SkinInspired Bags INR 24 Cr To Tap Into India’s Growing Skincare Market

D2C skincare brand SkinInspired has raised INR 24 Cr (around $2.7 Mn) in its Series A funding round led by Spring Marketing Capital, along with participation from Lotus Herbals’ Beauty Innovation Fund, Patni Financial Advisors’ MD Arihant Patni, and existing investor Unilever Ventures. 

The Udaipur-based D2C startup plans to deploy the fresh capital to power its research & development (R&D) function, boost marketing efforts as well as hiring. 

Founded in 2022 by Piyush Jain and Prashant Agrawal, SkinInspired offers science-backed, dermatologist-recommended products for various skin concerns like aging, acne and pigmentation. The startup sells its products via its own website, as well as ecommerce and quick commerce players including Amazon, Flipkart, and Blinkit among others.

It largely focuses on four categories – sunscreen, moisturiser, face serum, and face wash. The startup categorises its products based on the suitable skin type. For instance, customers can choose their skin type on the website, pursuant to which it will compile the products suitable for the user. 

As per Tofler, SkinInspired did a total sale worth INR 1.5 Cr with a net loss of INR 1.9 Cr in the fiscal ended in March 2024 (FY24). Its net loss surged multifolds from INR 26.2 Lakh in FY23. 

Prior to this round, the startup had raised about $1.5 Mn in its seed funding round from Unilever Ventures as well as other investors like Arjun Vaidya (founder, Dr. Vaidya’s; cofounder, V3 Ventures), Chinmaya Goyal (principal economist, ADB; ex-NITI Aayog), among others. 

The development comes at a time when Indian consumers are moving towards being more cautious of their skincare routines. This allows new brands like ingredient-focussed skincare brands like SkinInspired to capitalise on a growing market. As per a report, India skincare market is expected to breach $17.1 Bn by 2033 from $8.4 Bn in 2024.

This has also led to a more charged investment interest in the space. For instance, Asaya and  FAE Beauty have raised substantial capital in recent years to fuel their expansion in the market. However, it is imperative to mention that the Indian skincare market is currently being led by D2C players including The Derma Co., Dot & Key, Minimalist, Aqualogica, Plum, among others.