Customized Cakes
Regular Cakes
Season 3 Episode 35
| Brand | Crème Castle |
| Company Name | CREMETECH TAILORED FOODS PVT LTD |
| Founders | Pranjay Mittal, Veena Mittal |
| Original Ask | 60 lakhs for 1.5% equity at the valuation of Rs. 40 crores |
| Deal | 60 lakhs for 2.5% equity at the valuation of Rs. 24 crores |
About the Product
Creme Castle presents a delectable array of confections to satisfy every palate:
Classic Cakes: Indulge in timeless flavours such as caramel butterscotch, exotic pineapple, fresh fruit cake, chocolate truffle, red velvet, and blueberry baked cheesecake.
Designer Cakes: Elevate your celebrations with meticulously crafted creations including Beer mug 4, blue fashionista, heart on hearts, fresh flowers cake, and colourful drip cake.
Custom Cakes: Tailored to your special occasions, they offer an exquisite selection of wedding cakes, Rakhi cakes, farewell cakes, corporate cakes, and anniversary cakes.
In addition to these delights, Creme Castle offers an assortment of cupcakes and desserts, ensuring there’s something for everyone. Whether you prefer eggless or with egg, they cater to all dietary preferences with their diverse range of options.
Founders & their story
- Pranjay Mittal
- Veena Mittal
Creme Castle specializes in crafting customized cakes within a remarkable two-hour timeframe, priced at a striking 40% lower than prevailing market rates. Their unique selling proposition lies in their exceptional designs and flavourful offerings, spanning cakes, cheesecakes, pastries, and eclairs. With three branches strategically located across Delhi NCR, they have garnered a loyal customer base exceeding 5 lakhs. Employing a process-dependent assembly line model, Creme Castle meticulously executes seven steps for designing a cake, with individual personnel trained for each step. Trainees receive a monthly salary of Rs 10,000. Embracing a multi-channel distribution strategy, they leverage cluster kitchens, cloud kitchens, dark stores, and offline bakeries.
Their efficient customer acquisition efforts incur a cost of Rs 400, with the first order typically valued between Rs 1700-1800. Recognizing the lifetime value of their clientele, estimated at Rs 2000, Creme Castle is poised to tap into the vast Indian cake industry market, valued at Rs 15000 crores. Sales volume is evenly split between personalized cakes and regular cakes. In a testament to their potential, the founders have secured an investment term sheet totalling 5.5 crores, valuing the company at Rs 31 crores. Projections indicate a swift payback period for a kitchen, ranging between 6-8 months. Despite facing challenges in logistics and taste standardization, Creme Castle maintains an impressive monthly repeat rate of 60%.
About the company
Creme Castle, renowned for its custom bakery offerings, began its journey as a cozy café and bakery nestled in Greater Noida. Since its inception in 2013, they have expanded their footprint to three cities: Gurugram, Noida, and Greater Noida. Founded by a talented home baker and her son, a graduate from IIT Delhi and FMS Delhi, Creme Castle has earned the distinction of being the top designer cake bakery in Delhi NCR.
Their dedicated team continually strives to craft unique and personalized delicacies. At Creme Castle, a cake transcends mere confectionery; it becomes an expression, a heartfelt gesture from one individual to another. Clients entrust them with the responsibility of transforming their emotions into beautifully crafted creations. The team approaches their role with unwavering passion and commitment, ensuring that each expression of love is adorned with the utmost care and attention to detail.
Revenue
In September 2023, sales amounted to Rs 88 lakhs for the company. In the fiscal year 2022-2023, they achieved sales of 7.2 crores, marking a substantial increase from the previous fiscal year’s revenue of Rs 5.2 crores (FY 21-23) and Rs 3 crores (FY 20-21). Projected sales for the fiscal year 2023-2024 are estimated to reach Rs 13 crores. Over the course of 1.5 years, the company anticipates a projected burn of Rs 4-4.5 crores as they invest in growth and expansion initiatives.
Founders’ Ask
60 lakhs for 1.5% equity at the valuation of Rs. 40 crores.
Offers
Amit’s offer: 60 lakhs for 4% equity at the valuation of Rs. 15 crores.
Founders’ Counteroffer
Offer 1: 60 lakhs for 2% equity at the valuation of Rs. 30 crores.
Offer 2: 60 lakhs for 2.5% equity at the valuation of Rs. 24 crores.
Final Deal
Amit: 60 lakhs for 2.5% equity at the valuation of Rs. 24 crores.
