Personal care brand Juicy Chemistry has raised $6.3 Mn in its Series A funding round, led by Belgium-based family-owned private investment firm Verlinvest.
The Coimbatore-based direct-to-consumer (D2C) brand, which operated as a bootstrapped company until 2019, retails a wide range of beauty and personal care products made out of natural and organic ingredients.
The company claims to offer more than 100 products, including cleansers, moisturisers, floral waters, gourmet soaps, hair masques, baby massage oils, cold-pressed oils and lots more besides aromatherapy and kids’ personal care products.
Set up in 2014 by Megha Asher and Pritesh Asher, Juicy Chemistry raised an undisclosed amount in angel funding in 2019. Prtiesh Asher, cofounder and CEO of the D2C startup, said that the fresh funding would be used to expand its ecommerce and omnichannel distribution platforms.
The investment will enable Juicy Chemistry to strengthen its position as a leader in the clean and organic beauty segment. We are keen to use this capital for the rapid expansion of the company’s thriving ecommerce platform and omnichannel distribution capabilities to reach new and existing geographies, hire talent for brand building and cater to the increasing demand for products at home and in international markets, the CEO said in a statement.
“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. Verlinvest looks for authentic and passionate entrepreneurs who are creating a consumer revolution using their product and brand stories,” added Arjun Anand, executive director at Verlinvest.
According to an Economic Times report, Juicy Chemistry is targeting to achieve INR 25 Cr in revenue run rate in the current financial year ending March 31. This is roughly a 300% jump compared to its revenue in the previous financial year.
The company competes with an increasing number of personal care and beauty-related D2C startups such as Nykaa, SUGAR Cosmetics, Purplle and MamaEarth. Inc42 had earlier written about the changing consumer mindsets and habits post the Covid-19 pandemic, resulting in increased brand loyalty and an inclination towards D2C brands.
Although several D2C brands have established their presence across the market, the pandemic hurt the entire sector in terms of investments. Investments in D2C startups declined by 69% (data available till Q3 2020) compared to the previous year, with $117.6 Mn raised across 30 deals, according to Inc42 Plus findings.
Fashion and cosmetics, home decor, consumer electronics and FMCG are some of the D2C segments, which have witnessed a spike in investments since 2014. Inc42 Plus stated that fashion brands secured the maximum funding, accounting for almost $876.2 Mn between 2014 and Q3 2020. Some of the leading D2C fashion brands include Fablestreet, Clovia, Bewakoof, Lenskart and Bombay Shirt Company.