Pureplay Skin Sciences Pvt. Ltd, the owner of Indian beauty brand Plum, raised $35 million in fresh capital.

WHO: Plum is a 100% vegan and cruelty-free beauty start-up founded in 2013 by Shankar Prasad, who studied chemical engineering at Indian Institute of Technology, Mumbai, and had stints at Hindustan Unilever, McKinsey & Company, and Everstone Capital. With a portfolio comprising skincare, haircare, body care, and eye makeup, the brand is positioned to tap into India's growing beauty industry.

WHY: Plum plans to use the fresh capital to strengthen its omnichannel shopping experience, hire new talent, make further investments in marketing and technology, and amplify its research and development capabilities. 

IN THEIR OWN WORDS: Shankar Prasad, CEO and founder, Plum, said, "The latest investment will help us accelerate our growth path, not only in our core skincare category, but also in adjacent large categories like hair care, make-up, body care and specialist care for men. In doing so, we want to bring alive our brand ethos of 'being good' in as many different and delightful ways as possible." He added that the company aims to double the current ARR (Annual Recurring Revenue) of over ₹225 crore in the next 12 months.

He continued, "As the beauty category advances and consumer preferences evolve there is room and space for many more brands to have a shot as opposed to just large national brands. And that's exactly what you're seeing play out." 

In a statement, Abhay Pandey, General Partner, A91 Partners, said, "Plum's relentless focus on product and brand in a noisy space of new-age consumer brands positions it uniquely to build an enduring business and A91 is privileged to be a partner in this journey."

Sameer Shroff, co-founder and Managing Partner at Faering Capital, added, "Since our initial investment over a year ago, Plum has demonstrated strong growth across all its categories, channels, and most importantly its loyal customer base. We are delighted to strengthen our partnership as Shankar and team build one of the best clean-beauty brands in the country."

DETAILS:

• Plum raised $35 million in Series C funding at a $250 million valuation. This round brings the total funding raised to date to $50 million
• The funding round was led by A91 Partners and supported by existing investors Unilever Ventures and Faering Capital. 
• Since its first funding round in late 2018, the brand said it has grown nearly 15x.
• Approximately 40% of revenue comes via brick-and-mortar sales in 1,000 stores spread across 250 Indian cities and towns; 25% of sales come from the brand's e-commerce, and the balance from other online platforms.
• Abhay Pandey from A91 Partners is expected to join the board of Plum.
• Spark Capital advised Plum on the transaction.
• The business raised an undisclosed Series A round from Unilever Ventures in January of 2019.
• In 2020, Pureplay Skin Sciences Pvt. Ltd, the owner of Plum, raised $14.9 million in a Series B funding.