Deepti Sri · · 1 min readIndian cosmetics startup Plum nets $14.9m in Faering Capital-led round
Indian cosmetics firm Plum said it raised 110 crore rupees (US$14.9 million) in a series B funding led by Faering Capital.
Shankar Prasad, CEO and founder of Plum
Existing investor Unilever Ventures also participated in the round, along with venture debt fund Trifecta Capital.
CEO and founder Shankar Prasad said that Plum plans to use its freshly raised capital to “deliver a more engaging brand experience for customers and further expand product range and market presence.”
With a portfolio comprising skin care, hair care, body care, and eye makeup, the online beauty brand claims to have experienced a 2.5x growth over the past year. Plum caters to over 250,000 customers every month and aims to hit an annual revenue run rate of 200 crore rupees (US$27.1 million) by March 2021.
Market research firm RedSeer expects the Indian beauty and personal care market to reach US$22 billion to US$23 billion by 2022.
Plum is currently available in more than 220 cities at 6,000 retail outlets, in addition to 15 online marketplaces.
It competes with Indian online beauty marketplaces such as Purplle and Nykaa. Major brands BigBasket, Amazon India, and Myntra are set to venture into the cosmetics scene as well.
Edited by Collin Furtado and Eileen C. Ang
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