Chandigarh-based luxury ayurvedic beauty startup Just Herbs, on Monday (November 25), announced that it has raised $1.5 Mn in Pre-Series A funding led by early-stage and growth-focused VC firm Roots Ventures. The financing round was advised by Gurugram-based wealth management and investment banking firm Client Associates.
The company will utilise the fund to further expand its product offerings, boost distribution and acquire new customers.
Japan Vyas, the founder of Roots Ventures, said in a statement, that Just Herbs’ sharp focus on product quality and customer engagement has made the company one of the leading players in the beauty space.
Further, Arush Chopra, the cofounder and CEO of Just Herbs said that this partnership will not only provide Just Herbs with the growth capital but also align the brand’s vision to offer quality products to customers. “We look forward to embarking on this exciting journey together for the next leg of our growth,” added Chopra.
Founded in 2013, Just Herbs is part of a company called APCOS Naturals Private Limited. It offers direct-to-consumer, cruelty-free and ‘Made in India’ products. Interestingly, Just herbs, is one of India’s first beauty startups, to have developed products via crowdsourcing and feedback from its strong social media user-base.
Roots Ventures, on the other hand, is a multi-stage, sector-agnostic fund. The VC firm invests in early to growth-stage startups. Also, the fund is backed by eminent industry leaders such as Japan Vyas, Ravinder Vashist and Vijay Shekhar Sharma (founder of Paytm).
According to Goldstein Research report, the Indian beauty market was valued at nearly $11.16 Bn in 2017 and is estimated to grow at a compound annual growth rate (CAGR) of 5.97% during the forecast period 2017-2025. The growth of this industry is expected to be driven by the high personal disposable income of people, increasing awareness towards body aesthetics, and the growing demand for herbal cosmetic products. The report also added that the high adoption of herbal products has led to the growth of the market at 15% annually.