Beauty Startup Plum Raises Rs 110 Crore From Faering Capital And Others

  • The startup claims to be a 100% vegan beauty brand and offers skincare, cosmetics, body care, and bath products.
  • Currently, The brand is available in 6,000 outlets in more than 220 cities across the country.

Thane-based vegan beauty startup Pureplay Skin Sciences (India) has raised Rs 110 crore (or about $14.9 million) in a Series B funding round led by Faering Capital, Trifecta Capital, and existing investor Unilever Ventures.

The startup will use the fresh funds in research, sourcing, new product launches, technology, brand building, and expansion of its distribution footprint.

In 2018, Pureplay Skin Sciences had raised an undisclosed amount in a Series A funding round from London-based Unilever Ventures.

Commenting on the latest investment, Shankar Prasad, Founder & CEO, Pureplay Skin Sciences, said, “We intend to invest this money into expanding our product range largely in skincare. We will be partnering with technology specialists in formulations, packaging, and manufacturing.”

“Our brand serves 250,000 customers every month and is targeting an annual revenue run rate of more than Rs 200 crore by March 2021,” he added.

With over 60 products in Plum and 12 in Phy Life, it has experienced a 2.5x growth increase year-on-year and is expecting to reach annual revenue of Rs 200 crore by March 2021.

Also Read: Bike-Sharing Platform ‘Bounce’ Got Approval for its Electric Scooter; Test Ride Registrations Begin Bengaluru

“Shankar and Plum’s team have scaled the business, built a strong brand, expanding the product range, hiring talent, and setting up the foundations for the next phase of growth. We remain committed to our partnership in building Plum as one of the valuable beauty brands in the country,” said Pawan Chaturvedi, Investment Director – Asia at Unilever Ventures.

“Faering Capital is proud to lead Series B investment and partner with the company for their next stage of growth,” said Sameer Shroff, Co-founder & MD at Faering Capital.

Pureplay Skin Sciences founded in 2013 by Shankar Prasad, the startup that owns two brands — vegan beauty brand Plum and men’s grooming brand Phy.

Currently, It is available in more than 220 cities with 6,000 retail outlets, in addition to 15 online stores, which contribute over two-third of Plum’s revenue.

Follow IndianStartupNews on FacebookInstagramTwitter for the latest updates from the startup ecosystem.

More On IndianStartupNews