The Startup COSIQ(The Intelligent cosmetics) has raised INR 50 lakhs for the equity of 25% from Shark Tank India. Sharks Anupam Mittal and Vineeta Singh invested jointly in this startup.
The original ask by the pitchers was 50 lakhs for the equity of 7.5%. Anupam Mittal countered the deal of 50 lakhs for 20% equity. Vinneta Singh rejects the offer once more, demanding 20% stock in exchange for 20 lakhs and 30 lakhs rupees as debt. Namita Thapar walked away, claiming that she couldn’t distinguish between the items and that the sunscreen lotion was sticky. Aman Gupta, a co-founder of boAt, has also backed out. For 75 lakhs, Ashneer Gover counters for one-third of the company. Ashneer applauded the products’ ability to penetrate the international market. The pitchers paused for a few moments to confer between themselves. They returned and agreed to seal the deal with Anupam Mittal for 50 lakhs for a 20% stake in the company. Anupam made another offer of 50 lakhs for 25% equity, and Vineeta Singh will accompany them. Pitchers countered for a 20% equity for 50 lakhs for a second time. Ashneer countered for another 75 lakhs for 25% equity. Finally, the deal was closed at INR 50 lakhs for the equity of 25% by Anupam and Vineeta.
This is a New Delhi based startup founded by Kanika and Angad. COSIQ is a cosmetics company that makes goods different from those made by other companies because they try to develop them ethically and intelligently. They primarily manufacture skincare products, focusing on safety, soft skin, and suitable goods for the right clients. The COSIQ serum sunscreens and the vitamin C serum are their best-selling products. The company is valued at Rs. 6.67 crore. They mainly offer their products through an internet platform (Amazon) rather than traditional channels. They have made 11 lakhs in sales in just four months. They started last month’s sales were around 3.5 lakh rupees, and this month’s sales are expected to be around 4.5 lakh rupees. Kanika went on to say that their gross margin is around 75%, and their net profit is around 20%.
Problem Solved By COSIQ
Their sunscreen lotion’s key feature is that it disappears within 10 minutes, leaving no white patches on the skin. They also stated that their Vitamin C serum did not contain any lemon because lemon does not make the skin glow or soft. The Vitamin C serum is India’s first product made entirely of natural ingredients. Angad is in charge of finance, sales, and marketing, while Kanika focuses on product creation and research.