Elitty, featured on Shark Tank India Season 3, stands out as India's pioneering teen makeup brand, introducing skin-friendly beauty products tailored for teenagers to indulge in the true essence of makeup. Founded in 2021 by Vailina Tulsani and Pranali Janbandhu, Elitty aims to provide a secure beauty space for teenagers by crafting products attuned to their unique skin needs, and understanding their emotions, relationships, and personalities. You can enrol in the online makeup course at Alippo.
Vailina Tulsani, the CEO and founder of Elitty Beauty, holds a Bachelor of Technology in Textile Technology from the Indian Institute of Technology, Delhi. She further pursued Management studies at the Indian School of Business. Vailina's diverse professional experience includes roles at Deloitte, Boston Analyst, McKinsey & Company, and LODHA Group, along with a stint at CarDekho during a 2-month internship. Her entrepreneurial journey began in 2020 with the establishment of Alluvium Retail, culminating in the creation of Elitty Beauty.
Pranali Janbandhu, the CMO and co-founder, earned a Bachelor of Technology in Electronics and Telecommunication from Dr. Babasaheb Ambedkar Technological University, Lonere, in 2012. She pursued a Master of Business Administration at the Indian Institute of Management, Calcutta, completing her studies in 2016. Pranali initiated her professional career as an engineer trainee at Cognizant Technology Solutions, subsequently undertaking a 3-month internship at L’Oréal during her MBA. With over 5 years of experience, she left her position as a Brand Manager at L’Oréal to join Purplle.com as a Senior Brand Manager. Pranali united with Vailina in 2022 to co-found Elitty Beauty.
|Pranali Janbandhu and Vailina Tulsani
|1 crore for 4% equity
All About the Pitch
In the Shark Tank India Season 3 episode aired on February 5, 2024, Elitty Beauty founders presented their products, capturing the Sharks' admiration. Seeking Rs 1 Crore in exchange for 4% equity, they received a sole offer from Anupam Mittal, proposing Rs 1 Crore for 15% equity. Negotiations ensued, with the founders countering for 6% equity, but Anupam was unwilling to agree. Despite attempts to settle at 9% equity, an agreement was not reached, leading to the culmination of the business deal on the show.
Takeaways from the Pitch
From the founders of Elitty Beauty, Vailina Tulsani and Pranali Janbandhu, we can glean several valuable skills:
1. Entrepreneurship: Vailina Tulsani's journey started with founding Alluvium Retail in 2020 before establishing Elitty Beauty in 2021, showcasing her entrepreneurial spirit.
2. Educational Diversity: Both founders possess diverse educational backgrounds, with Vailina studying Textile Technology and Management, and Pranali pursuing studies in Electronics and Telecommunication, as well as an MBA. This highlights the importance of a well-rounded education in entrepreneurship.
3. Professional Experience: Vailina's professional journey includes roles at reputable companies such as Deloitte, McKinsey & Company, and LODHA Group. Pranali's experience ranges from Cognizant Technology Solutions to a Brand Manager role at L’Oréal, showcasing their expertise gained in different corporate environments.
4. Strategic Decision-Making: The founders demonstrated strategic decision-making during their appearance on Shark Tank by carefully considering and countering the investment offers from the Sharks.
5. Negotiation Skills: The negotiation process with Anupam Mittal on Shark Tank showcased the founders' negotiation skills as they tried to reach a mutually beneficial deal for both parties.
6. Industry Knowledge: Pranali's experience in the beauty industry, working at L’Oréal and Purplle.com, reflects the importance of industry knowledge and expertise when launching a business in a specific sector.
7. Team Collaboration: The collaboration between Vailina and Pranali, each bringing their skills to the table, highlights the significance of teamwork in building and running a successful startup.
8. Adaptability: Both founders transitioned from different roles and industries before venturing into the beauty business, showcasing adaptability and the ability to thrive in diverse environments.
9. Risk-Taking: The decision to present their teenage-focused beauty products on Shark Tank indicates a willingness to take risks and pursue innovative ideas.
10. Communication Skills: Effectively presenting their brand and negotiating with potential investors on national television underscores strong communication skills, a crucial asset for any entrepreneur.
Observing and learning from founders like Vailina and Pranali can inspire individuals to cultivate a diverse set of skills essential for navigating the challenges of entrepreneurship.