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Rubeina Karachiwalla, the founder of Ruby’s Organics, pitched the cosmetics brand on the latest episode of Shark Tank India. Vineeta Singh said that she is aware of the brand, but appeared to take offence when Rubeina claimed that her products were safer to use than those produced by her competitors. While Rubeina didn’t name any other brand, she said that most of them mislead customers and conceal their use of harmful ingredients. Vineeta said that the ingredient she was speaking about is normally used in extremely low quantities, and that’s why it isn’t mentioned.
Sensing tension, Rubeina said, “Our focus is not to demonise other brands, but to be more mindful and thoughtful about the ingredients we do use… It’s more of a precautionary approach, that’s it.” She asked for Rs 1 crore in exchange of 2.5%, valuing Ruby’s Organics at Rs 40 crore. She said that the company is targeting more than Rs 7 crore in revenue this year, and previously raised Rs 2 crore in funding at a Rs 10 crore valuation. She also insisted that she wants to create the safest products in the market, for which she charges a premium. Rubeina said that most of the ingredients that they use are certified by bodies such as ECOCERT and COSMOS, but the company itself isn’t, which is why they can’t publicise this on the packaging.
When Vineeta asked her why, Rubeina said, “It’s very expensive, but I promise you it’s a part of the plan.” Aman Gupta said that he doesn’t believe the company is doing as well as Rubeina claims, which made her raise her eyebrows and ask, “Why?” Aman said that she might want to consider branching out, away from her organic ingredients USP. Asked if she would be willing to do this, Rubeina said, “No. Arey I love what I do yaar,” she said, adding that she has been at it for over seven years. “Tumhare liye kyu badle?” Vineeta asked Aman, who blushed at being addressed as ‘Aman ji’ by Rubeina. But he backed out of the deal, as did Namita Thapar, and Ritesh Agarwal.
Vineeta backed out next, but had some advice for Rubeina. “Put an organic certificate, it’s really important in India. Running a startup is a marathon, but sometimes you have to sprint. The quick commerce window won’t be open forever, invest in it. Rubeina turned to Kunal Bahl, and said, “Kunal, go with your gut. you want to bet on me, I know it, I can see it. You won’t regret it. I’m telling you on national television, I’m giving you my word. I’m the future Vineeta.”
Vineeta appreciated the compliment, and Kunal said that he really likes Rubeina as a person. He offered her Rs 1 crore for 10%, but Rubeina turned it down instantly. “I generally don’t negotiate, but there’s something very likeable about you. And for that reason, I can lower it to Rs 1 crore for 8%,” he said, refusing to alter his offer at all. After thinking hard, Rubeina accepted the deal.
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