FAE Beauty, standing for Free and Equal Beauty, has emerged as a trailblazer in India’s beauty industry since its founding in 2018. With a mission to create inclusive, vegan, and cruelty-free products tailored for every shade of brown skin, the Mumbai-based brand challenges conventional beauty standards. This comprehensive profile explores FAE Beauty’s journey, from its founders’ vision to its Shark Tank India success, financial growth, funding milestones, operational strategies, and the inspiring story behind its rise.
Company Profile
FAE Beauty is a digital-first, direct-to-consumer (D2C) beauty brand headquartered in Mumbai, Maharashtra. Established in 2018, it specializes in vegan and cruelty-free cosmetics, including matte lipsticks, mascaras, primers, lip glosses, and more, designed specifically for Indian skin tones. The brand’s product portfolio exceeds 50 offerings, available through its official website (FAE Beauty), major marketplaces, and quick-commerce platforms. FAE Beauty has served over 3 lakh customers, tapping into a beauty market valued at over Rs 50,000 crore.
What sets FAE Beauty apart is its commitment to authenticity and inclusivity. The brand employs a strict “no-Photoshop” policy, showcasing unedited images of real people in its campaigns, reflecting diverse skin tones, genders, and identities. This approach resonates with consumers seeking genuine representation, positioning FAE Beauty as a leader in redefining beauty standards (YourStory).
Founders
FAE Beauty was founded by Karishma Kewalramani, with Dayal Ram Kewalramani also playing a key role in its establishment. Karishma, the primary visionary, is a Mumbai-based entrepreneur with a robust background. She holds a business administration degree from the University of California, Berkeley, and has worked as a makeup artist on film and TV sets, as well as a management consultant. Her experiences in the beauty industry and her passion for inclusivity inspired her to launch FAE Beauty in late 2019.
Karishma’s goal was to create a brand that challenges traditional beauty norms, making products accessible to all, regardless of skin tone, gender, or orientation. Her personal journey with makeup, which transformed her self-perception, fuels the brand’s mission to empower others (Shark Tank India Club).
Shark Tank India Appearance
In January 2025, FAE Beauty appeared on Shark Tank India Season 4, which premiered on January 6, 2025. Founder Karishma Kewalramani pitched for Rs 1 crore for 1% equity, valuing the company at Rs 100 crore. She highlighted FAE Beauty’s inclusive mission, noting that 74% of Indian women have brown, dark brown, or intense brown skin tones, yet the beauty industry often caters to fair skin.
Despite early financial challenges—losses of Rs 80 lakh in FY20-21 and Rs 2.5 crore in FY21-22—Karishma’s vision and the brand’s growth impressed the sharks, including Anupam Mittal, Vineeta Singh, Peyush Bansal, Aman Gupta, and Namita Thapar. After negotiations, Aman Gupta and Namita Thapar offered Rs 1 crore for 1.5% equity, which Karishma accepted, valuing the company at Rs 66.67 crore. The deal not only provided capital but also validated FAE Beauty’s potential in the competitive beauty market (Financial Express).
Financial Performance
FAE Beauty’s financial journey reflects both challenges and remarkable growth. In FY24, the company reported a revenue of Rs 7.18 crore, a 128.43% increase from Rs 3.14 crore in FY23. Early years were marked by significant losses: Rs 80 lakh in FY20-21 and Rs 2.5 crore in FY21-22. However, by FY24, the net loss was reduced to Rs 90.28 lakh, a 65.95% decrease from FY23’s Rs 2.65 crore, indicating improved operational efficiency (Financial Express).
