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The Pitch & The Product
AI is here and now. The world has moved beyond proof-of-concepts with OpenAI’s resounding success of ChatGPT. More startups are popping up with cutting edge solutions leveraged by AI. From academics to astronomy to telephony and cosmetics, the use cases are numerous. A much untapped segment is beauty and cosmetics, with some shoddy products. And no, we are not talking about Snapchat. However, Orbo.AI’s pitch on the 20th episode of Shark Tank India Season Three made quite an impression among sharks and viewers alike. Co-founders Manoj Shinde, Danish Jamil, and Abhit Sinha introduced their homegrown AI company’s AI-enabled beauty products, highlighting BeautyGPT. The soon-to-be-launched BeautyGPT is a personal beauty advisor with real time feedback. The product is built for large retailers. The founders explained how their products are built on 5 stacks, namely
- Virtual Makeup Try-On
- Deep Skin Analysis
- Hairstyle Try-On
- Hair Color Try-On
- Foundation Shade Finder
The pitch intrigued all the judges, including Peyush Bansal, Anupam Mittal, Azhar Iqubal, Aman Gupta, and Vineeta Singh, who were excited for a quick demo.
Demo: Vinita’s Wedding Look
Vinita first tried the existing product. She moved around to see if the effects wiggled. It didn’t. The sharks gave positive feedback. “Acchi tech hai bro,’ praised boAt’s Aman Gupta. Vinita agreed, “Ya! Tech is amazing.” Peyush Bansal tried the second product, which is Orbo’s most successful one in the market. Vinita returned for the BeautyGPT trial. It shows personalized recommendations and automated step-by-step tutorials for each look. She was content after fiddling through the product. Meanwhile, InShorts Azhar Iqubal asked, “Vinita ka ek wedding look bana payenge aap?” The rendered look sent the judges ROFLing. “Yeh shaadi ka” quipped Anupam Mittal “never happening look hai.”
The Ask & The Deal
The co-founders briefly narrated their journey and previous experiences. The first co-founder and CEO, Manoj Shinde, spoke of his extensive background in retail and his gig in the USA. The other two co-founders, Danish Jamil and Abhit Sinha, have done their masters in AI and are also the first employees of Orbo. During the pitch, the founders asked the sharks for an investment of Rs 1 crore for 0.5% equity at a valuation of Rs 133 crore. The BeautyGPT magic mirror is priced at Rs 30,000 per month per unit. Anupam Mittal chucked out, citing technical issues with the startup where they are sandwiched between a third-party frontend and backend. Aman Gupta bailed out too. Azhar Iqubal followed suit, citing “bahot sara baggage” in all their products launched so far. Sugar Cosmetics’ Vineeta Singh offered a deal of Rs 1 crore at 1 percent. Peyush Bansal went all in pitching to buy the company itself for a whopping 15 crore at a 51 percent majority stake! He remarked, “Aap bech dijiye mujhe ye company.” The founders gave a counter offer of 35 crores for 51% equity to the Lenskart founder. After a fiery discussion, the company went ahead with Vineeta’s deal.
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