New Delhi-based beauty startup Vanity Wagon has raised $2 million in a pre-Series A funding round led by Agility Ventures Partners and Lotus Herbals Private Limited. The round values the startup at $8 million.
Other investors, including Inflection Point Ventures, Venture Catalysts, and notable HNIs, also participated in the round. According to the startup, the raised funds will strengthen its position in the market and invest in brand building, growing the private label portfolio, offline retail, technology, and marketing and sales-driven strategies.
Prior to the current round, Vanity Wagon had raised funds in 2021 from Inflection Point Ventures, Venture Catalysts, Lotus Herbals, and existing investors.
Founded in September 2018 by Prateek Ruhail, Naina Ruhail, and Sahil Shrestha, Vanity Wagon claims to be India’s first true information-oriented clean beauty marketplace with a focus on non-toxic products and aims to provide a one-stop solution to all beauty needs.
The startup said it has onboarded over 350 on the portal, with 15% international brands with the launch of 5 new international brands in India. It aims to achieve five times sales growth with acquired brands and become a Rs 500 crore company in the next two years.
"Our vision is to build a sustainable and a legacy brand in the beauty segment which will only be strengthened by this investment. Furthermore, our strategy to go omnichannel, co-own more clean beauty brands, and expand internationally is what a part of this investment will be deployed in," said Naina Ruhail, Co-founder, Director & co-CEO of Vanity Wagon.
"The beauty market and the e-retail market are going through an interesting time, where every enterprise is trying to establish a market presence, and with learning of 4 years and a robust team, we are definitely going to continue reinforcing our hold on the Clean beauty market," said Naina Ruhail.
Speaking on the investment, Dhianu Das, co-founder of Agility Ventures, said "Vanity Wagon allows investors an opportunity to be a part of one of the fastest-growing industries, Beauty. The industry has seen several unicorns and also several companies that have outgrown the market constantly, and still, the market continues to grow. This signifies a strong future for not only beauty but for commerce as a whole."