How one founder turned personal struggle into a bold brand reshaping the Indian beauty narrative.
Why FAE Beauty Had to Exist
India is a country of deep melanin — yet beauty counters are still stacked with ivory tones, pink blushes, and Eurocentric ideals. With 74% of Indian women falling into the brown to deep brown skin tone category, most beauty brands fail to cater to them.
For Karishma Kewalramani, the founder of FAE Beauty, this wasn’t just a market gap — it was a lived experience. Growing up, she struggled with colorism, self-doubt, and the absence of representation. Her response? Create what she never had.
“I built FAE because I never saw myself in any beauty ad. Now, I want every Indian to feel seen.” — Karishma Kewalramani
The FAE Formula: Free and Equal
Launched in 2019, FAE (Free and Equal) Beauty isn’t just here to sell products — it’s here to make a point.
What Makes FAE Different:
- No Photoshop Policy – Real skin, real textures, real people.
- Gender-Inclusive Branding – Beauty beyond binaries.
- Hero Product: Lip Whip – A bestseller and a key driver of their success.
- Made in India, Made for India – Formulations are vegan, cruelty-free, and tailored for Indian climatic conditions. Over 50 SKUs are built in-house, backed by 5% of revenue invested in R&D.
FAE Beauty walks the talk — both online and offline.
Market Snapshot: A ₹50,000 Cr Opportunity
- Total Addressable Market (TAM): ₹50,000 Cr
- Price Positioning: Premium (₹500–₹800 range)
- Competition: Sugar, Kay Beauty, indie D2C brands
- Growth Channels:
- D2C via website
- Quick Commerce: Zepto, Blinkit (25% of revenue)
- Select marketplaces like Nykaa
Unlike most competitors, FAE isn’t chasing trends — it’s creating a cultural shift.
The Revenue Rollercoaster
| Financial Year | Revenue | Losses |
| FY20-21 | ₹30 Lakh | ₹80 Lakh |
| FY21-22 | ₹70 Lakh | ₹1.5 Cr |
| FY22-23 | ₹3.3 Cr | ₹2.5 Cr |
| FY23-24 | ₹7.18 Cr | ₹90.28 Lakh |
- Total Customers Served: 3,00,000+
- Biggest Win: Strong repeat rates on Lip Whip, now a cult product.
What makes this journey noteworthy isn’t just the growth — it’s the brutal honesty with which Karishma has steered it.
Pivoting with Grit: From Burn to PMF
FAE didn’t have a smooth start. Early products, like their first buildable matte lipsticks, didn’t achieve sufficient product-market fit and were discontinued. Burn rates were high, and funding was tight. The turning point?
Product-Market Fit (PMF) — discovered with Lip Whip, a creamy, bold lip formula that resonated with the market.
Karishma doubled down, slashed burn, studied the P&L, and restructured the entire business with a focus on profitability.
“I don’t fear competition anymore. I wear blinders and focus on what FAE needs to do.”
Shark Tank India: A Masterclass in Founder Focus
Appearing on Season 4, Karishma made a powerful impression.
The Ask:
- ₹1 Cr for 1% equity
- Implied Valuation: ₹100 Crores
What the Sharks Said:
- Vineeta Singh: “Phenomenal packaging. Strong recall.
- Anupam Mittal: Offered up to ₹1.5 Crores for 3%.
- The pitch sparked a bidding war among the sharks.
What Karishma Did:
She negotiated firmly, countering multiple offers to avoid excessive equity dilution.
“Living to fight another day matters more than valuation obsession.”
Final Deal:
- ₹1 Cr for 1.5% equity
- Investors: Aman Gupta & Namita Thapar
- New Valuation: ₹66.67 Cr
Business Model Snapshot
- EBITDA: 12%
- COGS: 25%
- Marketing: 35%
- Logistics & Payment Gateways: 10%
- Overheads: 18%
- Cash in Bank (at time of pitch): ₹2 Cr
- Debt Available (at time of pitch): ₹1.4 Cr
Founder Takeaways: What We Can Learn from Karishma
- Know Your Why – Her personal story gave the brand soul and clarity.
- Fall in Love with Your Numbers – Understanding her P&L saved the business.
- Survive First, Scale Later – Down rounds aren’t failure — they’re resilience.
- Hero Products Matter – Lip Whip became FAE’s engine, not just another SKU.
- Don’t Follow Trends – Build what your customers truly need, not what Instagram says is cool.
The Road Ahead
Karishma’s goal is bold and beautiful — to build a ₹100 Cr inclusive beauty brand that her daughter and every brown girl can be proud of. To support its growth, FAE Beauty has partnered with Unicommerce to streamline its online and quick commerce operations.
FAE isn’t just selling lipstick. It’s selling freedom, equality, and fierce self-expression.
What About You?
Are you building something from personal pain like Karishma? Would you take a down round to protect your team and mission?
Disclaimer: The information in this article is intended for general informational purposes only and does not constitute financial, legal, or professional advice. Results discussed (e.g., revenue figures, valuation details) are based on publicly available data and case study insights; actual outcomes may vary. Readers should conduct their own due diligence before making business or investment decisions.