Teen-Friendly MakeUp BrandElitty Beauty Shark Tank India Season 3 Pitch and Negotiations

Elitty is a popular makeup brand for teens in India that appeared on Shark Tank India Season 3. It aims to celebrate the teenage glorious existence by providing teenagers with relevant choices and a sense of ownership to pick their own makeup products. Elitty is designed to be a confidante, a mirror, and a friend for teenagers, offering makeup that is teen-skin friendly, super fun, and parent-approved. The brand understands the teen world, their life, feelings, personalities, and supports them in defining their relationship with makeup as they navigate through their teenage years. Elitty’s products are created using rare ingredients like Witch Hazel, Amla, Avocado Oil, and Vitamin E. They strive to offer unadulterated, non-airbrushed, and non-judgmental makeup choices for teenagers to help them express their unique beauty as they find their place in the world.

Related: Women with Luxurious Hair Solutions, The Shell Hair’s Success on Shark Tank India

Vailina Tulsani, the CEO and founder of Elitty Beauty, has a strong educational background in Textile Technology from the Indian Institute of Technology, Delhi. She also has management studies at the Indian School of Business. Furthermore, she has held various roles at different companies, such as Deloitte, Boston Analyst, McKinsey & Company, and LODHA Group. Additionally, she completed a 2-month internship at CarDekho before starting her entrepreneurial journey, which began with the establishment of Alluvium Retail and culminated in the creation of Elitty Beauty.

Pranali Janbandhu, the CMO and co-founder, pursued her Bachelor of Technology in Electronics and Telecommunication at Dr. Babasaheb Ambedkar Technological University, Lonere, and later obtained a Master of Business Administration at the Indian Institute of Management, Calcutta. Her career includes experiences at L’Oréal and Purplle.com before co-founding Elitty Beauty with Vailina in 2022.

A specific episode of Shark Tank India Season 3 which was aired on February 5, 2024. In this episode, the founders of Elitty Beauty presented their products to the investors, commonly referred to as “Sharks.” During the presentation, the products impressed the Sharks. The founders were seeking an investment of Rs 1 Crore in exchange for 4% of the ownership in their company. Anupam Mittal, one of the Sharks, offered to invest the amount they asked for but in exchange for 15% of the company. Negotiations took place, and the founders countered by proposing that Anupam Mittal receive 6% equity in exchange for the investment. In the negotiation process, Anupam Mittal was not willing to accept the counteroffer of 6% equity. The founders then attempted to settle the negotiation by proposing a 9% equity stake in exchange for the investment. Despite efforts to reach an agreement, the negotiations did not end in a successful business deal on the show.

This was a challenging negotiation where there was a difference in the amount of ownership of the company the founders were willing to give up versus what the investor required, and they were not able to come to an agreement.

Elitty Beauty’s marketing strategies include teaming up with popular young influencers on platforms such as Instagram and TikTok to showcase their products. They also intend to carry out digital advertising efforts aimed at connecting with their core audience – teenagers. In addition to the marketing strategies, the company will create easy-to-follow makeup tutorial videos to help teenagers understand how to use their products. Furthermore, Elitty Beauty plans to encourage their customers to share their experiences with their products on social media. To reach more teenagers, Elitty Beauty plans to sell its products through e-commerce platforms and partner with stores that cater to young people.

Elitty Beauty has shown significant growth in its financial performance. In the financial year 2022-2023, the company achieved revenues of ₹49 lakhs. By the end of October in the financial year 2023-2024, the revenue increased substantially to ₹1.13 crores. The company is projected to reach revenues of ₹2 crores for the full financial year 2023-2024. Additionally, Elitty Beauty has secured a total of ₹5.3 crores through two funding rounds, with a valuation of ₹23.2 crores.

In Shark Tank India, entrepreneurs from diverse backgrounds present their startup ideas to a panel of renowned investors, with the goal of securing the investment and expertise required to grow their businesses.