Orbo AI (BeautyGPT) Update | Shark Tank India Season 03
Orbo AI founders appeared in Shark Tank India (S03E20) with an ask of ₹1 crore for 0.75% equity.
BeautyGPT (developed by Orbo AI) is an artificial intelligence tool that provides product recommendations based on your skin tone and facial features, along with the final look of your face.
All the Shark Tank judges were impressed with BeautyGPT. Will BeautyGPT win a deal in the tank? Find out in Shark Tank Orbo AI update.
If you’re in a hurry and don’t have time to read the whole story, here’s a brief overview of what happened to Orbo AI after Shark Tank.
Orbo AI founders Abhit Sinha, Manoj Shinde, and Danish Jamil appeared in Shark Tank India for raising ₹1 crore in exchange for 0.75% equity.
Vineeta Singh gave a counter-offer of ₹1 crore for 1% equity, but she wants a term sheet for an investment of ₹25 crores within the next three months.
Moreover, Peyush Bansal offered to buy the company for ₹15 crores in return for 51% equity (majority stake). However, they accepted Vineeta’s offer of ₹1 crore for 1% equity.
| Company Name | Orbo AI |
|---|---|
| Founders | Manoj Shinde, Abhit Sinha, Danish Jamil |
| Founded | 2019 |
| Products | Artificial Intelligence (AI) software for makeup |
| Ask | ₹1 crore for 0.75% equity |
| Deal | ₹1 crore for 1% equity |
| Sharks | Vineeta Singh |
About Orbo AI (BeautyGPT)
Orbo AI was started in 2019 that develop AI stacks related to beauty and makeup. As of now, they have developed five AI stacks, i.e. Virtual makeup try-on, Deep skin analysis, Hairstyle try-on, Hair color try-on, and Foundation shade finder.
The company is going to launch its exclusive product, BeautyGPT, that do a skin analysis and recommends the best products for your facial features, skin tones, demographic, and abnormalities.
Abhit Sinha, Manoj Shinde, and Danish Jamil are the co-founders of Orbo. Abhit Sinha and Danish Jamil have master’s at Delhi Technological University, and Manoj Shinde is an experienced business research analyst.
Orbo Ai Shark Tank Pitch and Updates
In Shark Tank India (Season 03), Orbo AI founders pitched with an ask of ₹1 crore for 0.75% equity. In the pitch, the founders revealed that they are already discussing with a strategic investor for ₹25 crores.
They started their pitch by explaining how BeautyGPT can solve makeup-related problems.
Co-founder Abhit Sinha explained that BeautyGPT is an artificial intelligence (AI) software that provides personalized answers for makeup-related questions.
It also allows you to create customized looks for various occasions like weddings, interviews, etc. Along with that, the software also recommends the right products to achieve that look.
Right after the end of the pitch, InShorts founder Azhar Iqubal asked that BeautyGPT is not live yet and you guys want ₹133 crores valuation on pre-launched products.
The founder clarified that the parent company is Orbo AI, and we already have five beauty AI stacks live. BeautyGPT is the advanced version with much more capabilities.
Peyush and Anupam asked for a demo of their older products, and Manoj invited Vineeta to come for the demonstration.
Vineeta tried red lipstick in a virtual demonstration. While demonstration, Vineeta was really impressed with the feature.
Aman Gupta was also impressed with the features because other beauty software doesn’t give results with that perfection.
All the sharks praised their technology, and then Anupam asked about the founder’s background.
Manoj Shinde said that he worked for Adidas as a global business transformation in the USA. In 2012, Reliance Retailed hired him as the e-commerce head. Then, he founded a computer startup called Branfee, which they shut down and started Orbo AI.
Aman also wanted to know about Abhit Sinha and Danish Jamil’s backgrounds. Danish said that me and Abhit has completed a master’s degree in Artificial Intelligence (AI) from Delhi Technological University (DTU).
Anupam Mittal asked about the equity split of the company.
Manoj said that he holds 33% equity. Abhit and Danish have 5% each, and the remaining 57% belongs to ESOPs and investors.
Aman asked about the previous fundraising, and Manoj said that we had raised ₹11 crores at ₹55 crore post-money valuation in 2020 and ₹6 crore at ₹93 crore valuation in 2022.
Till now, they have raised ₹26 crores, and their monthly expense is approximately ₹48 lakh, and revenue is ₹18 lakh per month.
Manoj said that ITC is using his software for Dermafique. Ahzar immediately added that it boosts the conversion rate.
After that, Peyush enquired about the pricing of the product, and Manoj said it was ₹30,000/month.
Peyush said that a retail store requires at least 2 mirrors, and no retail store will spend ₹60,000/month on this.
Immediately, Manoj said that bigger brands like Tata, Shopper Stop, and LAKME Salon are on board, and we are deploying a minimum of 800 mirrors with these brands.
Anupam believes that there is some issue in his business model and he went out of the deal.
boAt founder Aman said that there is no sense in making ₹16 crores worth of business after raising ₹30 crores, so he is out.
InShort founder Azhar Iqubal said that his views are almost similar to Aman’s, and he decided not to invest in Orbo.
Vineeta Singh gave them an offer of ₹1 crore for 1% equity, but she wanted to see a term sheet of ₹25 crore in the next three months from a strategic investor.
Peyush said that he wanted to buy a majority stake in Orbo for ₹15 crores (51% equity). He will rebuild the company from scratch.
But, after some discussions, the founders decided to take Vineeta’s offer i.e. ₹1 crore for 1% equity.
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Conclusion
Orbo AI founders accepted Vineeta’s offer of ₹1 crore for 1% equity. But, they have to show a term sheet of ₹12.5 crores in the next three months for this investment. We hope that Manoj will bring investment. As of now, Orbo AI is operational, and the Beta version of BeautyGPT has been launched. As soon as we get new updates about Orbo AI (BeautyGPT), we’ll inform you here.
