To break the common misconception – that “Healthy foods cannot be tastier” young Priyasha started baking by revising the traditional recipes by removing Maida adding millet and substituting sugars with natural sweeteners. And thus, Cinnamon Kitchen was born in 2019. The Cinnamon Kitchen is a plant-based bakery that focuses on 100% gluten-free, refined sugar-free, and preservative-free plant-based baked goods.
Priyasha Saluja, founder of The Cinnamon Kitchen started the pitch by saying how PCOS has restricted her from enjoying sweets and baked goods. Being an Advent Food lover, she has created this brand for people to enjoy sweets and baked goods without being calorie-conscious or guilty.
|The Cinnamon Kitchen
|Snacking & Baked goods
|Rs. 60 lakhs for 2% Equity
|Rs. 60 lakhs for 5% equity
Pitching with Passion
Priyasha opened with a personal touch, explaining how PCOS limited her dessert choices. She claimed that the product’s Unique Selling Point is their recipe. Her product pitch showcased an array of tempting vegan offerings, from “Oh Fudge” to keto-friendly cakes and apple crumble. While the sharks praised the taste and ingredients, she was faced with the question “why no natural sweeteners in the keto cake?”
Priyasha confidently replied by saying “We want to cover a wide range of consumers and most of our fresh baked goods are made using natural sweeteners like dates but people with Type- I diabetics cannot consume dates too, that is the reason for the selection of artificial sweeteners.” This showcased her strategy to cater to a broader audience.
The Cinnamon Kitchen’s journey began with a Rs.50,000 investment, blossoming into an impressive annual sale of Rs.82 lakh in FY22-23. The projected sales for FY23-24 soar to Rs.6 crores, reflecting a staggering 228.0% growth rate. These figures, coupled with a 30% monthly profit margin, painted a picture of a rapidly scaling business.
Products by Cinnamon Kitchen
Cinnamon Kitchen offers products that are:
- Keto and diabetic friendly
- Dairy and gluten-free
- Vegan cakes and gifts
It offers products under two categories:
- Fresh cakes and Bakery
- Packaged Grocery Items
Beyond fresh bakes, The Cinnamon Kitchen offers packaged grocery items, catering to diverse dietary needs with keto-friendly, dairy-free, and vegan options. Their products are available through channels like Amazon, Blinkit, and NCR retail stores, expanding their reach.
Shark Tank India ‘Ask’
Priyasha initially asked for Rs. 60 lakhs for 2% equity. Deepindar Goyal, Founder, and CEO of Zomato and Blinkit backed out because of the conflict of interests with Blinkit and Zomato.
Namita Thapar, Executive Director of Emcure Pharmaceuticals backed out by saying the snack industry is a smaller market and there are a lot of aspirational players in the market.
Vineeta Singh, Co-founder & CEO of Sugar Cosmetics offers Rs.60 Lakhs for 10% equity. Anupam Mittal, Founder of People group – Shaadi. Com joins Vineeta’s offer.
Aman Gupta, Co-Founder & CEO of boAt Lifestyle, makes a single offer of Rs. 10 lakhs for 2% equity and Rs. 50 lakhs debt at 12% interest for 2 years. Priyasha declined the offer by stating her credit score is good enough that she already gets loans with low interest rates and would like only an equity offer.
Aman revises the offer to Rs. 60 lakhs for 5% equity with the valuation of doubling to 12 crores.
Upon Deepinder’s suggestion, Priyansha counter-offers with 1.2 crores for 10% equity with a valuation of 12 crores.
With further discussions, Priyansha closes the deal to Aman’s offer of Rs. 60 Lakhs for 5% equity with a valuation of 12 crores.