The first episode of Shark Tank India Season 4 featured an exciting and dynamic panel of judges, including Aman Gupta, the witty co-founder of Boat; Anupam Mittal, founder of shaadi.com; Peyush Bansal, founder of Lenskart; and two inspiring women entrepreneurs: Namita Thapar, Executive Director of Emcure Pharmaceuticals, and Vineeta Singh, co-founder of Sugar Cosmetics.
Setting the tone for the season, Karishma Kewalramani, founder of FAE Beauty, delivered a pitch that was both compelling and empowering. Her opening statement, “Main apni favorite hoon,” captured the Sharks’ attention. Karishma’s brand, Free and Equal (FAE) Beauty, aims to cater to diverse Indian skin tones with products such as lip liners, glosses, mascaras, and brow gels. The brand emerged from Karishma’s recognition of the gap in inclusive beauty products available in the Indian market.
Karishma’s ask was bold – ₹1 crore for a 1% equity stake, valuing her company at ₹100 crore. Despite her business experiencing losses for several years, her resilience and vision impressed the Sharks, particularly Namita Thapar and Aman Gupta. Karishma shared that FAE Beauty had previously secured funding from Arihant Patni and Titan Capital, led by Kunal Bahl and Rohit Bansal, but she had to dilute her equity to 38% during this process.
While Peyush Bansal admired her determination to turn around her company’s financials—from a ₹2.5 crore loss to a ₹1.2 crore profit—Namita questioned her strategy for competing with global brands like Estée Lauder, which is targeting the Indian market with affordable product ranges.
The bidding was intense. Aman and Namita offered ₹1 crore for 3% equity, which Peyush matched. Meanwhile, Anupam Mittal proposed a slightly higher offer of ₹1 crore for 3.3% equity. However, Karishma countered with ₹1 crore for 1.3% equity, determined not to dilute her ownership further.
Ultimately, Karishma secured a deal with Aman and Namita for ₹1 crore in exchange for 1.5% equity, which thrilled her. Her story of perseverance—from working as a makeup artist in the US to building an inclusive beauty brand in India—created a lasting impression on both the Sharks and the audience.
