Indian firm Pureplay Skin Sciences Pvt. Ltd, which sells Plum Beauty products, secured $14.9 million in a Series B funding led by Faering 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: The new capital will be used to focus on brand experience and further expansion of product range and market presence.
IN THEIR OWN WORDS: Commenting on the latest investment, Shankar Prasad, Founder & CEO, Plum, 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.”
“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.
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