Twisting Scoops, the largest and first Turkish ice cream chain in Asia, made a sizzling appearance on Shark Tank India. The charismatic duo of Kunwarpreet Singh Juneja and Manmeet Singh Batra, founders of the company, took to the stage to pitch their brand to the sharks.
The two school friends, who were previously involved in the textile industry, stumbled upon the idea for Twisting Scoops during a vacation to Turkey. They were so enamored by the Turkish ice cream that they decided to bring it to India. Thus, Twisting Scoops was born in 2016.
Twisting Scoops prides itself on using 100% goat milk, which is chemical-free and combined with authentic Turkish ingredients. The ice cream is handcrafted by professionals from Turkey. In addition to their Turkish ice cream, Twisting Scoops also offers a range of Middle Eastern and Turkish treats, such as Baklavas, Kunafa, and Turkish coffee. They also serve falafel, making their stores a one-stop-shop for all things Middle Eastern.
With 37+ stores across 15+ cities in India, Twisting Scoops has made quite an impact in the market. Their stores come in three formats: kiosks, stores, and carts. The kiosks range from 100 to 200 sq. feet, while the stores are between 200 to 300 sq. feet. The carts are located at airports, allowing travelers to indulge in Twisting Scoops' delicious treats before boarding their flights. Of their 45+ flavors, the average price of one scoop of ice cream is 79 rupees + GST.
The founders have 240 professionals working for them, and they have a manufacturing plant located in Delhi. They have partnered with Air India Cargo, which ensures that all their outlets receive stock within 72 hours from the Delhi plant. They are currently bootstrapped and have been profitable from day one.
|Ask for Equity||1 crore rupees for 2.5% equity|
|Monthly Sales||14 to 16 lakh rupees per store|
|COGS and Logistics||30%|
|Monthly Sales Avg.||2.5 to 2.75 crore rupees|
|Monthly Profit Avg.||40 to 50 lakh rupees|
Peyush and Aman, two of the sharks, made an offer of 50 lakhs for 10% equity and 50 lakhs in debt at 12% interest. However, the founders refused the offer, leaving the sharks disappointed and no deal was finalized.
Despite not striking a deal, Twisting Scoops made quite an impression on the sharks and the viewers. With their unique and authentic Turkish treats, combined with their efficient supply chain and profitability, Twisting Scoops is definitely a brand to watch out for in the Indian market.
Here are some learnings for businesses, based on the success story of Twisting Scoops:
- Be open to new ideas: Kunwarpreet Singh Juneja and Manmeet Singh Batra, the founders of Twisting Scoops, stumbled upon the idea for their business during a vacation to Turkey. They were open to new experiences and ideas, which ultimately led them to start a successful business. Therefore, businesses should always be open to exploring new ideas and opportunities.
- Focus on product quality: Twisting Scoops prides itself on using 100% goat milk, which is chemical-free and combined with authentic Turkish ingredients. This attention to quality has helped them differentiate their brand in a crowded market. Businesses should focus on delivering high-quality products or services to create a loyal customer base.
- Efficient supply chain: Twisting Scoops has partnered with Air India Cargo to ensure that all their outlets receive stock within 72 hours from the Delhi plant. This efficient supply chain has helped them maintain consistency in their product quality and meet customer demand. Businesses should focus on building a reliable and efficient supply chain to optimize their operations.
- Multiple revenue streams: Twisting Scoops offers a range of Middle Eastern and Turkish treats in addition to their Turkish ice cream. This has helped them attract a wider customer base and generate multiple revenue streams. Businesses should consider diversifying their product or service offerings to tap into new markets and revenue streams.
- Profitability from day one: Twisting Scoops has been profitable from day one. This is a testament to their efficient operations and focus on profitability. Businesses should prioritize profitability and develop a sustainable business model from the start.