Wishcare, a science- and efficacy-based Indian beauty start-up, raised Rs 20 crore ($2.5 million) from Unilever in its first institutional round of funding.

WHO: Wishcare was founded in 2019 by Stuti Kothari (ex-JP Morgan), Ankit Kothari (ex-Google), and Ayush Kothari (finance consultant). 

The brand offers a diverse range of haircare and skincare products, emphasizing clean and effective formulas, conscious packaging, and caring social initiatives. It sells through 15 marketplaces like Nykaa, Amazon, Flipkart, Purplle, and Myntra, along with its direct-to-consumer website.

WHY: The company will utilize the funds for research and development to diversify its product portfolio. It also plans to scale up its domestic market presence and expand into international markets.

IN THEIR OWN WORDS: Commenting on the funding, Stuti Kothari, co-founder of Wishcare said, “Our focus has always been to understand the needs of consumers and co-create innovative and result-driven products with them. As we enter the next phase of growth, we look forward to working together with Unilever Ventures to help the brand set new benchmarks in the industry.”

Pawan Chaturvedi, Partner at Unilever Ventures, added, “We are delighted to have Wishcare as an addition to our fast-growing beauty and wellness portfolio in India. Wishcare has built a suite of evidence-based products that have shown rapid growth and we’re looking forward to supporting the founders to build a long-lasting brand.”

DETAILS:

• Wishcare has raised Rs 20 crore ($2.5 million) from Unilever Ventures in its first institutional round of funding.
• Wishcare claims that its current ARR stands at Rs 85 crore ($10.2 million), having grown 4x in the last 12 months while maintaining a double-digit EBITDA.