vineeta offer 90 lakhs for 2% equity. Meanwhile, Peyush Bansal offers the same terms but with a joint offer from Ajar. Kanika takes a brief break to consult with her father before accepting Peyush Bansal’s offer of 90 lakhs for 1.5%.
Conclusion: Mintree journey is a testament to Kanika’s entrepreneurial spirit and dedication to providing premium products in the salon industry. With Peyush Bansal and Ajar as partners, the brand is poised for further growth and success in the ever-expanding beauty and wellness market.