Mintree

Mintree was founded by Kanikka Dewanii, a Nagpur-based entrepreneur with a vision of creating premium, clean, and sustainable skincare products for salons, spas, and beauty professionals. She built the company with a strong focus on research-driven formulations and high-quality ingredients that are safe for both consumers and the environment. Kanikka entered the beauty industry after recognizing a gap in the professional skincare market, where many salon products contained harsh chemicals and lacked transparency in ingredients. She invested heavily in product development, manufacturing capabilities, and distribution channels. Over the years, Mintree expanded into thousands of salons across India and built a strong presence in the professional beauty segment before appearing on Shark Tank India.

Mintree is a premium skincare, haircare, and beauty products company that primarily serves salons, spas, and beauty professionals. The brand offers a wide range of vegan, cruelty-free, sulfate-free, and paraben-free products designed to provide salon-quality results while maintaining clean beauty standards. Its portfolio includes facial kits, haircare products, skincare solutions, body care products, and professional salon treatments. The company differentiates itself through in-house research and manufacturing, premium formulations, sustainable packaging, and a strong B2B distribution network that reaches thousands of beauty outlets across India. Mintree's long-term vision is to become a globally recognized beauty brand while also expanding into the direct-to-consumer market.

Amount Asked: ₹90 Lakhs Equity Offered: 1% Implied Pre-Money Valuation: ₹90 Crore

Kanikka delivered one of the strongest beauty-category pitches of Season 3. She showcased Mintree's extensive portfolio of skincare and beauty products and emphasized the company's commitment to clean beauty standards. The founder highlighted that all products were vegan, cruelty-free, and free from harmful chemicals. She also discussed the brand's environmentally conscious packaging, which is designed to biodegrade much faster than conventional alternatives. The Sharks were particularly impressed by the company's financial performance. Kanikka revealed that Mintree had grown from approximately ₹1 crore in revenue during its early years to around ₹9 crore in annual revenue and was projecting approximately ₹17.5 crore in revenue for FY24. The business was already profitable, reporting healthy margins and demonstrating strong traction within the professional salon industry.

Aman appreciated the quality of the products and the founder's confidence. However, he felt that the valuation of ₹90 crore was difficult to justify based on the current scale of the business. Anupam was impressed by the profitability and distribution network of the company. He believed Mintree had built a genuine business rather than merely a marketing-driven beauty brand. As someone from the beauty industry, Vineeta appreciated the product quality and market positioning. She recognized the strength of the salon distribution network but shared concerns regarding valuation. Peyush admired the founder's clarity, business fundamentals, and growth trajectory. He felt the company had strong execution capabilities and saw significant potential in both the salon and consumer beauty markets. Azhar was impressed by the founder's understanding of the beauty industry and the company's profitable growth.

The negotiations became highly competitive because multiple Sharks recognized the strength of the business. Initially, Anupam Mittal and Vineeta Singh jointly offered ₹90 lakhs for 3% equity along with a 2% royalty until 1.5x of their investment was recovered. Soon after, Peyush Bansal and Azhar Iqubal entered the competition with a slightly better proposal of ₹90 lakhs for 3% equity along with a 1% royalty until 1.5x recovery. Kanikka was uncomfortable with royalty-based structures and rejected both proposals. She countered by requesting a cleaner equity-only deal. After further discussions, Peyush and Azhar revised their offer and eventually matched terms acceptable to the founder. Their willingness to remove the royalty component ultimately helped them secure the deal.

Mintree successfully secured an investment from Peyush Bansal and Azhar Iqubal. The founder originally sought ₹90 lakhs for 1% equity, valuing the company at ₹90 crore. After extensive negotiations, the final agreement was closed at ₹90 lakhs for 1.5% equity, resulting in a valuation of approximately ₹60 crore. Kanikka accepted the offer because it provided a cleaner equity structure without royalty obligations while also bringing two strategically valuable investors on board. The startup left Shark Tank India with one of the most notable beauty-sector deals of Season 3.

Following its appearance on Shark Tank India, Mintree received significant visibility and credibility within the beauty industry. The company continued expanding its professional salon presence and accelerated plans for consumer-focused product lines. The Shark Tank exposure helped strengthen brand recognition nationwide, while the partnership with Peyush Bansal and Azhar Iqubal provided strategic support for scaling operations. Mintree remains active in the premium skincare and beauty segment and continues pursuing its goal of becoming a globally recognized clean beauty brand.