NutriGlow raised the Series A funding from GOAT Brand Labs but didn’t disclose the funding amount
NutriGlow plans to invest in setting up a non-human intervention facility in Greater Noida
GOAT Brand Labs’ investment in NutriGlow comes days after the former raised $50 Mn in its Series A round
Skincare and cosmetics brand NutriGlow on Tuesday (June 21) said it has raised Series A funding from Bengaluru-based Thrasio-style venture GOAT Brand Labs. However, the startup didn’t disclose the funding amount.
The D2C beauty startup aims to use the fresh funds for development of its infrastructure, research and development (R&D) of new product ranges and expanding its existing human resource capacity. As part of its expansion plans, NutriGlow also plans to invest in setting up a non-human intervention facility in Greater Noida.
“The fresh funding will be used to accelerate growth, increase channel presence, expand categories, invest in marketing, technology and hire fresh talent,” said NutriGlow cofounder Ashish Aggarwal. “We aim to reach even the last buyer in our target group with our products and vision.”
Aggarwal founded NutriGlow in 2011 with a motto to deliver affordable luxury products in the skincare, haircare and personal care domain. NutriGlow claims to manufacture beauty products that have sustainable packaging, natural and certified organic ingredients, and vegan-friendly, paraben-free formulations.
Besides its own website, NutriGlow’s products are available across ecommerce platforms including Amazon, Flipkart, and Nykaa.
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The startup is now also planning to launch new verticals and expand its product portfolio. In the broader D2C beauty products landscape, NutriGlow competes with the likes of TAC, MyGlamm, Mamaearth, Wow Skin Science, Skinkraft, RENEE Cosmetics, among others.
“Our journey of taking Indian D2C brands global has just started,” said Rishi Vasudev, cofounder and CEO of GOAT Brand Labs. “We will continue to work closely with high potential D2C brands across the lifestyle segments and scale them to huge outcomes.”
GOAT Brand Labs’ investment in NutriGlow comes days after the former raised $50 Mn in its Series A round with participation from the likes of Winter Capital, 9Unicorns, Venture Catalysts, Vivriti Capital and Oxyzo.
In December last year, Goat Brand Labs signed a joint venture agreement with Dollar Industries for the shareholding of Pepe Jeans Innerfashion, and bought the entire stake of Pepe Jeans Europe BV in Pepe Jeans Innerfashion.
As per an Inc42 report, the online beauty and personal care market is one of the fastest-growing segments in India and is estimated to reach $5.6 Bn by 2025.