Kanika Dewani secures 90 Crore Deal for Mintree Cosmetics in Shark Tank
In the vibrant landscape of skincare and beauty, where innovation meets sustainability, Kanika Dewani stands as an example of ingenuity and commitment. Kanika is the founder of Mintree Cosmetics Pvt. Ltd. Her journey is not just about crafting quality products but also about redefining industry standards while staying true to her ethos of sustainability and inclusivity. Her products maintain honesty between customers and its parlour.
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Education and Career
Kanika has an Advanced Diploma in Fashion Design and Technology from Wigan and Leigh College of Mumbai. She completed her Master's Degree in Design Management and Strategic Fashion Marketing, and Kanika honed her skills to perfection. She has over 16 years of experience in the beauty, fashion, and lifestyle industry, she traversed through renowned brands such as L’Oréal Paris, Benefit Cosmetics (LVMH Group), Reliance Brands Ltd, and Pantaloons, gathering invaluable insights along the way.
Kanika belongs to a well-educated family. Her father is an Income Tax Officer and chartered accountant. Kanika had a clear aim from the start: to earn a salary from whatever she would do. This is the reason she made her business profitable. She earns a salary of 30 lakhs every year excluding the profits from her business.
The Birth of "Mintree"
Her education and work always kept her away from her parents and hometown. Her parents were eager for her to stay with them. They gave her a 3 crore initial investment and told her to start her own business in Nagpur. In 2013, Kanika embarked on her entrepreneurial journey by founding Mintree Cosmetics Pvt. Ltd. Mintree was born out of a desire to provide consumers with products that enhance and maintain skin and uphold ethical standards.
From skincare to body care and hair care Mintree's product range reflects a harmonious fusion of good innovation and sustainability. It makes a smooth process while using products for customers and salon people. Most of the products of the company are certified, organic and vegan-free. There is no harsh chemical used in their products according to the Founder. They are present in over 3,000 salons and soon going to launch direct to consumer(D2C) range. Kanika owns 50% of the firm, while her parents own 50%.
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Kanika's journey, like any entrepreneurial endeavour, was not without its challenges. From navigating the complexities of the beauty industry to establishing Mintree, she faced obstacles along the way. In the early days, she used to go to different salons to sell and show her products. However, her unwavering determination and commitment to her vision propelled her forward. The business is growing every year with a great profit.
The Shark Tank Pitch
Recently, Kanika was seen in Shark Tank India Season 3. She presented Mintree's vision with clarity and conviction. She highlighted the brand's commitment to quality, sustainability, and inclusivity, resonating with the Sharks. Vineeta liked the packaging and presentation of the brand but at the same time, sharks raised questions about high pricing. Despite facing tough questions about revenue, profitability, and pricing, Kanika stood her ground and managed everything wisely.
She asked for 90 Lakhs for 1 % equity at the valuation of 90 crores. She received different offers from the sharks. In the end, Kanika's perseverance paid off as Mintree secured a deal of INR 90L for 1.5% equity at a valuation of 60 Crores from Peyush Bansal and Azhar Iqubal. As Mintree continues to scale new heights, Kanika remains steadfast in her commitment to innovation, and inclusivity. With a focus on expanding Mintree's presence, she envisions a future where she will focus on direct customers.
In conclusion, Kanika Dewani's journey is a testament to the transformative power of passion, resilience, and vision. Through Mintree, she not only aims to standardise beauty products but also inspires a new generation of entrepreneurs to pursue their dreams with unwavering determination and commitment to positive change.
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Written By Manvi