Business Remedies | Rajshree Upadhyaya |May 31, 2025 | When driven by passion and determination, one can make a remarkable shift from consulting to the cosmetics business and carve out a unique identity, something that Karishma Kevalramani, the founder of FAE (Free And Equal) Beauty, has proven through her inspiring journey. After working as a management consultant in San Francisco, Karishma returned to India and launched one of the country’s most inclusive beauty brands.
She completed her BSc in Business from the University of California, Berkeley and went on to work with AT Kearney, collaborating with global brands. However, her growing awareness of the lack of inclusive products for Indian skin tones, combined with a deep passion for beauty, inspired her to pursue something different. When she returned to India in 2017, Karishma underwent formal training in makeup artistry. She quickly realized that most makeup products in the Indian market were designed for fair skin and lacked authenticity in their branding.
In 2019, Karishma officially launched FAE Beauty with a mission to challenge conventional beauty norms. The brand’s philosophy centers around real, unfiltered beauty, showcasing real skin, pores, and texture without altering or retouching campaign images. FAE’s products are vegan, cruelty-free, and tailored specifically for Indian skin tones and climatic conditions. The product catalog includes bestsellers like buildable matte lipsticks (Lip Whip), brow gels, blushes, mascara, cleansers, toners, and sunscreens, all created to deliver high performance without compromising on ethics.
Projected Revenue of Rs. 22 Crore by End of 2024
FAE Beauty earned Rs. 30 lakh in revenue in FY 2020-21 but faced a loss of Rs. 80 lakh. The following year, revenue rose to Rs. 70 lakh, with losses increasing to Rs. 1.5 crore. In FY 2022-23, the brand achieved Rs. 3.3 crore in revenue with Rs. 2.5 crore in losses. However, in FY 2023-24, things turned around, revenue doubled to Rs. 7 crore, and losses reduced to Rs. 80 lakh.
By October 2024, FAE had already surpassed Rs. 10 crore in revenue and made a profit of Rs. 1.25 crore, with projections to reach Rs. 22 crore by year-end. This turnaround was driven by a strategic focus on flagship products like Lip Whip, optimized marketing spend, and operational improvements.
A major turning point for FAE was its appearance on Shark Tank India Season 4, where Karishma pitched the brand asking for Rs. 1 crore in exchange for 1% equity, valuing the company at Rs. 100 crore. Multiple offers came in from investors including Aman Gupta, Peyush Bansal, and Anupam Mittal. Eventually, Karishma accepted a deal from Aman Gupta and Namita Thapar for Rs. 1 crore in exchange for 1.5% equity, valuing the company at Rs. 66.67 crore.
FAE Beauty: Redefining Beauty for Modern India
Investor backing has played a pivotal role in FAE’s growth. Arihant Patni holds a 26% stake, Titan Capital holds 13.5%, Shiprocket has 1.6%, and the ESOP pool comprises 10.3%. Karishma retains a 38% stake, with the remaining shares split between family and smaller investors. FAE has built a loyal community through influencer collaborations, user-generated content, and regional marketing strategies. The brand now sells through Nykaa, quick commerce platforms, and its own website.
To address operational challenges like high return-to-origin (RTO) rates and long checkout times, FAE integrated Magic Checkout, a solution that reduced RTO by 33% and significantly boosted conversions.
Looking ahead, FAE plans to expand into offline retail, enter international markets, and develop products suited to Tier 2 and Tier 3 Indian cities through regional language outreach. With its continued focus on inclusivity, transparency, and high-quality innovation, FAE Beauty is not just a brand, it is a movement that is redefining the meaning of beauty for modern India. Under Karishma’s leadership, the company continues to demonstrate that purpose-driven entrepreneurship can create both cultural and business impact.
Written & Edited By:
Rajshree Upadhyaya
