Biography of Bhakti Bhanushali: Founder and CEO of Karibo Cosmetics- Entrepreneur
Biography of Bhakti Bhanushali:
Birth of Karibo Cosmetics
Bhakti Bhanushali, a beauty brand entrepreneur, co-founded
Karibo Cosmetics in October 2020 alongside Jasmine Shah. The idea behind the
startup was to provide a unique solution to a common problem faced by many
beauty lovers: finding the perfect shade of lipstick. This inspired Bhakti and
Jasmine to create a platform where customers could fully customize their
lipstick, choosing the shade, texture, essence, and more, from scratch.
The Vision Behind Karibo
The founders wanted Karibo Cosmetics to be more than just a
cosmetic brand. They aimed to blend customization with skincare, ensuring that
their lipsticks not only suited individual preferences but also cared for the
skin. Their products are dermatologist-approved, vegan, cruelty-free, and use
refillable packaging, making them a sustainable and eco-friendly choice in the
beauty market.
A Unique Business Concept
At Karibo, customers can enjoy an immersive experience of
live lipstick making. The company has also hosted over 500 swatch parties at
various domestic and international events, creating a fun, interactive way for
people to engage with the brand. Their services include lipstick bars at
corporate events, weddings, and private parties, allowing attendees to
customize their shades while having a good time.
The Shark Tank Pitch
Karibo Cosmetics made its debut on Shark Tank India during
Season 3, where Bhakti and Jasmine pitched their business to the sharks. They
asked for an investment of ₹80 lakh for 5% equity in their company, valuing the
business at ₹16 crore. Their pitch emphasized the idea of personalized beauty
products, offering customers the freedom to create the perfect shades tailored
to their unique needs.
The Sharks’ Questions
During the pitch, the sharks were curious about how Bhakti
and Jasmine came up with the idea. Jasmine explained that while working
together at a media agency, they noticed that beauty brands offered standard
products with fixed shades. This led them to the idea of allowing customers to
create their own customized makeup, which would give them the freedom to
express their individuality.
Facing Challenges
Although the sharks were impressed with the concept, they
raised some concerns. Vineeta Singh, Co-Founder of SUGAR Cosmetics, pointed out
that Karibo Cosmetics hadn’t yet properly established itself as a business. The
company had been handling transactions in cash and hadn’t incorporated or
documented its operations properly, which made it difficult for investors to
evaluate the financial stability of the company.
Biography of Bhakti Bhanushali: Founder and CEO of Karibo Cosmetics- Entrepreneur/age/net worth/investor/startup/customizable lipsticks/Karibo Cosmeti
Lack of Proper Documentation
Vineeta’s concerns about the lack of proper documentation
were echoed by Peyush Bansal, the Co-founder of Lenskart. He asked about their
plans for raising investment and questioned whether they had already raised any
capital. Jasmine and Bhakti admitted that they were still in the process of
formalizing their operations, which led to further doubts from the sharks about
the business's readiness for growth.
Passion vs. Business Reality
Aman Gupta, Co-Founder of boAt, appreciated the founders'
passion but expressed doubts about the business’s direction. He felt that they
were doing the work out of passion, which was not necessarily wrong, but the
company lacked a clear business head to guide it toward sustainable growth. He
wished the founders well but ultimately decided not to invest.
Not the Right Time for Investment
The sharks’ collective feedback made it clear that while the
concept was innovative and the founders were passionate, Karibo Cosmetics was
not yet ready for investment. The company needed to solidify its business
structure, focus on financial documentation, and hire a business head to handle
the operational side of things.
The Reaction to the Rejection
Despite not securing a deal with the sharks, Bhakti and
Jasmine remained hopeful and optimistic about their venture. Their pitch had
garnered attention and increased brand visibility, and they were determined to
continue growing their business. The rejection was a setback, but it didn’t
dampen their enthusiasm for creating a customized beauty experience for their
customers.
The Journey Continues
Since their appearance on Shark Tank India, Bhakti and
Jasmine have continued to push forward with their business, refining their
model and gaining more customers. They remain focused on providing a
high-quality, sustainable product that gives consumers the freedom to create
their ideal lipstick shade, while also making strides in the beauty industry by
combining customization with skincare.
Building a Sustainable Beauty Brand
As Karibo Cosmetics moves forward, Bhakti is committed to
maintaining a focus on sustainability. By using organic ingredients,
cruelty-free practices, and refillable packaging, Karibo aims to be a
responsible and environmentally friendly brand. The founders also plan to
expand their product offerings, with more beauty products like blushes and
other makeup items on the horizon for customization.
Lessons Learned from Shark Tank
The experience on Shark Tank India was a valuable learning
opportunity for Bhakti and Jasmine. They realized that passion alone was not
enough to secure investments; having a structured business plan, proper
documentation, and clear financials were just as important. This insight has
helped them refine their approach as they continue to grow and develop Karibo
Cosmetics into a strong brand in the beauty industry.
A timeline for Bhakti Bhanushali’s journey with Karibo
Cosmetics:
October 2020 - Bhakti Bhanushali co-founds Karibo Cosmetics
with Jasmine Shah to offer customizable lipsticks.
2020-2021 - Karibo develops a unique platform allowing
customers to fully customize their lipstick shades, textures, and more.
2021 - Karibo launches as a sustainable beauty brand,
offering vegan, cruelty-free, and dermatologist-approved products.
2021-2022 - Karibo hosts over 500 swatch parties and
lipstick bars at corporate events, weddings, and private parties.
Season 3, 2023 - Karibo Cosmetics pitches on Shark Tank
India, seeking ₹80 lakh for 5% equity.
2023 - Despite a strong pitch, the sharks reject the
investment due to concerns about the company’s lack of proper documentation and
structure.
Post-Shark Tank (2023) - Karibo continues to grow, focusing
on refining its business model and expanding its customer base.
2024 - Karibo remains committed to sustainability, planning
to expand its product range and strengthen its market presence.
