Plant Based
Bakery and Packaged Grocery
Season 3 Episode 2
| Brand | The Cinnamon Kitchen |
| Company Name | TCKI PLANT FOODS PVT. LTD |
| Founders | Priyasha Saluja |
| Original Ask | 60 lakhs for 2% equity at the valuation of Rs. 30 crores |
| Deal | 60 lakhs for 5% equity at the valuation of Rs. 12 crores |
About the Product
Crafted with utmost care, their product lineup proudly boasts being 100% gluten-free and free from preservatives, showcasing a commitment to using only the finest ingredients available. From delectable Lavender Lemon Butter Cookies to the guilt-free indulgence of Keto Flourless Cake, their offerings include a variety of treats such as Fudge, Methi Millet Crackers, and Vegan Cheeze-its.
This health-conscious brand places a premium on quality, ensuring their range is not only delicious but also adheres to dietary preferences and restrictions. The diverse product selection spans cookies, healthy bites, spreads, and granola, promising a delightful and wholesome culinary experience. Available both on their website and various online marketplaces, the brand ensures accessibility for those seeking high-quality, gluten-free, and preservative-free alternatives. Each product is a testament to their dedication to providing a tasty yet health-conscious option in the realm of snacks and treats.
Founders & their story
- Priyasha Saluja
The founder, driven by a love for cooking and eating, embarked on a journey inspired by personal experience. At the age of 13, facing PCOS, they recognized the challenge of making healthy food tasty. This led to experiments in crafting healthy snacks at home, substituting millet for maida, eliminating white sugar, and incorporating natural sweeteners.
The result is a 100% gluten-free, sugar-free, and plant-based bakery, committed to providing tasty yet healthy options. Their vegan cakes, including a Keto cake, stand out for their unique recipes and suitability for those with diabetes. The star product, “Fudge,” exemplifies their dedication to creating delicious, preservative-free offerings. Operating from a 2500 square feet factory in Noida since 2019, they have expanded their presence to retail stores, Amazon, Blinkit, and their own website. Their product portfolio spans two categories: fresh bakery and packaged grocery items, totaling 45 SKUs. Notable offerings include “Oh Fudge” priced at 70rs per piece, with a shelf life of 15 days, and “Vegan Nutella” retailing at 550rs per jar.
Prioritizing distribution and extending shelf life, they have secured deals with Delhi and Bangalore airports. Recognizing the vast potential in the Indian snacking market, which is estimated at 70k crores, they aim to capture a significant share in the 10% snacking segment through their tasty yet healthy offerings.
About the company:
In 2018, The Cinnamon Kitchen emerged as an Instagram page, dedicated to sharing recipes and lifestyle insights that championed mindful living. The idea was to inspire others to adopt healthier habits and cultivate a conscious approach to daily life. The following year, recognizing the practical challenges faced by many who wanted to embrace the presented healthy lifestyle, Priyasha took a leap by establishing a small home kitchen. This step aimed at providing a solution for those lacking the resources, time, or inclination to prepare these wholesome meals themselves.
As the home kitchen started gaining traction in 2020, operating from a humble corner, it attracted organic celebrity following and garnered a loyal clientele. The quality of products and unique offerings became synonymous with The Cinnamon Kitchen, contributing to its growth. By 2021, the kitchen’s expansion became inevitable due to word-of-mouth marketing by extremely loyal customers. Retailers also expressed interest, propelling the brand into a tiny 1000 sq ft facility—a significant move from its origins in a home kitchen. The momentum continued into 2022, with The Cinnamon Kitchen outgrowing the 1000 sq ft facility within six months, necessitating another relocation to a more substantial space. During this period, the brand also extended its reach by offering nationwide delivery services.
Fast forward to 2023, The Cinnamon Kitchen now operates from a fully-fledged commercial facility with over 25 employees. It has forged prominent retail partnerships with Blinkit, LeMarche, Amazon, and established several community collaborations. Despite the substantial growth, the brand remains steadfast in preserving its essence, remembering its humble beginnings, and staying true to the promise of delivering only the best.
Revenue:
The sales trajectory of the company has witnessed remarkable growth over the past few years: from 1.4 lakhs in FY 19-20 to 12.5 lakhs the following year, escalating to 25 lakhs in the subsequent year. The most recent fiscal year, FY 22-23, saw sales soar to an impressive 82 lakhs. Projections for FY 23-24 indicate a substantial leap, aiming for sales to reach 6 crores.
This bootstrapped company commenced with an initial investment of 50k, showcasing resilience and strategic resource management. The business is divided between the bakery, contributing to 25% of the portfolio, and packaged products, commanding a substantial 75%. The company boasts a commendable 30% profit margin, demonstrating both financial sustainability and growth potential. Performance marketing was initiated a few months ago, adding a strategic layer to the company’s growth plan. This solidifies their position in the market and sets the stage for continued success in the thriving food industry.
Founders’ Ask
60 lakhs for 2% equity at the valuation of Rs. 30 crores.
Offers:
Vineeta: 60 lakhs for 10% equity at the valuation of Rs. 6 crores.
Anupam and Vineeta: 60 lakhs for 10% equity at the valuation of Rs. 6 crores.
Aman: 10 lakhs for 2% equity at the valuation of Rs. 5 crores and 50 lakhs debt at 12% for 2 years.
Aman’s Revised Offer: 60 lakhs for 5% equity at the valuation of Rs. 12 crores.
Founders’ Counteroffer:
60 lakhs for 4% equity at the valuation of Rs. 15 crores.
Final Offer:
Aman: 60 lakhs for 5% equity at the valuation of Rs. 12 crores.