The following table summarizes FAE Beauty’s financial trajectory:
| Fiscal Year | Revenue (Rs) | Net Loss (Rs) | Notes |
|---|---|---|---|
| FY20-21 | 30 lakh | 80 lakh | Initial year, high losses |
| FY21-22 | 3.3 crore | 2.5 crore | Significant revenue growth, but losses persisted |
| FY23 | 3.14 crore | 2.65 crore | Steady revenue, slight increase in losses |
| FY24 | 7.18 crore | 90.28 lakh | 128.43% revenue growth, 65.95% loss reduction |
Funding
FAE Beauty has secured significant funding to fuel its growth. The company has raised $940,000 over five rounds from nine investors, including Patni Financial Advisors (Tracxn). A pivotal moment came during its Shark Tank India appearance, where Karishma secured a deal for Rs 1 crore for 1.5% equity. Prior to the Shark Tank deal, Karishma had diluted 38%部分 of her equity in earlier funding rounds, demonstrating her willingness to prioritize the company’s growth over personal ownership. This strategic approach has enabled FAE Beauty to scale rapidly while maintaining its inclusive ethos.
Net Worth and Valuation
As of its Shark Tank India pitch in January 2025, FAE Beauty was valued at Rs 66.67 crore, based on the deal of Rs 1 crore for 1.5% equity. Earlier reports from April 2023 estimated the founders’ net worth at Rs 14.8 crore, though this figure is likely outdated given the company’s recent valuation and financial performance (Tracxn).
Case Study: Overcoming Operational Challenges
FAE Beauty faced significant operational challenges, particularly high Return to Origin (RTO) rates due to the prevalence of Cash-on-Delivery (COD) orders in India. These returns impacted efficiency and increased costs. Additionally, the checkout process was slow, taking 1.5 to 3 minutes to complete.
To address these issues, FAE Beauty partnered with Razorpay and implemented Magic Checkout. This solution introduced COD RTO Intelligence, which deactivated COD for high-risk orders and provided insights to block high-RTO pin codes and IP addresses. RTO protection covered return costs for approved orders, while a streamlined checkout process with pre-populated details reduced completion time by up to five times. As a result, FAE Beauty achieved a 33.3% reduction in RTO rates, improving operational efficiency and customer satisfaction (Razorpay Blog).
Another strategic initiative involved product bundling to increase average order value (AOV). While specific details are limited, FAE Beauty’s use of customizable fixed bundles reportedly generated Rs 12 million in revenue, further driving growth (Skailama).
The FAE Beauty Story
FAE Beauty’s story is one of vision, resilience, and innovation. Founded by Karishma Kewalramani in late 2019, the brand was born from her desire to create a beauty industry that embraces all skin tones and identities. Inspired by her education in California and her experiences as a makeup artist, Karishma sought to challenge the status quo, asking why beauty brands couldn’t be more approachable, transparent, and inclusive.
FAE Beauty’s ethos is rooted in authenticity. The brand uses real, unedited images in its campaigns, featuring models who reflect the diversity of its customer base. Its products are formulated for Indian skin tones and climates, ensuring high performance in warm conditions. By prioritizing quality, ethical values, and trendsetting innovation, FAE Beauty has built a loyal following and established itself as a movement to redefine beauty (YourStory).
From its bootstrapped beginnings, FAE Beauty expanded through social media campaigns and influencer collaborations. Its flagship product, the Lip Whip, became a customer favorite, symbolizing the brand’s commitment to quality and innovation. The company’s appearance on Shark Tank India and its operational improvements, such as the Magic Checkout implementation, have propelled it to new heights, with a valuation of Rs 66.67 crore and a growing presence in India’s beauty market.
Conclusion
FAE Beauty’s journey from a startup to a Rs 66.67 crore brand is a testament to its inclusive vision, strategic innovation, and operational resilience. By addressing challenges like high RTO rates, leveraging funding opportunities, and staying true to its mission, FAE Beauty has carved a unique space in the beauty industry. As it continues to expand its product offerings and reach, the brand remains committed to making beauty free and equal for all, setting a new standard for authenticity and inclusivity in India and beyond.
Last Updated on Tuesday, May 6, 2025 3:25 pm by Ankur Srivastava
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