‘Shark Tank India 3’: boAt CMO Aman Gupta strikes Rs 60 lakh deal with ‘The Cinnamon Kitchen’

Mumbai, Jan 24 (SocialNews.XYZ) The Delhi-based bakery 'The Cinnamon Kitchen', which is followed by Bollywood celebrities like Sonam Kapoor, Arjun Kapoor and Malaika Arora, has sealed the deal on 'Shark Tank India' season three at Rs 60 lakh.

Setting a new standard for guilt-free indulgence, 'The Cinnamon Kitchen' founded by Priyasha Saluja, aspires to make plant-based, organic, and gluten-free treats. With a delectable range of spreads, snacks, cookies, cakes, and breads, the brand believes in offering nourishing delights that are both wholesome and irresistible.

As 'The Cinnamon Kitchen' seeks to expand its footprint, Priyasha entered business reality show 'Shark Tank India' with an ask of Rs 60 lakh in exchange for a two per cent equity stake in the business.

During the presentation, Priyasha offered Aman Gupta, co-founder and CMO, BOAT to try her flourless almond butter cookies, fudge, apple crumble cake and vegan cheese chips.

She said: "There is no gluten and dairy in her products."

Aman asked her is it like home kitchen types?

To which she replied: "We have a factory in Noida sector 63. We have online, and available at some retail stores. It is also available on Amazon, and Blinkit."

The CEO of the Shaadi.com Anupam Mittal picked one of her products which is 'Vegan Nutella', priced at Rs 550, and said: "The packaging is very poor. Labelling is not good".

Vineeta Singh, CEO and co-founder of Sugar Cosmetics, also agreed to Anupam and said, "the fonts on the packaging are not readable."

Priyasha replied to the Sharks saying, "Our focus is primarily on the packaged goods. The reason for doing the bakery is the customer repeat percentage increases, and my average order value also increases because of it."

Shark Namita Thapar, executive director, Emcure Pharmaceuticals asked: "How will you scale?", and Priyasha replied, saying: "We have started focusing on distribution. Increasing the shelf life of our products. Right now we are registered in Delhi on Blinkit. We are hoping to get registered soon on Blinkit in Bangalore, Mumbai etc. we have signed deals with airports."

Aman then said: "Tell us the sales of the company."

Priyasha, who started with an investment of Rs 50,000, said: "I started in September 2019, and my sales of that year was Rs 1,40,000. Then, next year it was Rs 12,50,000, then Rs 25 lakh, and then Rs 82 lakh. This year we are closing at Rs 6 crore. For fiscal year 2023 and 2024, the sales were Rs 1.3 crore."

Aman offered her: "Rs 10 lakhs for 2 percent equity plus Rs 50 lakhs debt at 12 per cent interest for two years".

On hearing the offer, Priyasha said: "my main objective is help and guidance, because I am a first time entrepreneur."

She further asked Aman if he can only do an equity deal.

Aman's revised and final offer was Rs 60 lakh for five per cent equity, and they sealed the deal.

The journey of 'The Cinnamon Kitchen' began in 2018 with Priyasha motivated by her personal battle with PCOS at the age of 13. Being a foodie herself, she transformed her struggles into a passion project, sharing healthy recipes and lifestyle tips on social media.

Talking about her experience on 'Shark Tank India', Priyasha said: "Participating in Shark Tank India proved to be a significant turning point for my brand, 'The Cinnamon Kitchen'. Beyond gaining exposure and securing investment, the valuable insights shared by the sharks on optimising business operations and propelling it to new heights were truly priceless."

"Their kindness and empathy towards the challenges faced by early-stage entrepreneurs resonated deeply. I thoroughly enjoyed every aspect of the Shark Tank India experience and eagerly anticipate the promising future ahead for the brand,” she added.

'Shark Tank India 3' airs on Sony LIV.

Source: IANS