New Delhi, March 12
The new episode of EURShark Tank India' season 3 witnessed a pitch by a customised lipstick brand EURKaribo' cosmetics, however, the brand failed to seal a deal with the sharks.
Hailing from Mumbai, the founders of 'Karibo Cosmetics' Bhakti Bhanushali and Jasmine Shah had launched it in October 2020.
It offers make your choice of lipstick from scratch, and the customisations available for lipsticks are -- shade, texture, essence and others. They provide refillable packaging, dermatologist-approved, child-friendly, cruelty-free, and vegan products.
'Karibo' gives experience of live lipstick making, and has hosted swatch parties at 500 plus domestic and international events. The lipstick bars available for corporate events, weddings, kitty parties, and bachelorettes etc.
During the pitch, Jasmine said: "Nowadays, we might get a perfect life partner, but we don't get a perfect shade of makeup."
Bhakti shared: "That's the reason we want to make 'Karibo' a brand which helps everyone customise all their beauty products including lipsticks and blush and get the shade they want."
They asked for Rs 80 lakh for 5 per cent equity.
Peyush Bansal (Co-founder and CEO of Lenskart.com) said: "How did you get this idea?"
Jasmine replied: "We used to work together in a media agency. We had to link an influencer with a cosmetic brand and we conducted a brainstorming session. The basic idea of the brainstorming session was that we were giving them a unique identity."
"While discussing, we had a thought that we present everything as a unique identity but we compel customers to pick shades from a rack. So why not just let them create their own product so they have the freedom to make their own product," she shared.
Jasmine went on to say, "Actually, we started the company at just 21 years of age. So we are still in the process of channelising the company."
Vineeta Singh (Co-Founder and CEO of SUGAR Cosmetics), said: "You haven't started your work like a proper company yet. You took payment in cash and settled it in cash. You'll now start incorporating and documenting your company."
Peyush asked: "What's your plan? Did you raise an investment? Are you raising money?"
Vineeta added: "First, you must incorporate your company. If somebody audits your books now, they won't get much information. Right? You might have paid some bills in cash."
Aman Gupta (Co-Founder and CMO of boAt) commented: "I feel you two are sweet and passionate. Hire a business head. I'm out today because I don't see your business going in the right direction. I think you are doing it out of passion, which is also not wrong. I wish you to stay happy and enjoy your work."
Hence, they failed to secure a deal on the business reality show.
'Shark Tank India 3' streams on Sony LIV.