Thane-based skincare products startup Pureplay Skin Sciences, the parent company of Plum, has raised INR 110 Cr in Series B funding led by Faering Capital, Trifecta Capital as well as existing investor Unilever Ventures.
The company plans to use the fresh funds in research, sourcing, new product launches, technology and expansion of distribution footprint.
Founded in 2014 by Shankar Prasad, Plum claims to be a 100% vegan beauty brand and offers skincare, cosmetics, body, and bath products.
With over 80 SKUs in its portfolio comprising skincare, hair care, body care, and eye makeup, the brand has experienced a 2.5x growth year-on-year, expecting to be at an annual revenue run rate of INR 200 Cr by March 2021, the company said in a statement.
Shankar Prasad, CEO & Founder of Plum said, “We are delighted to welcome Faering Capital given their track record in working with entrepreneurs and their expertise in Consumer Brands. The funds raised from Faering Capital, Unilever Ventures and Trifecta Capital will help us deliver a more engaging brand experience for our customers (fondly called Plumsters) and further expand our product range and market presence.”
Currently, the brand is available in more than 220 cities at 6K retail outlets, in addition to 15 online marketplaces which still account for over two-third of Plum’s topline.
In 2018, the company had raised an undisclosed amount in Series A funding from Unilever Ventures, the venture capital and private equity arm of consumer giant Unilever.
“ Widespread and rapid digital adoption across India is fueling the growth of sharply focused online brands and Plum is at the forefront of this trend due to the brand’s innovative product portfolio and consumer loyalty. Faering Capital is proud to lead the Series B investment and partner with the company for their next stage of growth”, said Sameer Shroff, cofounder and Managing Director at Faering Capital, who will join the board of the company.