Professional Background
Vivek Madani is a co-founder of Honestly AI, an AI-powered beauty and personal care (BPC) review platform founded in April 2024 alongside partner Karishma Rathaur. Madani brings a strong background in technology and consumer products, having previously served as Head of Flipkart's Polygon Blockchain CoE and worked with Uber. His professional experience is instrumental in building Honestly AI's mission of streamlining the process of finding skincare products.
Company Overview: Honestly AI
Honestly AI aims to resolve significant challenges within the BPC sector by facilitating peer-to-peer connections for product reviews and using AI to analyze product ingredients. This approach helps users understand the compatibility of new products with their existing routines. The platform is supported through a B2B revenue model, enabling brands to utilize Honestly AI's APIs for integration onto product pages.
Funding and Growth
In July 2024, Honestly AI successfully raised Rs 3.2 crore in a pre-seed funding round led by Better Capital, with participation from notable entities such as QED Innovations and leaders from Flipkart, Polygon, and Cred. The acquired funds are allocated to launch the initial product and explore product-market fit opportunities. Madani envisions expanding Honestly's user base to 1 million in India while contemplating global expansion into markets such as the UAE and regions with a significant Indian diaspora.
Strategic Vision
Madani emphasizes targeting the beauty and personal care market due to its complexities—products have distinct attributes making it challenging for consumers to judge efficacy. The platform intends to leverage proprietary data initially from the B2C segment, with plans to extend APIs to e-commerce platforms to enhance reach and functionality.
Industry Context
India’s BPC market is projected to grow at a 10% CAGR from 2022 to 2027, reaching an estimated $30 billion. This robust growth potential underscores the relevance of Honestly AI's business model. The company stands poised to address consumer confusion in a crowded market by offering science-backed and unbiased recommendations. Through strategic investment in engineering and marketing, Honestly AI aims to establish a formidable presence and capitalize on rising consumer awareness in skincare and personal care.
