Mahesh Bhupathi’s D2C Brand Scentials To Raise INR 34.62 Cr

Former Indian tennis player Mahesh Bhupathi’s D2C wellness brand Scentials is raising INR 34.62 Cr (around $4 Mn) in a mix of debt and equity from Indus Way Emerging Market Fund and TIW Private Equity.

Last week, Scentials’ board passed a resolution to allot 89,200 compulsorily convertible preference shares (CCPS) to Indus Way at a total value of INR 16.03 Cr.

Additionally, the board also cleared the resolution to offer 18.9 Lakh optional convertible debentures (OCD) to Indus Way and TIW Private Equity for a total of INR 18.58 Cr.

Overall, Indus Way Emerging will be investing INR 32 Cr in the startup. TIW Private Equity will infuse INR 4 Cr via convertible debentures.

The development was first reported by Entrackr.

Founded in 2018 by Bhupathi and Jinesh Mehta, Scentials sells perfumes and body sprays brands which are created by celebrities such as Virat Kohli, Lara Dutta and Salman Khan.

The Mumbai-based startup has raised a total funding of about $10 Mn to date and is backed by the likes of Unilever Ventures, TIW Private Equity, and angel investors.

Scentials competes with D2C brands like Metaman and La’ French, and legacy brands like Axe and Park Avenue .

The fundraise comes at a time when D2C brands continue to attract interest from investors.

For instance, Inc42 exclusively reported that brass and copper utensils seller P-TAL is in talks to raise INR 30 Cr in its pre-Series A round.

Earlier this month, D2C skincare brand Deconstruct bagged INR 65 Cr from L’Oréal’s venture capital fund BOLD, V3 Ventures, and DSG Consumer Partners. Prior to that, Mumbai-based Foxtale secured $30 Mn in its Series C funding round.

At the heart of all these is the growing beauty and personal care market of India, which is expected to become a $28 Bn+ opportunity by 2030, accounting for 7% of the overall ecommerce market.