Indian skin and personal care brand Juicy Chemistry raised $6.3 million in Series A funding led by Belgium-based Verlinvest.
WHO: India-based Juicy Chemistry was founded in 2014 by Megha Asher and Pritesh Asher. It is a DTC brand that offers certified organic products across face, body, and haircare.
WHY: The business plans to use the funding to build its brand and expand the business.
IN THEIR OWN WORDS: "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," said Pritesh Asher, Chief Executive Officer, Juicy Chemistry.
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.
- Juicy Chemistry raised $6.3 million in Series A funding led by Belgium-based Verlinvest with participation from Purplle, who sells Juicy Chemistry's products on its platform.
- According to Fintrackr's estimates, Juicy Chemistry has achieved a post-money valuation of $26 million, which is a 10X increase from the $2.5 million valuation during the seed round last year.
- Following the investment, Verlinvest will acquire a 9.42% stake in Juicy Chemistry and Purplle will control a 9.01% stake. Amit Nanavati holds a 20.96% stake in the company while the collective stake of founders Megha Asher and Pritesh Asher has been diluted to 60.37% from 74%.
- The business was bootstrapped until it raised a $650 angel round from Amit Nanavati in May 2020. This is the first institutional fundraising by the seven-year-old company.
- The company said it achieved over 300% growth over the 2020 previous fiscal year.
- Juicy Chemistry competes with Nykaa, Plum, Purplle, and Mama Earth in India's online personal care products space.
- Veda Corporate Advisors was the exclusive advisor to the transaction.
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