Exclusive: Hair Care Startup Evoke In Talks To Raise $3 Mn From 3one4 Capital

SUMMARY

Evoke is in advanced talks with VC firm 3one4 Capital to raise $3 Mn to $4 Mn in Series A funding, sources told Inc42.

The round will also see participation from existing investor Info Edge Ventures, the sources added.

The startup plans to use the fresh capital to open more hair clinics in Delhi NCR and enter new cities

Delhi NCR-based hair care startup Evoke is in advanced talks with VC firm 3one4 Capital to raise $3 Mn to $4 Mn in Series A funding, sources told Inc42.

The round will also see participation from existing investor Info Edge Ventures, the sources added.

The startup plans to use the fresh capital to open more hair clinics in Delhi NCR and enter new cities. Currently, the startup operates five clinics in Delhi NCR and intends to scale this to 25 clinics following the fundraise.

3one4 Capital and Evoke declined to comment on Inc42’s queries on the funding round.

Founded in 2023 by former Urban Company and OYO CXO Anand Dureja, Evoke offers hair restoration and skin treatment services. It offers a variety of treatments for hair loss, including transplant, PRP therapy, low-level laser therapy, and more. For skincare, it offers acne scar treatment, wrinkle reduction, and procedures like microneedling and chemical peels.

The startup claims that it utilises advanced technologies to deliver the treatment through trained professionals. It also provides aftercare support to ensure optimal results.

Prior to this, Evoke raised $1.5 Mn in its seed round from Info Edge Ventures last year.

Evoke competes against the likes of VLCC, Bodycraft, Olivia Clinics, Traya, among others.

With rising disposable incomes, the demand for hair care products and services is on the rise in the country. The Indian hair care market is projected to clock 10.9% CAGR during 2023-2030 to reach a size of $15.1 Bn by the end of the period.

Consequently, investors are aggressively backing startups in the segment to capitalise on the opportunity. Yesterday, Moxie Beauty raised $15 Mn (about INR 136.2 Cr) in its Series A round led by Bessemer Venture Partners.

Earlier this year, D2C hair extensions and wig brand HairOriginals raised $5 Mn in its Series A funding round, co-led by Anicut Growth Fund and 12 Flags Consumer Holdings. The round also saw participation from Lenskart cofounder and CEO Peyush Bansal.