D2C personal care brand Juicy Chemistry raised Series A funding from Verlinvest
Mumbai: Skin and personal care brand Juicy Chemistry has raised $6.3 million in a Series A funding round led by Belgium-based investment firm Verlinvest.
Direct-to-consumer (D2C) brands, especially in the beauty and personal care segment, have seen a flurry of deals in the last few months. This is the first institutional fundraising by the six-year-old company, which will use the capital for building its brand and expanding the business.
Juicy Chemistry, founded in 2014 by Megha Asher and Pritesh Asher, offers certified organic products across face, body and hair care.
“We are keen to leverage this capital for the rapid expansion of Juicy Chemistry’s thriving e-commerce platform and omnichannel distribution capabilities, to reach new and existing geographies, to hire talent, for brand building and to cater to the increasing demand for products, both domestically and in the international market,” Pritesh Asher, the chief executive officer of Juicy Chemistry, said.
Bootstrapped till 2019, the firm previously raised an angel round from Amit Nanavati.
“We are excited to start our journey with Juicy Chemistry, which forms part of our global effort in backing unique digital-first beauty brands for the long term,” Arjun Anand, executive director at Verlinvest, said. “Verlinvest looks for authentic and passionate entrepreneurs who are creating a consumer revolution using their product and brand stories.”
Veda Corporate Advisors was exclusive advisor to the transaction
The company is expected to close the financial year ending March 31 with a revenue run rate of Rs 25 crore, clocking over 300% growth over the previous fiscal.
Juicy Chemistry competes with brands such as Nykaa, MyGlamm, Sugar Cosmetics, Plum, Purplle and Mama Earth.
After a washout in the first quarter of 2020-21 due to the Covid-19 pandemic and resultant lockdowns, growth returned for most beauty and wellness companies during the festive season. This growth in demand has made investors zoom in on these companies.
Last month, Sugar Cosmetics closed its Series C funding round, having raised $21 million overall led by Elevation Capital (previously SAIF Partners), valuing the colour cosmetics brand at around $100 million. Existing investors A91 Partners, India Quotient and RB Investments also participated in the round.
For Verlinvest, a private Belgian family investment firm that has an extensive portfolio of consumer brands online and offline, its current Indian portfolio includes brands such as Byju’s, Sula Vineyards, Epigamia, Veeba Foods, Purplle, Wakefit and Future Consumer.