Skincare Brand ClayCo Cosmetics Nets $2 Mn From Unilever Ventures

Mumbai-based skincare brand ClayCo Cosmetics has raised $2 Mn (INR 16 Cr) as a part of its Series A funding round from Unilever Ventures.

The company plans to use the fresh capital to boost its branding and expand product portfolio.

Launched in 2023 by Niharika Jhunjhunwala, ClayCo Cosmetics is a premium skincare brand which claims to seamlessly blend ancient beauty rituals with modern science. 

“This funding will enable us to enhance brand awareness, introduce new products, invest in R&D, and fuel our growth. As consumers become more aware of global ingredients like fermented rice, ginseng, and Cica (Centella asiatica), they are willing to invest in high-quality, efficacious skincare,” said Jhunjhunwala.

The investment comes at a time when the Indian beauty and personal care (BPC) market is experiencing rapid growth. According to Inc42’s report, the BPC market is expected to reach $28 Bn by 2030, accounting for 7% of the overall ecommerce market. 

The sector has seen over $1 Bn in funding between 2014 and H1 2024, with investors attracted by high margins and innovative product offerings.

This year, investments in the BPC space include Pilgrim raising $9 Mn in August 2024, led by Fireside Ventures and Vertex Ventures. 

In June, Foxtale secured $18 Mn in Series B funding led by Panthera Growth Partners. Meanwhile, Conscious Chemist also raised $1.4 Mn from Atomic Capital this month.