According to the Research and Markets reportthe beauty and wellness market in India was valued at Rs 901.07 billion in 2018, and is forecast to reach Rs 2,463.49 billion by 2024, expanding at a compound annual growth rate (CAGR) of about 18.40 percent during the 2019-2024 period.
The per capita spending on beauty and personal care products was around Rs 450 per annum in 2017, which is expected to increase during the 2019-2024 period, as per the Indian Beauty and Hygiene Association (IBHA),
Rise in the income of the middle-class and awareness about holistic wellbeing among people in India have propelled the demand for beauty products and wellness services.
YourStory has curated a list of those recently funded beauty and personal care startups, which are taking the Indian beauty and wellness market to the next level with their products.
Believe
Founded in mid-2019 by Ankit Mahajanthe Singapore-based is a consumer products startup that sells skincare, fragrances, make-up, and hair care products.
It is a house of brands that includes Lafz, ZM, and Dr. Rhazes,
The startup claims that it has received incredible customer love in Bangladesh and India with a growing base in GCC countries. It is sold in over eight countries and is manufactured across the globe including countries like South Korea, Italy, Spain, France, Germany, and the UAE,
In April 2022, it raised Series C funding of $55 million from Venturi Partners and IIFL AMC along with the participation fromJungle VenturesAcceland Genesis Alternative Ventures,
This fundraise will help the beauty startup catalyse consolidating market share in Bangladesh and India (via strategic acquisitions) while deepening reach in Gulf Cooperation Council (GCC) and SouthEast Asia (through both organic and inorganic growth) paving the path to becoming a large global consumer packaged goods (CPGs) conglomerate.
Over the last two years, it has cumulatively raised over $80 million, The Series A and Series B fund raises were led by AccelandJungle Ventureswith participation fromWamda Capitala Middle East based fund,
plum
Launched in 2013 by Shankar Prasad, Mumbai-based vegan skincare brand offers cruelty-free and toxin-free beauty products across skincare, haircare, personal care and makeup.
As per the startup, its user base is close to two million across online and offline channels and getting the highest traction from Delhi, Mumbai, Chennai among metros.
In March 2022, it raised $35 million in a Series C round led by A91 Partners along with existing investors Unilever Ventures and Faering Capital also participated in the round.
The startup will use the raised funds to accelerate product development and marketing activities.
As per the startup, the latest funding valued at the firm $250 million (around Rs 1,900 crore).
Plum has raised $50 million so far since inception.
In FY21, Pureplay (Plum’s parent) earned Rs 92 crore in total revenue, up from Rs 53 crore earned at the same time last year, according to documents filed with the Registrar of Companies (RoC). The company also made a profit (before tax) of Rs 1.72 crore in FY20.
Smytten
Found in 2015 by former Googler Swagat Sarangiand former Unilever executive Siddhartha NangiaAhmedabad and Bengaluru-based is a premium discovery and trial platform.
It provides free trials and curated shopping across 15+ lifestyle categories like beauty, skincare, male grooming, food and beverages, health and wellness, and more only on the Smytten App.
The startup says it hosts 900 D2C (direct-to-consumer) brand partners on its platform across varied categories and enables millions of product sampling every month for them.
, , etc. many leading D2C brands are already leveraging Smytten’s platform to reach relevant users at scale and deliver first-hand product experience through sampling.
Currently, the startup is present in 15+ categories, and is looking at adding five more categories, and category experts.
The startup claims to serve over 10 million consumers, and aim to add over 10 million more going forward. Currently 70 percent of its users are women.
Recently, the brand raised Rs 100 crore in Pre-Series B funding led by Fireside Ventures and Roots Ventures. The round also saw participation from Sharrp Ventures, Waao Partners, Survam Partnersand Sattva Group Family Office,
As of now, the startup has raised over $20 million funding. Rajan Anandanformer MD of Google India and South East Asiaand many other industry veterans are also some of its marquee angel investors.
RENEE Cosmetics
Started in 2019 by Aashka Goradia Goble along with Beardo (later acquired by FMCG major) co-founder duo Ashutosh Valani and Priyank Shah, Ahmedabad-based is a cruelty-free beauty brand offering a wide range of eye makeup, lip colours, skin serums and highlighters.
The startup claims to have a portfolio of over 30 products across the categories like lips, nails, eyes and face and over 50 million people have been reached so far. It has sold over 2 million units since last year.
As per the brand, it is getting the highest traction from Bengaluru, Mumbai and Hyderabad for online purchase and for offline it is getting the traction in Guwahati, Ludhiana and Mumbai,
In February 2022, the beauty startup raised $10 million in a Series A round led by along with active participation from the existing investors, including Equinimity Investmentsand.
As of now, it has raised a total of $11 million including the current round.
Last year in October, it secured $1.5 million in a pre-Series A round led by Equinimity Ventures and 9Unicornswith participation from Titan Capital,
The startup plans to use the funds majorly in strengthening the brand presence and widening offline presence. A part of the fund will also be leveraged for catalog expansion and marketing budgets.
At present, it claims to clock an ARR of Rs 60 crore and is all set to reach Rs 150 crore by the end of this fiscal year.
Earth Rhythm
Launched in 2019 by Harini Sivakumar and her father, Gurugram-based (formerly known as Soapworks India) offers professional-grade products in haircare, skincare, and makeup lines. The products are safe, non-toxic, sustainable, and biodegradable.
The startup claims that its products combine natural raw materials and science-backed formulations with a zero-waste philosophy, and each product formulation takes anywhere from months to years to perfect.
In April 2022, it raised $8 million fromNykaa in a Series A round, with participation from existing investorAnicut Capital,
In July last year, the clean beauty personal care D2C brand also raised $1.2 million seed funding from Anicut Angel Fundthe equity arm of Anicut Capital,
CureSkin
Launched in 2017 by two former Google employees Guna Kakulapati and Rama Rajannaand dermatologist Charu Sharma, Bengaluru-based is providing AI-dermatologists on your smartphones.
It offers expert-designed personalized regimens through its technology platform. It claims that it has served users in the remotest regions across all states in India.
The app, which is available on Google Play store, enables users to take photos and instantly get AI analysis for acne, dark spots, pigmentation, wrinkles, and others for free.
Its technology is built using a database of millions of images that detect skin conditions with high-level of accuracy across different skin types.
Once the analysis is complete, it prepares a personalized treatment that can be purchased through in-app transactions. The plan includes free diet and lifestyle guidance.
For users with good skin, the app suggests a dermatologist designed plan to maintain healthy skin and hair.
In March 2022, the beauty and personal care brand raised $5 million in a Series A round led by JSW Ventureswith initiation from Sharrp Ventures, SenseAI Venturesand other existing investors.
The startup plans to deploy these funds to grow its overall customer base, expand into adjacent categories and make further investments in technology.
(The copy has been updated to reflect that Smytten serves 15+ categories.)
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