CosIQ, a four-month-old startup skincare brand, has raised Rs 50 lakh in a seed funding round from Shark Tank judges Vineeta Singh, CEO of SUGAR Cosmetics, Shaadi.com founder and CEO Anupam Mittal.
“Getting the seed funds from Shark Tank India is a validation of our idea to create a revolution in the skincare industry, with clinically proven and research-driven products. We plan to invest this amount to drive more innovation and bring cutting-edge ingredients with safe formulations to the Indian market,” Angad Talwar, co-Founder of CosIQ said.
Founded by Kanika Talwar and her husband Angad Talwar, the startup claims to be offering products backed by effective clinical technologies, focusing on clean ingredients with minimalist formulations that give real results. Their only two ingredient Vit-C serum is the first in the Indian market, and their sunscreen comes in a serum form, the statement said.
The judges, or 'Sharks,' who are part of the Indian version of the global 'Shark Tank' show, have already funded around 100 entrepreneurs, many of whom are women, from tiny towns across India. On 20 December, the show premiered on television, VCCircle reported.
Shark Tank is coming to India at a time when the country's angel investing ecosystem is at an all-time high. According to VCCEdge, VCCircle's data research platform, there were 1,033 angel and seed investments, totaling over $1.57 billion in calendar year (CY) 2021. In comparison, in CY2020, 804 angel and seed investments totaling $746.1 million were closed. According to data from VCCEdge, there were 732 acquisitions worth $606.1 million in 2019.
Shark Tank started as ‘Tigers of Money’ in Japan in 2001, created by Nippon TV, and the format was later adapted as Dragon’s Den in 2005 in the UK. The show premiered as Shark Tank first in the US in 2009, following which the format is distributed internationally by Sony Pictures Television.