FAE Beauty, for Free and Equal, is not only changing beauty—it’s rewriting the industry’s rulebook. Established by Karishma Kevalramani in 2018, the brand took a dramatic debut on the season 4 premiere of Shark Tank India, offering not only products but a movement around gender-neutral, inclusive beauty. The outcome? A ₹1 crore investment for 1.5% equity from Sharks Aman Gupta and Namita Thapar, after tough negotiation and a valuation offer of ₹100 crore.

This milestone moment marks the emergence of FAE Beauty as one of India’s most innovative and ambitious beauty companies.

A Daring Ask with Strong Conviction
Karishma approached the tank looking for ₹1 crore in return for a mere 1% equity, valuing the company firmly at ₹100 crore. This was even after she had diluted 38% of her equity in earlier rounds of funding, which only reflected her conviction in the direction of the brand.

The pitch impressed, not only because of its valuation but because of the vision for clarity. Karishma conveyed that FAE Beauty is not only a cosmeceutical company—it’s a company that stands up for diversity, inclusivity, and real representation.

Her strategy involved a no-holds-barred five-year plan:

Scaling an omnichannel presence with a strong emphasis on offline trade.
Penetration in tier 2 and tier 3 towns through vernacular content and tariffed pricing.
Sustaining good product differentiation so that they do not become another “me-too” beauty brand.
Shark Reactions: From Skepticism to Bidding War
Not all the sharks were sold initially. SUGAR Cosmetics co-founder Vineeta Singh declined, expressing concerns about valuation and dilution of equity.

But the others saw the opportunity and jumped into it.

Aman Gupta (boAt) and Namita Thapar (Emcure Pharmaceuticals) made the first bid of ₹1 crore for 3% equity.
Peyush Bansal (Lenskart) followed suit.
Anupam Mittal (Shaadi.com) sweetened the deal with ₹1 crore for 3.3%.
Karishma, though, held her ground. She countered with ₹1 crore for 1.3% equity. After some more haggling, a final agreement was reached with Aman and Namita at ₹1 crore for 1.5% equity, maintaining the brand valuation high while securing strategic support.

FAE Beauty’s Numbers Tell the Real Story
What really supports Karishma’s aggressive pitch is FAE Beauty’s stunning growth path:

FY24 Revenue: ₹7.18 crore (from ₹3.14 crore in FY23) — a 128.43% growth
Net Loss Reduction: ₹90.28 lakh in FY24 (from ₹2.65 crore in FY23) — a 65.95% reduction
These figures point not only to growth, but to operational maturity and enhanced profitability.

A Purpose-Driven and Performance-Focused Founder
Karishma Kevalramani is as eloquent in interviews as she is in the tank. Speaking on the future of the brand, she said to BrandWagon Online:

“Product differentiation is critical. We won’t be able to compete if our products are me-too formulations. Regional language marketing and tier 2, 3 outreach will be paramount for scaling offline.”

She further added that retaining a connection to the community and respecting customer opinion is what builds long-term success.

“By focusing on inclusivity in an industry that often misses out on certain groups, we’ve built a loyal community. That’s really at the heart of our long-term success.”

FAE Beauty’s Product and Mission
The flagship Buildable Matte Lipstick has already become a cult favourite. The product line includes vegan, cruelty-free, gender-neutral cosmetics, resonating with India’s young, socially conscious consumers.

From primers and foundations to highlighters and blushes, all FAE products are designed with a range of Indian skin tones and non-binary identities in mind. This bold positioning has made FAE a standout in a saturated beauty space.

What’s Next for FAE Beauty?
With funding in place and strategic partners on board, FAE Beauty is now busy with:

Building its retail presence through offline channels.
Rolling out vernacular-led campaigns for improved reach in small cities.
Following innovation with non-duplicable, differentiated product lines.
Growing revenues and attaining profitability without giving up mission.
Supported by Sharks Aman Gupta and Namita Thapar’s credibility, Karishma is well positioned to transform FAE from being a niche phenomenon to being a national leader in the personal and beauty care domain.