- Founder/Owner: Bhakti Bhanushali and Jasmine Shah
- Business: Cosmetics
- Ask: ₹80 Lakhs for 5% Equity
- Valuation/ Networth: ₹16 Crores
- Funding: No Deal
- Sharks: No Deal
- Episode: Season 3 Episode 36
Karibo Cosmetics Shark Tank India Pitch:
Karibo Cosmetics is a customized lipstick brand that offers you the opportunity to create your ideal lipstick from scratch. Not only can you customize the shade, but also the texture, essence, and other aspects of the lipstick. Karibo products prioritize values such as vegan, cruelty-free, child-friendly, and dermatologist-approved formulations, packaged in refillable containers. They provide customers with the unique experience of live lipstick making through hosted swatch parties at 500+ domestic and international events. Lipstick Bars are available at various occasions including corporate events, weddings, kitty parties, bachelorettes, and more.
Karibo Cosmetics Financials & Revenue during Shark Tank India:
In domestic events, the minimum order is 6 lipsticks, while for intercity and international events, it is 25 lipsticks. Karibo Cosmetics has successfully executed over 500 events in the last 3 years. With a team of 12 mixologists, they cater to 2 to 3 events depending on the size of each event. During the off-season, one event generates around ₹25,000, while during peak season, one event generates around ₹45,000.
In FY22-23, Karibo Cosmetics achieved sales of ₹80 lakhs with a 60% gross margin. As of FY23-24 (Till September), they have already achieved sales of ₹64 lakhs with a 60% gross margin and are projecting sales of ₹1.65 crores for the full fiscal year.
Who are founders of Karibo Cosmetics?
Karibo Cosmetics was founded in October 2020 by Bhakti Bhanushali and Jasmine Shah. Both Bhakti and Jasmine hold 50% equity in the company.
Karibo Cosmetics Shark Tank India Negotiations & Funding:
Aman was the first shark to opt out of negotiations, advising them to get a business founder who will strategize on how to grow the business. On the other hand, Peyush advised the founders to launch lipsticks under the Karibo Brand while simultaneously maintaining their current services. However, he chose to opt out of negotiations as he believed it was too early to invest, and the direction of the business was unclear.
Radhika believed in the concept’s potential and emphasized the urgency of establishing the company from it. She also stressed the importance of being particular about their numbers. Ritesh offered to assist in establishing the company and in filing taxes but decided to sideline from negotiations as he believed they needed at least 1 to 1.5 years to develop further.
Vineeta suggested that the founders continue to operate the business as a service-oriented venture, highlighting its uniqueness as a brand differential, and she chose to opt out of negotiations.
How is Karibo Cosmetics doing after Shark Tank India?
Our research into Karibo Cosmetics revealed that although they did not secure a deal on Shark Tank India, their appearance on the show had a positive impact on their business, leading to a significant increase in followers on Instagram, with a current count of 34.6K. This exposure has provided validation and increased visibility across India, which is expected to translate into sales. You can explore Shark Tank products by clicking the Amazon button below!
Thank you for supporting the blog as we make small commissions on purchases done through the above link.
Source: Instagram @Kariboforyou
Here are other companies from Season 3 Episode 36: