Mumbai-based Onesto Labs, which operates D2C personal care brands Chemist at Play along with Bare Anatomy, has raised $2.5 Mn in a funding round led by 72 Ventures along with Sanjay Nayar’s family trust. Sanjay Nayar is the husband of fashion ecommerce platform Nykaa’s founder Falguni Nayar, and is also the present chairman of KKR India.
Ramakant Sharma of Livspace, Suhail Sameer of BharatPe, Sauce Venture Capital also participated in the round. As per an ET report, the new fundraise will help the startup strengthen its research and development capabilities, hire talent, and brand and marketing. The startup, back in 2019, had raised $500K in a seed round from Sauce Venture Capital.
Founded by Rohit Chawla, Sifat Khurana and Vimal Boha, Onesto’s Bare Anatomy offers customised beauty care products. The D2C brand claims to be free of harmful chemicals, vegan and People for the Ethical Treatment of Animals (PETA)-certified, and in adherence to European Union (EU) norms and clean beauty standards. At present, Bare Anatomy offers products related to skins and hair and can be found on leading ecommerce websites such as Amazon and Nykaa.
It is worth noting that Chawla had earlier cofounded The Man Company in 2013, another D2C brand that specialises in personalised care products for men, such as razor, shaving cream, lotion among others. The Man Company is backed by Emami Group, among others.
Over the years, beauty products in India have been dominated by global beauty brands such as Lakme, Garnier, among others. However, with the advent of ecommerce in the country and D2C selling, more indigenously founded D2C brands are gaining prominence. Brands such as MamaEarth, Plum, Juicy Chemistry, SUGAR Cosmetics, The Man Company and others are becoming increasingly popular among consumers.
As per Inc42 Data Plus report , the Indian D2C market is expected to triple from $33.1 Bn in 2020 to touch $100 Bn by 2025 on the back of the projection that online shoppers in India will reach 350 Mn by FY25, up from 128 Mn in FY21. At present, there are over 800 D2C brands in the country, and these brands have raised close to $2.04 Bn since 2014 from investors. The report highlights that India’s D2C market will be driven by fashion segment which is expected to reach $43.2 Bn by 2025, followed by consumer electronics to $30.6 Bn, FMCG sector to $20.8 Bn and home decor to $5.4 Bn