RAS Luxury Oils, India’s first farm-to-face luxury skincare and personal care brand, announced it has raised $2 million in a Pre-Series A funding round led by Sixth Sense Ventures.
RAS says it will utilize this fresh infusion of capital to further deepen inroads into the luxury skincare market in India and overseas, and accelerate its product innovation. RAS is the first investment by Sixth Sense in a company backed by all women founders, and its workforce comprises over 70% women, it said.
Founded in 2017 by three ambitious women entrepreneurs, Shubhika Jain, Suramya Jain, and Sangeeta Jain, RAS has quickly grown into a niche luxury D2C brand. The company claims to have witnessed 20x growth in the last two years and is now aiming to further disrupt the global clean beauty and skincare market which is expected to reach $54 billion by 2027.
Currently, RAS’ native website contributes 85-90% of its revenue. The startup also sells its products on Nykaa and Amazon and has partnered with various high-end spas and salons. The fresh capital will be used to develop and launch new product categories, expand deeper into marketplaces and establish an international presence, the statement said.
"This funding will help us continue on our journey of creating a luxury skincare brand that is distinguished by its premium quality ingredients and unique science-backed formulations," said Shubhika Jain, Founder & CEO of RAS.
"We plan to transform the global beauty and skincare market as a Made-in-India brand that speaks to a discerning global consumer. Nikhil Vora's business insights, strategic direction and the Sixth Sense platform are valuable to us. They have invested in differentiated brands with global aspirations and deeply understand our vision. We are privileged to be a part of an exciting cohort of companies," she adds.
Speaking on the investment, Nikhil Vora, Founder & CEO of Sixth Sense Ventures, said, “RAS is perfectly aligned with our investment philosophy of betting on challenger brands. There is a white space within luxury skincare as a category in India, and it is growing 2-3x faster than the personal care category because it is brand starved. Furthermore, skincare brands from India are underrepresented globally."
"We believe that with such a dynamic, young and strong leadership team, RAS has the ability to create a strong niche for itself. Their differentiated positioning can make RAS stand out in the currently crowded beauty industry. Shubhika has sharp business acumen, and is full of grit and energy to drive the company to new heights. We are excited to partner with RAS to accelerate its growth.”
The RAS Luxury Oils brand is led by Shubhika Jain, Suramya Jain and Sangeeta Jain. Shubhika Jain, CEO, is an economics graduate from LSR, Delhi University, and leads growth, operations & execution. Suramya Jain, CMO, is an agri-business graduate from University of Reading, UK, and heads marketing & branding, while Sangeeta Jain, CRO, is the formulator-in-chief.