FAE Beauty: More Than Makeup – A Case Study in Inclusive Purpose and Strategic Persistence

FAE Beauty was featured in Season 4, Episode 1 of Shark Tank India on January 27, 2025.

"Main apni favourite hoon.” (I am my own favourite) - Karishma Kewalramani

These words, spoken by FAE Beauty founder Karishma Kewalramani on Shark Tank India, were not just a pitch punchline — they reflected a vision rooted in representation and relevance. The story of FAE Beauty, exemplifies how authentic purpose can drive business success.

Here is a detailed summary and review of the entrepreneurial journey of inclusive makeup by Grind2Glory.

The Origin

Founder: Karishma Kewalramani.

Background: Business Administration (UC Berkeley), ex-management consultant, trained makeup artist.

Founded: 2018 | Operations began: 2021.

Venture Type: Purpose-driven entrepreneurial setup

Industry: Personal Care, Cosmetics.

Karishma's shift from consultant to cosmetic entrepreneur wasn’t random; it stemmed from deep personal vulnerability and childhood insecurities. Her entrepreneurial spark emerged from hands-on work as a makeup artist on movie sets and a five-year journey of building a brand grounded in inclusivity. Her mission was clear: to create beauty products that truly reflect Indian skin tones.

From insecurity to inclusivity — that’s not just a mission, it’s a movement.

The Market Gap

India’s cosmetic market is approximately ₹50,000 Cr. Research shows that nearly 74% of Indian women fall in the medium-to-dark tone spectrum, yet most cosmetic and skincare products are launched or marketed for medium to fair skin tones.

FAE (Free and Equal) Beauty was born to challenge that imbalance. With a “NO Photoshop” policy and real-skin representations, Karishma was not just building a brand, but leading a movement. Her strong connection to the brand’s purpose came through powerfully on the show.

“If I had a daughter, she should not feel as insecure as I was,” she quoted.

Market Positioning and Product Strategy

FAE Beauty has strategically positioned itself within India's rapidly expanding beauty ecosystem. Studies indicate that inclusive beauty brands grow 1.5 times faster than their less inclusive counterparts. Key highlights of FAE's offering include:

• 50+ SKUs across lips, and skincare

• Hero Product: Lip Whip

• First brand in India to use jelly-tip ergonomic applicators

• R&D investment currently low (~5%), but with plans to scale

• Channels: D2C via website, marketplaces, and 25% via quick commerce

FAE isn’t just about makeup. It’s about reclaiming confidence.

The Financials

Over the last 5 years, the venture has grown at an exceptional scale—more than doubling year-over-year. The company witnessed losses during the initial years, which worsened until FY22–23 (peak loss), recovered significantly in FY23–24, and turned profitable in FY24–25.

Year	Revenue	EBITDA
FY20–21	₹30L	–₹80L
FY21–22	₹70L	–₹1.5Cr
FY22–23	₹3.3Cr	–₹2.5Cr
FY23–24	₹7.18Cr	–₹0.8Cr
FY24–25 (Till Oct)	₹10Cr	+₹1.25Cr

This journey reflects the typical business S-curve—early investment phase, a dip into loss territory, followed by scale-up and eventual profitability.

Investment Landscape and Valuation

The company's funding journey reflects growing investor confidence in the inclusive beauty segment. After raising ₹1.4 crore in debt and completing four investment rounds, FAE Beauty secured a term sheet from Titan Capital for ₹3 crore at a ₹22 crore valuation prior to the Shark Tank appearance.

Current Equity Distribution: Founder: 38%, Arihant Patni: 26%, Titan Capital: 13.5%, ESOP Pool: 10.3%, Family: 5.8%, Others: 6.4%

Deal Dynamics

Ask: ₹1 Cr for 1% Equity (Valuation of ₹100 Crs)

Deal: ₹1 Cr for 1.5% from Aman Gupta and Namita Thapar (Accepted lowest dilution option)

This decision, praised by the sharks, exemplified mature entrepreneurial thinking – prioritizing strategic partnerships and expertise over short-term valuation gains.

Other Offers:

• Peyush Bansal: ₹1 Cr for 3%

• Anupam Mittal: ₹1.5 Cr for 3%

• Vineeta Singh: Opted out due to a conflict of interest, but offered mentoring and R&D support

Grind2Glory Perspective

Almost all sharks praised the brand’s aesthetic appeal and packaging. Peyush commended the founder for accepting the term sheet at a lower valuation, applauding her long-term view over valuation obsession. Anupam highlighted the founder’s effort in creating a brand tailored for Indian beauty, not just inspired by global benchmarks.

From our lens, Karishma’s conviction (“Main apni favourite hoon”) stood out. She showcased:

• Purpose clarity rooted in lived experience

• Strategic persistence over a 5-year journey

• Sound fundamentals across product, branding, and operations

• Investor confidence reflecting belief in her leadership and vision

Based on our assessment and considering the overall alignment of the venture with the 4Ps Framework for Business Success, we would rate it as:

Purpose	Process	People	Performance
★★★★★	★★★★☆	★★★★☆	★★★★☆
One of the clearest “WHYs”—from insecurity to inclusivity	Product integrity + smart GTM; operations scaling in focus	Strong founder presence, ready for team diversification	Revenue traction + pivot to profitability = credibility

Strategic Learnings for Founders

• Clarity is your moat: Karishma’s clarity of mission turned empathy into equity

• Don’t chase valuation—chase viability: A 33% lower deal can lead to 100% better results with the right partners.

• Authentic Brand Positioning: The "real skin, real story" approach resonated in a market oversaturated

• Customer-Centric Innovation: By listening to users rather than following trends, FAE identified and addressed genuine market needs.

Areas of Focus Going Forward

• Brand Evolution: Expand beyond founder-led storytelling without losing authenticity

• Omnichannel Enhancement: CRM, WhatsApp support, and CX analytics

• Build supply chain resilience

• Institutionalize marketing muscle: amplify user stories

• R&D Investment: Expand product research to stay ahead of trend curves

Brand Touchpoints

Company Name: FAE BEAUTY PRIVATE LIMITED

Incorporated: December 5, 2018

Employee Base: 11–50 (as per LinkedIn)

Website: https://www.faebeauty.in

Email: support@faebeauty.in

Social:

Instagram: @faebeautyofficial (122K followers)

Facebook: @faebeautyofficial (1.5K followers)

LinkedIn: FAE Beauty (11K followers)

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We hope you enjoyed reading this episode summary and found value in the insights drawn from the founder's journey.

If this narrative gave you something to reflect on, share it with a fellow founder who could use a spark of learning or inspiration today.

At Grind2Glory, we believe every pitch holds a mirror to our own mindset, methods, and ambitions.

Real skin. Real story. Real impact.

We’d love to hear your take—what did you think of the pitch, the product, or the founder's story? Drop your thoughts, tag us, or reach out with your perspective.

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Disclaimer:

The 4Ps rating framework presented in this article—covering Purpose, Process, People, and Performance—is designed solely for educational and analytical purposes. These ratings do not serve as an endorsement, guarantee, or validation of the quality, safety, or suitability of the products or services offered by the featured founder or company. Readers, customers, and stakeholders are encouraged to exercise their own due diligence and discretion before engaging with any brand, service, or investment opportunity. The Grind2Glory perspective is intended to highlight the adoption of sound entrepreneurial approaches, not to certify commercial readiness or consumer benefit.