New-Delhi-based online gifting firm HappilyUnmarried, is preparing to raise an undisclosed amount funding from Wipro Consumer Care against a 20% stake. An ET report claimed the transaction to be worth $7.6 Mn (INR 50 Cr).
The announcement comes just a day after it raised $770K from Info Edge (India) Ltd.
Wipro Consumer Care is an FMCG sector company whose business includes soaps, toiletries, personal care products, baby care products, wellness products, electrical wire devices, domestic and commercial lighting and modular office furniture. The company claims to have a strong presence in the personal care and skin care products market in South-East Asia and Middle-East.
As shared by a Wipro Consumer Care spokesperson in a media statement, “this investment is in line with the company’s strategy of leveraging emerging online opportunities brought about by rapid digitalisation.”
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HappilyUnmarried, on the other hand, started operations in 2007 and was launched by alumni of Mudra Institute of Communications (MICA), Ahmedabad, viz. Rahul Anand and Rajat Tuli. It is engaged in the business of sale of fun quirky India-centric designs across gifting categories such as apparel, glassware, travel accessories, office, and stationery. This also includes a grooming range for men, under the name ‘Ustraa’.
The startup has so far raised a total of $3.81 Mn in six funding rounds. Reportedly, the company will use part of the fund for repayment of existing debt advanced by a wholly-owned subsidiary of Info Edge India.
HappilyUnmarried has been raising funds quite actively after a gap of almost a year. This is a time when both the online gifting as well as men’s grooming market are showcasing a growth trend.
The online gifting industry is currently pegged at $400 Mn of the total market size of $30 Bn. Thus, opening doors to a plethora of opportunities for the online gifting firm. Further the online men’s grooming market in India has rapidly increased its market share and has reportedly grown at a CAGR of 15.1% between 2000 – 2016. Thus posing a equivalent competition and threat for HapppilyUnmarried from the increasing number of players in this segment such as Beardo, Dollar Shave Club, etc.
With backing from leading corporates such as Info Edge and Wipro Consumer Care, how well online gifting firm HappilyUnmarried will be able to cash upon this opportunity will be worth watching.